Mubasher: The net profit of the National Real Estate Company (NREC) increased by 5.7% on an annual basis to KWD 11.4 million ($37.22 million) in 2019, compared to KWD 10.82 million ($(35.19 million) in 2018.

The growth in last year’s profits is due to an increase in the company’s share in the earnings of an associate firm, according to a bourse statement on Sunday. 

During its latest meeting, the board of directors has recommended a bonus share distribution for 2019 at five bonus shares for every 100 original shares, representing 5% of the company's capital.

It is worth noting that in the first nine months of 2019, NREC registered a drop of 12.5% in profits to KWD 9.496 million from KWD 10.850 million in the corresponding period in the year before.