• Local Real Estate Income Generation portfolio reached KD 11 million
• Board of Directors proposed distribution of cash dividend of 5 per cent (5 fils per share)
Kuwait, 24 April 2013: Real Estate Facilities Company, announced today that its General Assembly has reviewed and approved the audited financial statements for year ending 31 March 2012. The company has expanded its local Real Estate Income Generating portfolio to reach a net profit of KD 11 million. Total Assets of the company as of 31 March 2012 amounted to KD 27.8 million with an increase of 1% since 31 March 2011, the company achieved profits of KD 343 thousand during the same year.
Based on the reported profits for the year ending 31 March 2012, the Board of Directors proposed a distribution of 5% (5 fils per share) cash dividend. The General Assembly voted to accept this recommendation and it was passed by the required majority.
Addressing the General Assembly meeting, Al Hareth Abdulrazzaq Al-Khaled, Real Estate Facilities Company Chairman said: “The company has been continuously implementing its investment strategy and we have achieved a significant increase in our local Real Estate Income Generating portfolio. This portfolio has directly contributed to the company's returns, and has enabled it to maintain liquidity of KD 5.7 million. This, in turn, allows us to exploit selective and diligent investment opportunities that are consistent with the creation of shareholder value”.
AL-Khaled also commented: “Despite the uncertainty within the economic and political situation, our company's strategy was clear. We have focused our investments on a series of successful real estate investments opportunities with limited risks, which contributed to achieve a profit of KD 343 thousand to year ended 31 March 2012.”
Al-Khaled added: “We believe that the Real Estate Facilities Company will continue its positive performance and expect to achieve higher returns on our capital going forward this year. We intend to deliver on this strategy through increasing the size of income generating assets and seizing the growing number of opportunities including real estate investment.”
Al-Khaled concluded: “The company's continuing success and improved performance were the result of integrated and combined efforts. I would like to extend our sincere gratitude and appreciation to all shareholders for their continued support. I would also like to extend our thanks to all governmental establishments, financial and commercial institutions who helped facilitate the company's operations.”
Real Estate Facilities Company was established in 2008 as a Kuwaiti Shareholding Company (closed), the company offers short-term, mid-term and long-term loans to individuals and bodies for purchasing and building various kinds of real estate. It also finances the activities of real estate companies, buys stocks, establishes, markets and manages real estate funds.