Mubasher: Net profits of Commercial Real Estate (Al Tijaria) inched up by 0.5% year-on-year (YoY) in the fiscal year ended December 2019 to stand at KWD 14.58 million ($47.83 million) from KWD 14.50 million ($47.57 million).
In the fourth quarter of 2019, the profits hiked by 39.5% to reach KWD 5 million as compared to KWD 3.6 million in Q4-18, according to a stock exchange filing on Wednesday.
The real estate company ascribed last year’s financial results to lower earnings from the sale of land and properties that were held for trading and lower reversal of provisions and impairment.
It also reported increasing financial claims and higher change in the fair value (FV) for investment properties.
During its meeting, the company’s board of directors recommended distributing cash dividends worth KWD 8.79 million or five fils per share for 2019, representing 5% of the share’s nominal value, in addition to a bonus of 53.61 million shares or three shares for every 100 shares, representing 3% of the capital.
It is worth remarking that in the first nine months of 2019, Al Tijaria’s profit went down to KWD 9.49 million from KWD 10.86 million the year before.
