(MENAFN- Kuwait News Agency (KUNA)) The National Real Estate Co. (NREC) has reported net profits of KD 3.5 million in the first thee months of 2015. (One Kuwaiti dinar equals USD 3.32).
The company's CEO Samuel Dean Sidiqi said in a press statement on Thursday that the revenues hit KD 7.2 million in the same period, noting that the occupancy rate reached 98 percent.
Operating performance had a positive impact on the growth of revenues, reaching 3.4 percent, he added, indicating the company's activities in Egypt made good progress as the sales of the current housing project have posted KD 4.6 million.
He confirmed that the company continues implementing projects that promote its real estate portfolios, saying its activities in Jordan and UAE recorded positive results.
The company was established in 1973 with total assets of KD 558 million and shareholders' equity of KD 205 million.
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