Mubasher: Kuwait Finance House (KFH) achieved nearly KWD 400,000 net profit from the latest real estate auction held by Al Enmaa Real Estate Company, a subsidiary of KFH.
Al Enmaa organised the auction on Monday, 9 December, to sell four properties owned by KFH and other investors in the East Qurain portfolio, the bank said in a Sunday statement to Boursa Kuwait.
The bank’s share in the properties stands at 33.33%.
It further remarked that the profits made in the auction will be announced in KFH’s financial statements, following the legal procedures to transfer the properties’ ownership.
Noteworthy to mention, during the end of the third quarter of 2019, KFH’s profits have increased by 12.1% to reach a value of KWD 82.83 million, while in the first nine months of the year, profits increased by 12.7% year-on-year (YoY) to KWD 190.5 million
