Gulf Real Estate Projects Co. achieves net profit in the last nine months of 2012
Gulf Real Estate Projects Co. (K.S.C closed) achieved net profit in the last nine months amounting to K.D45, 324, comparing to losses amounting to K.D 40,904 in the same period of 2011, the percent of raise is 211%.
Mr. Mohammad Tareq Al Nouri, vice-chairman and managing director, stated that the company had achieved operating revenue, in an increase 118% because of leasing more than 80% of Durwaza tower #51, and through the real estate that was purchased in the last May, it is an investment real estate in Hawally area.
The total equities of shareholders rose to K.D 5,629.976, comparing to K.D 5,653.672 in the same period of the last year 2011.
In the same context, Al Nori declared that the profit of the share reached to 0.50 Fils for single share in the first ninth months, comparing to the loss of the share that reached to 0.45 Fils in the same period of 2011.
He added, this achievement returns to consecutive management and their execution of strategy after the company has faced several difficulties because of global financial crisis, inflation of real estate prices, shortage of real estate opportunities in Kuwaiti market, government didn’t submit projects in B.O.T system because of sterile law 8/2008, non-trading and investment in private accommodations, and because of law 9/2008, that led the company to invest in commercial and limited investable accommodation real estates.
The company is in its way to achieve distinguished results for this year after it has achieved losses in the last three years.