Abyaar Financial Results 2014
- 23 March, 2015
Abyaar Real Estate Development Company announced its financial results for the year ended in December 31, 2014, in which it witnessed a promising turnout. Where the company was able to successfully transform its losses to profit amounted by 755 088 Kuwaiti dinars. Compared to a financial losses for the fiscal year of 2013 amounted by 4.9 million dinars. And the earnings per share was amounted to 0.69 fils at the end of 2014 compared to a loss of 4.5 fils per share by the end of 2013.
The Board of Directors has ratified the final financial results and recommended not to distribute any dividends for the financial year of 2014. Nevertheless, the recommendation is subject to the approval of the General Assembly and the competent authorities.
In this occasion the Chairman of Abyaar Real Estate Development Company Marzooq Al-Rashdan stated: “our efforts are currently concentrated towards delivering projects to our clients. Where Hilliana residential tower is in its final phases and expected to be delivered in the third quarter of this year. Also, the new contractor agreement has been sealed. Where the contractor will start implementing the second phase of Olgana residential tower, that’s located in Acacia Avenues. And we managed to deliver 95% of Acacia Villas; comprising of 50 villas. Furthermore, we managed to finalize the 7 Villas project. Which is part of the new expansion for Acacia Avenues Project.”
Al-Rashdan added: “The Company succeeded in raising its Shareholders Equity by 4.7% (4.2 million Kuwaiti dinars) in which it amounted to 94.1 million Kuwaiti dinars by the end of 2014. Compared with 89.9 million Kuwaiti dinars by the end of 2013. This in return increased the book value per share from 81.8 fils in 2013 to 85.6 fils in 2014.”
AL-Rashdan then elaborated: “The Company succeeded during 2014 to repay a 15.3 million Kuwaiti dinars worth of debts. This in return lowered the Islamic finance creditors from 60.96 million Kuwaiti dinars in 2013 to 45.6 million Kuwaiti dinars in 2014. Abyaar also succeeded in signing agreements to reschedule its 28 million Kuwaiti dinars worth of financial obligations with a number of GCC and local banks. In order to extend the payment periods over 3 to 10 years.”
Al-Rashdan then concluded: “In the end of 2014 the value of the current assets was amounted to 33.6 million Kuwaiti dinars. Therefore, the current assets will cover the value of the current liabilities amounting to 32.3 million Kuwaiti dinars, with a ratio of 1.04 current assets to 1 current liabilities. Which means that the company during 2014, and for the first time since 2006, successfully reduced the short-term obligations and made them less than the short-term assets. “