Kuwait’s 34 real estate companies profits fall 40.8%

The profits of 34 real estate companies listed in Kuwaiti bourse fell 40.8 percent year-on-year to KWD 14.34 million ($47.3 million) during the second quarter of the current year, according to Mubasher.

In the first six months of the year, real estate companies profits declined 13.7 percent to KWD 52.97 million ($174.7 million) from KWD 61.41 million ($202.5 million) in the year-ago period.

The profits of the real estate sector accounted for 14.4 percent of total profits of Kuwait-listed companies in the second quarter, which registered KWD 543.25 million.

Mabanee reported the highest profits in the sector in the three-month period ended 30 June, which reached KWD 14.05 million, while Alargan International Real Estate came at the end of profitable companies’ list for Q2-19, posting KWD 23,210 profit.

Meanwhile, Abyaar Real Estate Development reported the biggest loss in the sector during the second quarter of the year, which amounted to KWD 19.67 million.