Dubai PR Network, Online Press Release from Dubai and Middle East
Property & Real Estate(Real Estate & Retail)
Filter PR by
Real Estate Facilities Company General Assembly
Real Estate Facilities Company General Assembly

• 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.


Posted by : Dubai PR Network Editorial Team
Viewed 8943 times
PR Category : Real Estate & Retail
Posted on : Wednesday, April 24, 2013  5:21:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Injaz receives ‘Restatex Best Real Estate Developer for 2012...
Next Story : Emirates Green Building Council networking event to discuss ...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across... [4670-Views]
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair [3268-Views]
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup [3173-Views]
Foreo Reveals 5 Ways to De-Stress Your Skin [3165-Views]
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel [3091-Views]
The Best Omega Sunglasses For a Long-Awaited Summer [2899-Views]
Emirates Post Unveils Modern New Website and Look [2677-Views]
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during COVID-19 w... [2640-Views]
Urgent Implementation of ICAO COVID-19 Guidelines Needed [2628-Views]
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the Topic of Hai... [2526-Views]
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogging in the... [2472-Views]
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfeld” Game. [2448-Views]
Innovating to Fight COVID-19: Four Ways Drones are Contributing [2398-Views]
Blue Ocean for Islamic Finance Industry [2394-Views]
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce [2259-Views]
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR [2165-Views]
Airline Debt to Balloon by 28% [2116-Views]
The Ultimate At-Home Facial [2066-Views]
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changing Consume... [1960-Views]
Parmigiani Fleurier Toric Fleur [1960-Views]
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes [1960-Views]
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Prototype on th... [1935-Views]
Sony Middle East and Africa and Gearbox team up to offer rental services of latest digital... [1915-Views]
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators [1902-Views]
Tips for Keeping Your Smartphone Clean [1870-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories