Al-Tijaria reports remarkable growth in results for Q3
Revenue rises 17.7% and net profit increases by 34.6%
KUWAIT CITY, Nov 13: The Commercial Real Estate Company (referred to as “Al-Tijaria”, KSE: ALTIJARIA), one of the leading real estate developer and management companies in Kuwait and the GCC region, today announced its financial results for the third quarter ending Sept 30, 2017.
Commenting on the results and outlook, Abdulfatah M.R.H. Marafie, Chairman of Al-Tijaria said: “We are pleased to report a remarkable growth in results for the third quarter of the year which is also in line with management expectations.
Both our real estate and investment segments performed well, with real estate significantly outperforming the same period last year. The growth in rental revenues was pleasingly underpinned by a combination of both higher rental yields and tightening in occupancy levels. In addition, management remains committed to implementing efficiency changes and reducing operating costs. Our newly established unit “Edara”, which provides world class property management services catering to residential and commercial property owners, has gained significant traction with customers. The con- struction of our 46-storey Al Tijaria Tower in Al Hoora, Bahrain which includes: 6 car park floors (GF,1,2,3,4 & 5 - total of 468 parking slots), gym and swimming pool floor, in addition to 39 typical floors (total 351 flats) comprising of 3 Bedrooms, 2 Bedrooms, 1 Bedroom and Studio Apartments is progressing well and in line with our plans. We will be launching the sales and marketing plan across the region soon, “please stay tuned for that”.We continue to realign our business interest to support long term, sustainable growth and create maximum value for all Al-Tijaria stakeholders.” Recent Developments: Blood Donation awareness campaign The “Take time out of your busy life to save a life” campaign was held at the Symphony Style Hotel in July, 2017 as a part of the Al-Tijaria’s ‘We Care’ - CSR initiatives. This campaign is held on an annual basis to increase awareness about how blood donation can help save lives. We would like to thank our sponsors for the campaign; Symphony Style Hotel, Six Senses Spa, Cavaraty and Orangetheory fitness. Boulevard Events and Activities Adventures in Candyland Event: Conducted by Al Salmiya Group for Enterprise Development Co. at the Boulevard Mall. The event successfully attracted many attendees and was a vibrant and energetic day. We would also like thank our sponsors; Al Anbaa newspaper, Jarir Bookstore, Shrimpy, Pizza Hut, Burger King, Play, Six Senses Spa and Genève Novelties for their immense support and cooperation throughout the event.
Ramadan Night, June 2017 Gergeaan and a gifts for children, Montania Gergeaan event and Sears Ramadan event.
Boulevard Sport’s Exercise in Boulevard Park every Saturday between July to August 2017.
Music Night at the Boulevard Mall with classical from a live music band was held in September 2017
World Palm Day in September 2017, included mini seminar and the planting of 3 palm trees at Boulevard Park in cooperation with “Date Palm Friends Society”, a nonprofit organization.