Mubasher: The financial statements of Aayan Real Estate Company, a subsidiary of Aayan Leasing and Investment, showed an annual decrease in profits by 64% over 2019 to KWD 2.11 million (approx. $6.96 million), from KWD 5.93 million (approx. $19.5 million).

Earnings per share (EPS) registered 5.2 fils last year when compared to 14.4 fils in 2018, according to a disclosure to Boursa Kuwait on Sunday.

Over the fourth quarter of 2019, the profits plunged by 93% on an annual basis to KWD 356,755 from KWD 5.13 million.   

The real estate company ascribed the decrease in the annual profit to lower gains from the valuation of investment properties.

Moreover, the board of directors recommended a bonus share distribution of five shares for every 100 shares from the treasury shares or 5% of the capital for 2019.

It is worth noting that during the nine-month period ended 30 September 2019, the company achieved KWD 1.76 million in profits, recording a 118.1% annual increase compared with KWD 806,960 for the corresponding period in 2018.