Mubasher: Tamdeen Real Estate reported an increase in net profits by 40.2% during the fiscal year (FY) 2019.

The profits amounted to KWD 7.62 million by 2019 year-end, compared to KWD 5.43 million, according to a disclosure to the Kuwaiti bourse on Sunday.  

The real estate company attributed last year’s positive financial results to a growth in the net operating revenue and net income from investments.

Moreover, Tamdeen's share in the results of associates increased. 

Over the fourth quarter (Q4) of last year, earnings slid by 29.5% to KWD 337,382 from KWD 479,748 in the corresponding quarter in 2018.

Furthermore, the board proposed a cash dividend distribution of 10 fils per share or 10% of the share’s nominal value to shareholders for FY19.   

It is worth mentioning that in the first nine months of 2019, profits grew by 46.8% to KWD 7.28 million, up from KWD 4.96 million in the corresponding period in 2018.