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NREC holds its 46th Annual General Meeting

01 - June - 2017

The National Real Estate Company (NREC), one of the leading real estate companies in the Middle East and North Africa (MENA), held its 46th Annual General Meeting of Shareholders (AGM) today in Kuwait.

The Assembly approved all the items on the agenda including the Auditors’ Report and the Board of Directors’ Report on the company's activities and financial position for the Financial Year ending December 31, 2016. The shareholders also approved the Board of Directors recommendation not to distribute dividends for year 2016 in order to meet growth plan requirements.

NREC Chairman, Faisal Jamil Sultan Al-Essa, said: “Though the regional macroeconomic business environment hasn’t improved, we are pleased with the above-peer performance of our properties and sales activities. Our diversified asset portfolio continues to show its resilience, yielding a double digit growth in operating revenues and continued profitability for five years in-a-row. Our business is healthy and standing on solid fundamentals.”

Mr. Al-Essa added “We are looking forward to a strong 2017 and anticipate important advances with our key megaprojects.”

FY2016 financial highlights:
● Operating Revenue: KD33.9 million, up 19.2% from 2015
● EBITDA: KD19.9 million, down 10% from 2015
● Net Profit to shareholders: KD16.1 million, up 4.4% from 2015
● Earnings Per Share (EPS) of 17.18 fils
● Total Assets of KD528 million; decreased by KD51.8 million from December 2015
● Net debt to equity ratio: 0.7
● Shareholders’ Equity of KD210 million; decreased by KD6.9 million from December 2015