United Real Estate profit falls to $26m

23/02/2015 06:17 AST

United Real Estate Company (URC), a leading real estate firm in Kuwait, said its net profit for 2014 fell to KD7.87 million ($26.5 million) from KD11.2 million ($40 million) the previous year.

URC's chairman Tariq Mohammed AbdulSalam said the drop in profit was due to a major decline in re-evaluation gain and profit from the sale of investment properties compared to last year.

However, the total profit for 2014 has witnessed a growth of approximately 2.5 per cent, which reflects the stability of the company's operational profits that has also been reflected on the increase of 23 per cent in total revenue in 2014, he stated.

AbdulSalam also pointed out that the company's total assets have grown by 10 per cent to top KD520 million ($1.7 billion) for the year compared to 2013.

Accordingly, the board of directors has recommended a cash dividend of five per cent which is subject to the general assembly's approval, he added.


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