Promising Financial Results for the First Quarter of 2015
- 13 May, 2015
Abyaar Real Estate Development Company has announced its financial results for the first quarter of 2015, where the company achieved a profit amounted by KD 120,402.
In this occasion the Chairman of Abyaar Real Estate Development Company Marzooq Al-Rashdan stated: “The positive results of the first quarter came to coincide with the delivery of the prominent residential projects of Abyaar. And it’s noteworthy that the delivery of the projects came within the provided schedule and timeline. Where all units of Acacia Villas; comprising of 50 villas were delivered successfully within the time limit. Along with completion of the 7 Villas project, which is part of the new expansion for Acacia Avenues Project.”
Al-Rashdan then added: “This year is extremely crucial for the company. Where we have completed the work on Hilliana residential tower, and the project is ought to be delivered in the third quarter of 2015. Furthermore, we are planning to begin the second phase of construction work for Olgana Tower, located in Acacia Avenues.”
And regarding the financial results, Al-Rashdan explained: The total equity during the first quarter of this year is amounted to 97 million Kuwaiti dinars. With an increase of 3 million Kuwaiti dinars compared to the financial year ended in December 31, 2014, which was equivalent to 94 million Kuwaiti dinars.
Rashdan also stressed that the company has successfully reduced its Islamic finance creditors by nearly 2.5 million Kuwaiti dinars during the first quarter of 2015. In which the debt is currently amounted by 43 million Kuwaiti dinars compared to the financial year ended in December 31, 2014, which was 45.5 million Kuwaiti dinars.
Al-Rashdan then concluded: “Abyaar book value per share has ascended during the first quarter of this year. Where the book value per share is estimated by 87.97 fils compared to the fiscal year ended in December 31, 2014, which was equivalent to 85.63 fils. And these financial results come to serve as a clear indication that we are leading the right approach.”