Kuwait city: Two real estate projects may be established soon
The head of the board of directors of the Kuwaiti company Al-Salhiya Real Estate, Ghazi Fahed al-Nafisi, announced that the company is studying the accomplishment of several projects with total costs of KD115 million ($393.7) These will include two real estate projects to be established in the city of Kuwait soon, reported the Kuwaiti newspaper, Al-Watan (April 4, 2005).
The two projects are modern commercial and entertainment complexes, one of
them will be accomplished at the end of the current year in Fahed al-Salem street by a KD30 million ($102.7 million) investment, while the other will be accomplished within al-Shuhada Projects by a total cost of KD85 million ($290.9 million). The company also boasts projects abroad, especially in Germany.
Speaking after the general assembly of the company, al-Nafisi said the company gained in 2004 net operating profits of KD30 million ($102.2 million), 7.3% up compared to 2003, while the share profitability was 34.4 fils per each share. Total assets rose to KD221 million ($756.6 million) compared to KD191.9 million ($656.9 million) in the former year (15% up), while the yield on all assets reached 4.6%. The equity registered growth of 27.96% and hit KD107 million ($366.3 million), while the yield on equity hit 10%.
The company general assembly confirmed distribution of 25% financial dividend, or 25 fils, and re-granting the board of directors a power of attorney for purchasing 10% of the company's shares.