Mubasher: The consolidated financial statements of Alargan International Real Estate indicated a rise in profits by 42.7% during the fiscal year (FY) 2019 to KWD 787,064 ($2.54 million) from KWD 551,737 ($1.78 million) in 2018.
The positive 2019 results are owed to higher net rental income and net income from projects and resorts. In addition, the company posted a rise in unrealised gains from a change in fair value (FV) of investment properties, according to a bourse filing on Sunday.
Moreover, the real estate developer recorded lower general and administrative expenses and a drop in losses from discontinued operations.
Over the fourth quarter (Q4), the profit amounted to KWD 663,029, up by 80.8% from KWD 366,809 in the same period in 2018.
The board of directors recommended not to distribute any dividends for 2019.
It is noteworthy that in the first nine months of 2019, Alargan’s profit fell by 32.9% to KWD 124,040.
