Kuwait City, May 13: Salhia Real Estate Company K.S.C.P. announced a net profit of KD 2.9 million for the period ending on March 31, 2024, with an earnings per share of 5 Fils, compared to a net profit of KD 3.7 million and an earnings per share of 6.9 Fils compared to the same period last year.

The financial statements of Salhia Real Estate Company K.S.C.P. revealed a notable rise in the company's total assets, reaching KD 522 million, indicating a growth rate of 22%. Additionally, operating revenues for the first quarter of the current year reached KD 11 million, marking a 14% increase, while operating profits surged by 22% to KD 8.4 million. In terms of ownership rights, they recorded a value of KD 174 million, compared to KD 166 million for the same period last year.

On the other hand, Mr. Ghazi Fahad Alnafisi, Chairman of Salhia Real Estate Company K.S.C.P., highlighted that the net profit was impacted during that period due to the rise in depreciation and amortization costs, as well as increased financing costs. Additionally, he noted the absence of extraordinary profits derived from recovering insurance claims, which were realized during the comparative period last year.

Alnafisi further emphasized that the overall financial indicators of Salhia Real Estate Company K.S.C.P. demonstrated a positive performance. This was attributed to the company's strong operational performance and stability across various financial and economic indicators, enhancing transparency and fostering a vision for development. This transparency has encouraged the company to actively engage in the local market, leveraging its ownership of high-quality real estate assets both locally and internationally. These assets contribute to bolstering revenues from operational activities and maximizing shareholders' equity.