Mr. Abdul Fatah M. R. Marafie, Chairman & Managing Director of the Commercial Real Estate Company announced achieving a net profits of 10,772,697K.Dduring the first half of the current year with an increase of 155.7%compared to the same period of the last year and earnings per share 6.13 fils compared with 2.38 of same period of the last year and the continuation growth of the company’s shareholding equity in the current year 252,965,983 K.D with an increase of 4.3%compared to the same period of the last year And as well as continued growth in rates of return on equity and total assetswhere the return on shareholders' equity reached 4.26% with an increase of 2.5% of same period of the last year while the total return on total assets2.56% with an increase of 1.56%compared to the same period of the last year.
He also added that during the first half of this year, the company has complete a deal to exit from a non-producing assets (land space), which had a significant impact on the profits of the period in line with the strategic approach followed by The Commercial Real Estate Company for benefitting from its assets and investment opportunities for achieving the highest revenues. In order to increase operating revenues Which will reflect positively on the book value per share and shareholders' equity he also added That although the mentioned results, but the company's management has taken the supplemental appropriations through the work of a comprehensive study based on the reservation and caution and in line with prevailing economic conditions and delays in the recovery of markets and the continuing economic crisis deepened by some political problems in the Middle East and GCC in particular .
The company continued this year with implementation of its projects, by completing and operating AL-Tijaria Tower , Symphony Project and also completing Juman and Ruba Residential Complexes. and on 25/5/2011, the Grand Opening Celebrates first Hotel Missoni in the Middle East region, The celebration was under the patronage of His Highness The Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, and presence of Dr. Amani Khalid Buresli, Minister of Commerce and Industry. And hotel is located in a prestigious location on the Arabian Gulf Road and forms a part of Symphony project . The hotel comprises 169 rooms and suites, all with a view on the Gulf Road and sea, an advantage uniquely enjoyed by the hotel in Kuwait
In recognition of The Commercial Real Estate Company role in carrying on with its mission and contributing to the constructional development taking place in the State of Kuwait , Award of Excellence was awarded to The Commercial Real Estate Co. for two years by ACI- Kuwait Chapter in recognition for outstanding work in the field of design, construction and implementation of concrete. Symphony project was awarded in 2010 and Al-Tijaria Tower project was awarded in 2009 so the company has retained the award for two years in recognition of The Commercial Real Estate Company role in carrying on with its mission and contributing to the constructional development taking place in the State of Kuwait
In conclusion, Mr. Marafie stressed The Commercial Real Estate Company keep in mind a future vision we seek to achieve according to the capacities we have and we create it in creating a continuous growth and achieving excellent profits to our shareholders, in addition to contributing in the urban development in the State of Kuwait As one of the leading companies in the real estate field.
Mr. Marafie extended his sincerest gratitude and appreciation to the board members and the executive Management as well as all the employees and workers of the company for their efforts towards achieving the objectives of the company and attaining the best results.
also congratulated the shareholders of these results, on the occasion of the holy month of Ramadan
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