Real Estate Facilities Co income portfolio generates KD 11
General Assembly in Kuwait City agrees payment of 5 per cent dividend.
Real Estate Facilities Company, the unlisted Kuwaiti property finance and fund management company, has announced an increase in income generated by its local Real Estate Income Generating (REIG) portfolio in its 2012 annual accounts.
As at 31 March 2012, the portfolio had generated net profist of KD 11 million, with the company's total assets standing at KD 27.8 million. The figure represents a 1 per cent increase on the previous year.
Addressing the General Assembly meeting Company chairman Al Hareth Abdul Razzaq Al-Khaled, said: “The company has been continuously implementing its investment strategy and we have achieved a significant increase in our local Real Estate Income Generating portfolio. This portfolio has directly contributed to the company’s returns, and has enabled it to maintain liquidity of KD 5.7 million. This, in turn, allows us to exploit selective and diligent investment opportunities that are consistent with the creation of shareholder value.”
Adding that despite "uncertainty within the economic and political situation" the company had achieved net profits of KD 343,000 in the year to 31 March 2012, Al-Khaled also expressed his belief that the "Real Estate Facilities Company will continue its positive performance and expect to achieve higher returns on our capital going forward this year."
A 5 per cent dividend payment for shareholders was a sanctioned by the General Assembly reflecting continued confidence in the company's long-term strategic plan.