Al-Tijaria achieves a net profit of KD 8,383,474 at end of Q3, 2016
Abdulfatah M R Marafie, Chairman of The Commercial Real Estate Company has stated that the business outcome of the company for the period which ended on 30.09.2016 resulted in achieving net profits of KD 8,383,474 (Eight million three hundred & eighty three thousand & four hundred & seventy four Kuwaiti dinar).
With 9 percent growth compared to the same period of 2015. The outcomes has also resulted in achieving a growth in shareholders’ equity with a percent of 5.4 percent and growth in return on shareholders’ equity with a percent of 3.4 percent and a growth in return on Capital with a percent of 9 percent compared to the same indicators of the same period in 2015.
Marafie also added that, “The Commercial Real Estate Company has been able to strengthen its position as a real estate pioneer and an integral part of the overall construction growth in the state of Kuwait. AlTijaria continues this march with success, maintaining its commitment, innovation and development for a better future with significant accomplishments and innovative real estate solutions by delivering real estate projects (residential and commercial) with high quality that delivers luxury and development.”
Marafie also announced that, “The Company has entered a new real estate investment in the kingdom of Netherland worth 5 million Euros equivalent to KD 1,699,600 (One million and six hundred and ninety nine thousand and six hundred Kuwait dinar) in alliance with a group of investors. This acquired property is the head quarter of Heerema Marine Contractors”.
Nevertheless, he added that diversifying Al-Tijaria’s international investment portfolio will follow the company’s strategy in diversifying income generating real estate investments in terms of geographic and sectorial location for the purpose of maintaining our investment portfolio and guarantee continuous good results.
Marafie further stated, Al-Tijaria continues organizing and supporting social responsibility initiatives as part of its corporate governance principles including “Rafad” weekly meal distributions. It’s worth mentioning that “Rafad” as a nonprofit project aims at raising awareness about the consumption of food. “Rafad” volunteers work on weekly basis to distribute dates and extra food from Symphony Style Hotel restaurants and special occasions or the freshly cooked food in the hotel’s kitchen.
Marafie concluded by announcing that The Commercial Real Estate Company is devoting all its resources towards achieving its future vision based on strong capabilities and potentials. The Company works continuously on developing and investing these capabilities based on strategic plans made to achieve continuous growth and exceptional profits along with an added value to the shareholders.
Abdulfatah M R Marafie