Ali Khairallah Al-Enezi, the Chairman of the Board of Directors at Diyar Al Kuwait Real Estate Company (OTC 504), acknowledged the challenges and hurdles encountered by the company in 2023. These included revitalizing the company's organizational framework, updating official documentation, and strengthening its administrative infrastructure. Al-Enezi noted that significant progress was made in addressing these issues, including the delayed submission of financial statements for the years 2021 and 2022. Shareholders were briefed on the company's status, leading to a reduction in its capital to 5 million dinars.
During the company's general assembly, Al-Enezi affirmed that the board of directors had safeguarded the company's assets and endeavored to accurately assess their worth based on prevailing market rates. Simultaneously, efforts were made to curtail expenses to a minimum.
He disclosed that the company had recorded an increase in book value amounting to KD 133,337, in contrast to a decrease of KD 299,033 for the period ending December 31, 2022. Additionally, net profits of KD 254,040 were reported, marking a shift from net losses of KD 18,556 recorded in the period ending December 31, 2022.
Al-Enezi confirmed that the Board of Directors is taking legal action against all contracting parties and the previous Board of Directors. He stated, "Through effective management of our real estate assets, the company aims to boost revenues. Initiatives have been put in place to minimize expenses, enhancing financial stability and fortifying the company's financial standing."
Looking ahead, he outlined the company's future plans to divest from all foreign investments and focus on domestic ventures within Kuwait.
The company's general assembly endorsed all agenda items, including the approval of the Board of Directors' recommendation to not distribute profits for the fiscal year ending on December 31, 2023, and to forgo financial remuneration to board members. Additionally, the assembly ratified the Board of Directors' report and the financial statements for the fiscal year ending December 31, 2023.