Kuwait-based Alargan International Real Estate Company said it has won approval at the company's annual general meeting (AGM) to distribute 10 per cent cash dividend of the share nominal value (10 fils per share).

The AGM has agreed to pay dividends to shareholders registered in the company's records as of the maturity date (June 13, 2017) and paid to shareholders on June 22, 2017, said the company in a statement.

The Kuwaiti developer posted solid growth for the financial year 2016 with its net profit surging to hit KD1.8 million ($5.91 million) and earnings per share (EPS) standing at 7.09 fils for the year ending December 31, 2016.

Thanks to a one-time gain in 2015 from a divestment in Saudi Arabia, Alargan’s operating profit increased to KD2.95 million last year compared to a KD7.07 loss in 2015.

The Kuwaiti real estate firm's revenue too surged to hit KD26.8 million in 2016, up 37 per cent compared to the previous year's KD19.5 million.

Heading the AGM, Haitham Al Khaled, the board chairman, said: "Through the market changes in 2016, Alargan continued to take prudent steps towards achieving its strategy thanks to its combined business model."

"The company advanced in the development of communities, residential projects and retail destinations that provide life-enhancing and sustainable solutions in the region, while consolidating its financial position and seeking new growth opportunities that add value to shareholders and stakeholders alike," stated Al Khaled.

“These advancements were strictly executed with our core business principle and motto in mind, to provide sustainability in everything we do, through our operations, investments and returns to shareholders,” he added.

Khaled Al Mashaan, the chief executive and vice chairman, said: "As an internationally-recognised developer with a focus on middle-income residential housing, we have taken in our responsibilities to develop sustainable buildings that support an economically and socially viable urban environment."

"Today, we are developing residential and community projects that last, remain an integral part of the larger urban development process and add value to their surrounding communities. We are designing communities that integrate our motto, ‘Life… As You Love It’, which extends to our sustainability values for which we have invested in green and energy efficient developments," he added.

In addition to its recurring income generating assets in Kuwait, Bahrain and Oman, Alargan moved forward with the development of two commercial projects, Argan Square in the Salmiya area, and Argania in the growing retail area of Shuwaikh, as well as completed procedures to start leasing the Alargan Business Park located in the Free Trade Zone, an area expected to boom with businesses from local and foreign investments, said Al Mashaan.

In Bahrain, Alargan continued the leasing of its award-winning mixed-use Argan Village, and started sales of the Beyout Alargan villas, he stated while speaking at the AGM.

In Oman, the company continued to add to its achievements with the delivery of residential units in the Telal Al Qurm development, and received two new recognitions awarded on behalf of Al Waha and Telal Al Qurm developments for their affordability and high-quality designs, he added.-TradeArabia News Service