Kuwait: National Real Estate Company (NREC) held today its shareholders’ Annual Ordinary General Assembly Meeting (AGM) for the financial year ended 31 December 2021, with a quorum of 72.5%. The meeting took place electronically.
The Extraordinary General Meeting (EGM) will be adjourned to May 30, 2022, since the quorum was not met.
The Company’s shareholders approved all items on the AGM agenda, including the Board’s recommendation to distribute 20% bonus shares, i.e., 20 shares for each 100 shares. Shareholders registered on the Company’s shareholders record on the settlement date of 23 June 2022 are entitled to these bonus shares. Distribution date is 26 June 2022.
The Annual Ordinary General Assembly also re-elected the board of directors for the coming three years.
The Company reported a net profit of KD 199.6 M for the year ended 31 December 2021, a 44,952% increase from FY 2020. EPS increased 44,737% to 134.5 fils in FY 2021 Compared to FY 2020. EBITDA increased 2,422% to KD 204 million, and revenue grew 93% to KD 32.5 million.
NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “2021 was a successful year for the Company, and we were dedicated to putting our stakeholders’ interests first.”
Sultan added: “Our focus in 2022 is to exit certain assets, proceeds of which will be used towards the reduction of a major part of our debt.”
“Our medium-term and longstanding priorities continue to be the work on maximizing value for our shareholders and securing sustainable operations.”
Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development and property manager based in the Middle East and North Africa. The Company’s portfolio comprises a mix of retail, commercial and residential properties in the region.
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For more information, please contact: Mageda Abbas – m.abbas@nrec.com.kw
