Salhia Real Estate announces KD10.7 million net profit for H1

The net profit for the period amounted to 10.7 million Kuwaiti Dinar, i.e. a profit of 31.0 fils per share, compared with 1.9 million Dinar with a profit of 6 fils per share during the same period last year, i.e. an increase by 456 per cent compared to the same period last year.

Further, gross revenues increased from 18 million Dinars during the second quarter of 2006 to 21 million Dinar compared with the current year, i.e. an increase by 17.5 per cent.

The total assets increased by 13 per cent from 222 million Dinars for the second quarter of 2006 to 252 million Dinars for the same period this year. Further, the total shareholders' equities increased by 57 per cent from 86 million Dinars for the second quarter of 2006 to 136 million Dinars for the same period this year.

On the other side, the company's debt dropped by 22 per cent from 136 million Dinars for the second quarter of 2006 to 106 million Dinars for the same period this year.

Furthermore, Salhia Real Estate Company concluded an initial sale contract for selling one of its properties located in Qibla area, which is a land consisting of eight plots, located on Fahad Al Salem Street, for the amount of 36 million Kuwaiti Dinar, hence realizing a profit of 25 million Dinar, i.e. a profit per share of 70 fils. These profits will be recorded in the second half of the 2007 and were not included in the profits of the first half.

It is noteworthy that the ordinary and extraordinary general assembly in April approved cash and bonus distributions for 2006 by 50 fils in cash per share and 15 per cent bonus shares.