Mubasher: Sultan Center for Trading and General Contracting, a 99%-owned subsidiary of Sultan Center Food, sold a property at a value of KWD 7.375 million in Al Dajeej area, listed under investment properties article in the group's consolidated financial statements.
The company expected that the deal will result in a KWD 125,000 profit, which will be used in repaying non-current liabilities of KWD 7 million, according to a statement to Boursa Kuwait on Tuesday.
Furthermore, selling this property will lead to a decrease in the annual financing expenses by KWD 385,000.
Noteworthy to highlight, during the first nine months of 2019, Sultan Center Food’s profits reached KWD 1.07 million, down by 78% from KWD 4.86 million in the same period of 2018.
