Salhia Real Estate Company announces Q1 results

The net profit for this period amounted to slightly over 3 Million Kuwaiti Dinar, i.e. a profit of 9 fils per share, compared to 1 Million Kuwaiti Dinar and 3 fils profit per share for the same period last year, i.e. an increase by 193%. Further, the gross revenues increased from 8 Million Kuwaiti Dinar during the first quarter of 2006 to 10 Million Kuwaiti Dinar, compared with the current year, i.e. an increase by 23%.

Alnafisi explained that the results for the first quarter of 2007 reflected on total assets as well, which increased by 7% from 219 Million Kuwaiti Dinar for the first quarter of 2006 to 235 Million Kuwaiti Dinar for the same period of the current year. The total Owner's Equity increased by 43% from 100 Million Dinar for the first quarter of 2006 to amount to 143 Million Dinar for the same period during the current year, which increased the book value per share 318 fils for the first quarter of 2006 to amount to 454 fils for the first quarter during the current year.

Alnafisi said the company succeeded in its strategy represented in increasing the company revenues and reducing its debts, hence leading to reducing the company's debt by 30% from 119 Million Kuwaiti Dinar for the first quarter of 2006 to amount to 83 Million Kuwaiti Dinar for the same period during the current year.

Alnafisi uncovered that Salhia Real Estate Company has recognized a big leap in the completion of Arraya Tower project, located in Sharq area and consisting of 60 floors. 33 floors were completed, at the height of 142 meters above the ground surface. Currently, working is underway to complete the entire project by the end of 2008, as planned.

Alnafisi said the company expects to recognize more achievements during the forthcoming period. On the international investments level, Alnafisi indicated that there are several projects in the United Kingdom being accomplished through its affiliate company, Key Property Investments (KPI) and its subsidiary, Drawbridge Secuiriteis Limited (DSL), and in Germany through its subsidiary company, Haddia Holding.