Al-Tijaria Real Estate to develop Tijaria Tower in Bahrain
Company to distribute 5% dividends to shareholders
KUWAIT: Al-Tijaria Real Estate Company (K.S.C.P) held its ordinary general assembly meeting for the fiscal 2016 that ended on 31 December 2016 yesterday at the Symphony Style Hotel, which was attended by 77.06 percent of the shareholders.
Chairman Abdulfattah Marafi announced that Tijaria would sign a contract for developing Tijaria Tower in Bahrain worth 25 million Bahraini dinar in 10 days. “The Tijaria Tower in Bahrain will be a landmark tower and top-end residential tower. The company already owns Dilmunia project in Bahrain which is being developed in cooperation with the Muntazahat Company with a value of $ 45 million,” he pointed out.
“Al-Tijaria has strengthened its position as a leading real estate company and has become a part of the development upsurge in Kuwait. We promised to maintain our strategy and develop for a better future with more achievements with innovative real estate solutions to meet customers’ expectations through providing high-quality residential and commercial projects. This will gradually increase the operations of the company in the next few years,” added Marafi.
The general assembly agreed on distributing five percent dividends to the shareholders for the fiscal year 2016. “The company achieved net profits of KD 15.2 million with a profit per share of 8.67 fils. The returns on equity reached 5.4 percent and consolidated profit reached 3.3 percent of the total assets, while the return on capital reached 8.55 percent,” he stated.
Company’s financial results for 2016 showed that the shareholders’ equity growth by 2.1 percent and Company’s assets growth by 5.9 percent comparing with the results for the same period in 2015. “The Company registered great improvement in its activities of which the real estate income was the most important. The total operational income from the properties and the hotel reached KD 24.8 million for the year 2016 with an increase of 23.1 percent comparing to 2015,” he explained.
“Al-Tijaria is continuing in expanding according to its strategic plan that was set in order to achieve strong financial results,” concluded Marafi. The general assembly approved all resolutions at the meeting.