REFC net profit reaches $38.4 million
Kuwait, April 25, 2013
Kuwait-based Real Estate Facilities Company (REFC) has expanded its local real estate income generating portfolio to reach a net profit of KD11 million ($38.4 million) for the year ending March 31, 2012.
The company announced that its General Assembly has reviewed and approved the audited financial statements for year.
Total Assets of the company as of March 31, 2012 amounted to KD27.8 million with an increase of 1 per cent since March 31, 2011.
Based on the reported profits for the year ending March 31, 2012, the Board of Directors proposed a distribution of 5 per cent cash dividend. The General Assembly voted to accept this recommendation.
Addressing the General Assembly meeting, Al Hareth Abdulrazzaq Al-Khaled, REFC chairman said: “The company has been continuously implementing its investment strategy and we have achieved a significant increase in our local real estate income generating portfolio.”
“This portfolio has directly contributed to the company’s returns, and has enabled it to maintain liquidity of KD5.7 million. This, in turn, allows us to exploit selective and diligent investment opportunities that are consistent with the creation of shareholder value.
“Despite the uncertainty within the economic and political situation, our company’s strategy was clear. We have focused our investments on a series of successful real estate investments opportunities with limited risks, which contributed to achieve a profit of KD343,000 to the year ending March 31, 2012,” he added.
“We believe that the Real Estate Facilities Company will continue its positive performance and expect to achieve higher returns on our capital going forward this year. We intend to deliver on this strategy through increasing the size of income generating assets and seizing the growing number of opportunities including real estate investment,” Al-Khaled said.
“The company's continuing success and improved performance were the result of integrated and combined efforts. I would like to extend our sincere gratitude and appreciation to all shareholders for their continued support. I would also like to extend our thanks to all governmental establishments, financial and commercial institutions that helped facilitate the company’s operations,” Al-Khaled concluded.
Real Estate Facilities Company offers short-term, mid-term and long-term loans to individuals and bodies for purchasing and building various kinds of real estate. It also finances the activities of real estate companies, buys stocks, establishes, markets and manages real estate funds. – TradeArabia News Service