Kuwait-based National Real Estate Company (NREC) has registered a net profit of KD3.6 million ($12 million) for the first quarter, while its total assets rose to KD468.8 million ($1.53 billion).

NREC is presently developing properties valued at over $2 billion in the Middle East and North Africa (Mena) region.

Established in 1973 and listed on Boursa Kuwait, NREC boasts a portfolio comprising a mix of retail, commercial and residential properties in the region.

Announcing its financial and operational earnings for the first quarter, the Kuwait group said its operating revenue hit  KD4.2 million, while the Ebitda stood at KD 6.1 million and EPS at 2.93 fils.  

On the results, Vice Chairman and CEO Faisal Jamil Sultan Al Essa said: "NREC’s earnings continue to be driven by our operating properties owned in Kuwait, Jordan, Libya and Iraq, in addition to sale of units in the developing mixed-use project in Egypt, and positive earnings announced from our associate."

"The company has also progressed in the development of the landmark project, Reem Mall, in Abu Dhabi. Together with Grand Heights in Egypt, the Company is set to grow and diversify its sources of operating cash flow in the coming years," stated Al Essa.

Located in Reem Island in Abu Dhabi, Reem Mall is a major new retail, leisure, dining and entertainment destination that comprises 450 stores and has a confirmed tenant-mix of leading retailers in the region and world.

"The company’s debt reduction strategy has also continued to move forward through the completion of asset sale. The strategy aims to strengthen our cash position and enable us to focus on our promising landmark projects which are under development and our existing income-generating portfolio," he noted.

In Kuwait, NREC manages the waterfront destination, Souq Sharq, and the El Joan resort. In Jordan, the company owns and operates the South Aqaba Investment Park, a 1.5 million sq m property dedicated for warehousing, factories, companies and logistics in an attractive investment climate the provides access to major international markets and Free Trade Agreements.

In Egypt, it has Grand Heights, a residential development covering a total of 4 million sq m area that caters to the housing needs of a growing population in Cairo and its suburban areas.

In Libya, NREC’s Palm Residences is a residential project offering high-end facilities and security on the Mediterranean coastline in Janzour, a suburb of Tripoli. In Iraq, the Company operates an existing property and is seeking new investment opportunities in close to largest and busiest ring road in Erbil.-TradeArabia News Service