Mubasher: Al Arabiya Real Estate turned profitable at KWD 1.66 million in the fiscal year (FY) ended on 31 December 2019, against losses of KWD 2.44 million in the previous year.

The positive 2019 results were backed by a partial refund of provisions for previous years related to the execution of a court decision, according to a bourse filing on Monday.

Over the fourth quarter (Q4) of last year, the company turned to a profit of KWD 1.66 million, versus losses of KWD 920,432 in Q4-18.

It is worthy to highlight that during the period from January to September in 2019, the company’s losses retreated by 20.6% to KWD 1.21 million from KWD 1.53 million in the same period a year earlier.