NREC stories a web lack of KD 2.3mln for Q1/2023

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EBITDA: KD 0.1 million

Kuwait: Nationwide Actual Property Firm (NREC) reported its monetary and operational outcomes for the three-month interval ended March 31, 2023. The Firm reported a web loss attributable to the homeowners of the Mother or father Firm of KD 2.3 million and a loss per share of 1.27 fils in Q1 2023, in comparison with a web revenue of KD 3.3 million and an EPS of 1.84 fils in Q1 2022.

The Firm’s working income got here in at KD 4.0 million for the interval ended March 31, 2023, a lower of 51% in comparison with the identical interval in 2022.

NREC Vice Chairman and Chief Govt Officer, Faisal Jamil Sultan Al-Essa, mentioned: “In Abu Dhabi, Reem Mall is formally open, and our different key operational property in Libya, Jordan, and Egypt have achieved their strongest performances to this point.”

Brief time period focus: Exiting sure property and decreasing debt

Sultan added: “We stay dedicated to our aim of exiting sure property, proceeds of which will probably be used in direction of the discount of a significant a part of the Firm’s debt.”

Established in 1973 and listed in Boursa Kuwait, Nationwide Actual Property Firm (NREC) is an actual property funding, improvement and property supervisor based mostly within the Center East and North Africa. The Firm’s portfolio contains a mixture of sectors that embrace retail, industrial and residential properties within the area. ENDS

For extra info, please contact:
Mageda Abbas 
m.abbas@nrec.com.kw



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