  Operating Revenue: KD 4.0 million
  Operating Revenue: KD 4.0 million
  EBITDA: KD 0.1 million
 
(Million KD)
(Million KD)
Net Revenue
Net Profit / Loss
Kuwait, 14 May 2023: National Real Estate Company (NREC) reported its financial and operational results for the three-month period ended March 31, 2023. The Company reported a net loss attributable to the owners of the Parent Company of KD 2.3 million and a loss per share of 1.27 fils in Q1 2023, compared to a net profit of KD 3.3 million and an EPS of 1.84 fils in Q1 2022.
The Company’s operating revenue came in at KD 4.0 million for the period ended March 31, 2023, a decrease of 51% compared to the same period in 2022.
NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “In Abu Dhabi, Reem Mall is officially open, and our other key operational assets in Libya, Jordan, and Egypt have achieved their strongest performances to date.”
Short term focus: Exiting certain assets and reducing debt
Sultan added: “We remain committed to our goal of exiting certain assets, proceeds of which will be used towards the reduction of a major part of the Company’s debt.”