Mubasher: Salhia Real Estate on Monday posted a 52.9% year-on-year growth in profits in the third quarter of 2018, citing lower financing costs among the reasons for the profit rise.
The Kuwaiti property firm logged KWD 4.74 million ($15.62 million) in profits between July and September, registering a rise from KWD 3.1 million ($10.22 million) in the corresponding period of 2017, it said in a statement to Boursa Kuwait.
As for the nine months ended 30 September 2018, Salhia Real Estate’s profits grew 28.5% year-on-year to KWD 14.15 million from KWD 11.01 million.
The real estate company attributed the profit growth to higher profits from an associate as well as gains from selling some assets and lower financing costs.
In October, Salhia said it received KWD 1.59 million from the sale of an asset in the UK through one of its subsidiaries.
Salhia previously posted an 11.6% profit growth to KWD 3.67 million ($12.14 million) in Q2-18 from KWD 3.29 million ($10.88 million) in the year-ago period, while six-month results showed a profit rise of 19% year-on-year to KWD 9.41 million from KWD 7.91 million.
