Kuwait City, August 14: National Real Estate Company (NREC) reported its financial and operational results for the periods ended June 30, 2024. The Company announced a net profit of KD 1.6 million and an EPS of 0.91 fils in H1 2024, compared to a net loss of KD 3.8 million and a loss per share of 2.15 fils in H1 2023.

The Company’s operating revenue came in at KD 2.6 million for the 6-month period ended June 30, 2024, a decrease of 61% compared to the same period in 2023. Total assets stood at KD 505 million as of June 30, 2024.

For Q2 2024, the Company reported a net loss of KD 1.3 million, and a loss per share of 0.70 fils, and operating revenue of KD 1.2 million.

Commenting on the Company’s results, NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “Our results for the first half of 2024 were positive and we are focused towards continued performance improvement through our resilient operations and strategic investments.”

Updates on Reem Mall: Official Opening with Promising Outlook amid Abu Dhabi's Favourable Economic Climate

Reem Mall, Abu Dhabi's latest retail, dining, and entertainment hub, officially opened on May 30, 2024, on Reem Island. The mall boasts nearly 400 retail stores and 80 food and beverage outlets. It also features Snow Abu Dhabi, the region's largest snow park, spanning 9,732 square meters with 20 rides and icy adventures, along with exclusive attractions and a unique mix of shops.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, stated: “Reem Mall is an innovative project that promotes community spirit and provides a premium mall experience. It is a one-stop family destination with cutting-edge design, perfectly aligned with Abu Dhabi's vision to offer a remarkable lifestyle and leisure experience.”

Sultan added: “We continue to have high hopes for Reem Mall's future performance, especially in light of Abu Dhabi's advantageous economic climate. The mall's continued success and growth are sustained by the city's robust economic environment, ongoing infrastructure development, and growing consumer demand. These factors are expected to drive foot traffic and retail activity, further strengthening Reem Mall's competitive position.”

NREC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. With digital innovations like an aggregated mobile app for hands-free shopping, in-mall navigation, and smart parking, Reem Mall is leading the way in integrated online and in-person shopping. The mall is home to the first Bloomingdale's Beauty in the world, the only private viewing rooms in VOX Cinemas, and top brands like Carrefour, Nike, Eataly, Zara, and Sephora. Top home furnishings retailers like Marina Home are also featured there.

Strategic Asset Divestment and Restructuring to Maximize Shareholder Value

“We remain committed to our objective of divesting select assets, with a clear focus on maximizing shareholder value”, said Sultan.

Sultan added: “As part of this value-maximization strategy, we are also in the process of restructuring the company's movable assets and real estate, ensuring they are re-registered under the names of our wholly-owned subsidiaries. These efforts are being undertaken with the best interests of our shareholders at the forefront.” Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development, and property manager based in the Middle East and North Africa. The Company’s portfolio comprises a mix of retail, commercial, and residential properties in the region.