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Aqar Real Estate logs 109% higher profit in 2019; dividends proposed

Aqar Real Estate logs 109% higher profit in 2019; dividends proposed
Profits leaped to KWD 1.13 million in Q4-19
AQAR
AQAR
-0.14% 69.90 -0.10

Mubasher: The profit of Aqar Real Estate Investments Company jumped by 108.8% in 2019 to KWD 2.54 million ($8.35 million) when compared to KWD 1.21 million ($3.98 million) in the previous year.

Earnings per share (EPS) rose to 11.98 fils last year from 5.73 fils in 2018, according to a statement to the Kuwaiti bourse on Tuesday.

The firm attributed the soaring annual profits to selling an investment property in addition to an acquisition of an associate.  

In the fourth quarter (Q4) of last year, profits of Aqar Real Estate leaped to KWD 1.13 million, compared to KWD 174,678 in the corresponding quarter in 2018.  

As for cash dividends, the company’s board recommended for 2019 a distribution of 5 fils per share or 5% of the share’s nominal value.  

Over the nine-month period of 2019, net profits rose by 35.6% to KWD 1.409 million, compared to KWD 1.039 million in the corresponding period in 2018.