Awtad Real Estate Company held its Annual General Meeting (AGM) on 16 February 2023, with a quorum of 89% of its shareholders. The AGM approved the Board of Directors’ recommendation to distribute 12% cash dividends to its shareholders, i.e., 12 fils per share.
Sheikh Walid Khaled Al-Sabah, Chairman of Awtad Real Estate Company stated that the Company achieved a net profit of KWD 6.98 million, an EPS of 16 fils in 2022, up by KWD 1.46 million or 26% compared to the pervious year. Meanwhile, operating revenues increased by 7% to KWD 16.47 million.
Al-Sabah highlighted that the Company's business activities were stable despite the challenges facing the region and the world, attributing the profit growth to the completion of the construction and leasing of two properties, a residential complex on the coastal road in Mahboula, and a commercial tower in the heart of the capital in Qibla, opposite to the old Central Bank of Kuwait, adding to the  Company’s properties distributed across various areas in Kuwait.
He added that the Company spares no effort in enhancing its assets and revenues by conducting a comprehensive market survey in a manner commensurate with the business climate and in line with the aspirations of the shareholders, noting that it continues to implement its strategy aimed at selecting real estate opportunities that increase its long-term operating revenues.