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Al Enmaa Real Estate turns profitable FY19 financials

Al Enmaa Real Estate turns profitable FY19 financials
Al Enmaa’s profits increased by 94.6% in 9M-19
ERESCO
ERESCO
-3.96% 63.00 -2.60

Mubasher: Al Enmaa Real Estate Company reported a positive change in its financials for fiscal year ended on 31 October 2019, against losses incurred in 2018.

The company’s annual profits reached KWD 1.704 million ($5.63 million) in fiscal year ended on 31 October 2019, against losses of KWD 1.091 million ($3.6 million) in the previous fiscal year, according to a bourse statement on Tuesday.

In the fourth quarter of 2019, the company’s losses slid by 92% to about KWD 163,630 from around KWD 2.05 million in the same quarter a year earlier.

This positive shift is attributed to an increase in operating profits and other revenues as well as a decrease in investment losses.

It is noteworthy to mention that during the first nine months ended on 31 July 2019, Al Enmaa’s profits increased by 94.6% to KWD 1.87 million from nearly KWD 961,180 during the corresponding nine months in the prior year.