Doha-Mubasher: Al Arabiya Real Estate Company (AREC) posted a profit of KWD 1.52 million ($5 million) in the fiscal year 2014, against a loss of KWD 1.5 million ($4.9 million) in FY13, according to a filing to Kuwait Stock Exchange.
The company previously reported a profit of KWD 1.88 million during the fourth quarter of 2014, versus a loss of KWD 1.11 million during the corresponding period of 2013.
The company turned profitable as a result of transforming its under construction projects to real estate investments in Kuwait.
The board recommended not distributing annual dividends for the fiscal year ended 31 December, 2014.
