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NREC announces Q1 2017 earnings

11 - May - 2017

Kuwait, May 11, 2017 – National Real Estate Company (NREC), a leading regional developer with development projects exceeding USD2 billion in Egypt and the UAE, today announced its financial results for the first quarter of 2017.

Q1 2017 Financial Results Highlights
● Operating Revenue: KD4.2 million, down 42.5% from Q1’2016
● EBITDA: KD4.5 million, down 0.8% from Q1’2016
● Net Profit to shareholders: KD3.8 million, up 4.7% from Q1’2016
● Earnings Per Share (EPS): 4.04 fils

NREC CEO Mr. Samuel Sidiqi said, “Our rental portfolio, which includes assets in Kuwait and Jordan, continues to provide a stable and growing stream of revenue for the company, while our new billion-dollar developments projects in Egypt’s housing sector and UAE’s vibrant retail sector are progressing very well.

“In Egypt, we continue to enjoy a healthy stream of sales revenues resulting from unit sales of various types of units in our Grand Heights 3.8 million square meter residential community. We have sold 860 units with a cumulative sales value of EGP 2.8 billion.

“In Abu Dhabi, where we are developing a two million square foot major shopping destination, leasing activities are progressing very well and we recently secured a significant new partnership with Majid Al Futtaim Ventures to bring a wide range of exciting and innovative leisure and entertainment attractions to the mall. Reem Mall, which will soon start construction, will house more than 450 stores including 85 restaurants, a large hypermarket, and family entertainment zones that include the world’s largest indoor snow-play park.

“We are looking forward to a strong 2017 and anticipate important advances with our key megaprojects.”