Mubasher: Net profits attributed to the shareholders of First Dubai for Real Estate Development declined by 69% year-on-year (YoY) during the fiscal year ended 31 December 2019, as shown by the company's consolidated financial statements.

The profits shrank to about KWD 910,740 ($2.99 million) last year compared to KWD 2.94 million ($9.68 million) in 2018, according to a statement to Boursa Kuwait on Tuesday.

The firm ascribed the lower annual profit primarily to the change in the fair value (FV) of investment properties.

Moreover, net operating income slid by 15% on an annual basis to KWD 2.13 million from KWD 2.52 million in 2018.

The investment company’s board recommended not to distribute cash dividends to shareholders for 2019.

During the fourth quarter (Q4) of 2019, net profit surged by 2512% to around KWD 538,600, up from KWD 20,620 in Q4-18.

Over the first nine months in 2019, First Dubai profits decreased by 87.3% to nearly KWD 372,140 from KWD 2.92 million in the same period in 2018.