Mubasher: Munshaat Real Estate Projects Co. turned profitable during fiscal year (FY) 2019, registering a net profit of KWD 873,033, versus losses worth KWD 28.23 million in 2018.

The annual results are owed to higher operating profit and lower impairment of right-of-use assets, as well as a reversal of provisions that are no longer required, according to a stock exchange statement on Sunday.

In the fourth quarter (Q4), the real estate developer achieved profits of KWD 869,386, against KWD 23.15 million worth of losses in the same period a year earlier.

It is worth highlighting that in the first nine months of 2019, Munshaat turned to profit, registering a net profit of KWD 4,330.