KUWAIT: Kuwait Business Town Real Estate Company (KBT) is a well-known real estate development company established in 1999 and became a publically traded company at the Kuwait Stock Exchange on the 16th December 2008. With a paid up capital of KD78 million equivalents to $ 280 million, this company provides various comprehensive real estate products and services in the local and international market.
KBT announced a net profit of KD 0.5 million for the first quarter of 2014, a growth of 164 percent compared to the same period in 2013, with earnings per shares 0.64 fils compared to (0.99) fils in 2013. Eng Yousef Ghazi Al-Saqabi, Vice- Chairman & CEO of KBT said; “The increase of 164 percent in net profit is a good beginning for the this year and make us optimistic that 2014 will be an excellent year that will reap benefits for the shareholders, clients and employees.” “The company will stick to its new motto of – Setting New Standards – by providing clients with state of art facilities. By settling major debts with a local bank and a financial institution during 2013, the company is positioned for a fresh start. The new branch office acquired during this year at Business Bay in Dubai will used as a hub for international markets.
The announcement of Q1 results at such fast pace, being the number one in the real estate sector and number two in Kuwait Stock Exchange shows the financial strength of the company, “ added Al Saqabi. Positive indicators: Al-Saqabi highlighted a number of key positive indicators for KBT emphasizing that the most significant achievement is the reduction in total liabilities to KD 7.4 million by end of 1st quarter of 2014, a reduction 88 percent compared to same period during 2013. The net profits is KWD 499,567/-, earnings of 0.64 fils per share, whereas during the same period in 2013, the losses were KWD (799,660/-), a loss of (0.99) fils per share. The book value is 66 fils compared to 64 fils per share for the same period in 2013.