According to the results of the company on the Kuwaiti Stock Exchange today, profits for the period amounted to 1.56 million dinars, compared to profits of 27.8 million dinars in the first half of last year.
The company said in a statement to the Stock Exchange, that the decline in profits during the comparison periods is due to the current conditions experienced by Kuwait resulting from the outbreak of the Corona virus emerging (Covid 19) since late March 2020.
The company also attributed the decrease in profits to the decision taken by the board of directors to grant some discounts and exempt others from the monthly utilization fees for investors and renters of units in the Avenues to reduce the repercussions of the Corona crisis; This results in the company's net profit value.
The company recorded a profit of 9.34 million dinars in the first quarter of this year, compared to profits of 13.76 million dinars for the same period in 2019, a decline in profits by 32.1% .
The company turned to a loss in the second quarter of this year of 7.77 million dinars, compared to the profits for the same period last year of 14.05 million dinars.
The company explained that one of the effects of the Corona crisis on the main activities (revenues and expenses) - including the impact of government incentives - is the impact on revenues of approximately 26.9 million dinars, and the effect on Investments at fair value through profit and loss at a loss of 442.7 thousand dinars.
The buildings achieved net profits in the past year of 56.41 million dinars, compared to profits of 52.53 million dinars in 2018, an increase of 7.4%.
(Fun Knowledge of Knowledge)
