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Mabanee’s profits shrink 94% in H1-20

Mabanee’s profits shrink 94% in H1-20
Mabanee turned to losses in Q2-20
MABANEE
MABANEE
-0.53% 753.00 -4.00

Mubasher: The net profits of Mabanee Co plunged by 94.4% on a yearly basis during the first half (H1) ended on 30 June 2020, reaching KWD 1.56 million ($5.11 million) from KWD 27.8 million ($91.11 million) in H1-19

The drop in H1-20 earnings is due to the prevailing circumstances the country is undergoing due to the COVID-19 outbreak since late March, according to a bourse filing on Tuesday.

In addition, the company had previously granted discounts and waived monthly rents to tenants of the Avenues mall units during the pandemic period, which resulted in lower net profits.

In the second quarter (Q2) of the year, the real estate developer turned to losses of KWD 7.77 million, versus profits of KWD 14.05 million in the year-ago period.