Adwan Al-Adwani, the Chairman and CEO of ALSalmiya Group for Enterprise Development Co., revealed that the ordinary general assembly meeting of the company took place today (a subsidiary - 81.9% owned by the AlTijaria Real Estate Company), with 100% attendance of shareholders.

The company achieved net profits for the financial year ending December 31, 2024, amounting to KWD 3,197,520 (three million one hundred ninety-seven thousand five hundred twenty Kuwaiti Dinars), reflecting an increase of 8.8% compared to 2023. The results also showed an increase in all financial indicators, with returns on shareholders' equity, total assets, and company capital rising by 4.3%, 8.2%, and 8.8%, respectively, compared to the previous year, while the company-maintained stability in revenues from operating activities and investments.

The ordinary general assembly approved the board of directors’ recommendation to distribute cash dividends amounting to 3.5% of the nominal value per share for the second half of 2024. 
AlSalmiya Group noted that it had distributed cash dividends to shareholders for the first half of 2024 at a rate of 3.5% of the nominal value per share, bringing the total distribution for 2024 to 7%.

Al-Adwani added that AL Salmiya Group for Enterprise Development continues its methodology and strategy based on maintaining a diversified real estate and investment portfolio in terms of the size and nature of investments as well as geographical distribution. This is part of a work plan aimed at balancing risks and returns through entering promising and income-generating investments that benefit our shareholders.

Finally, the Public Authority for Housing Welfare in the State of Kuwait established an investment opportunity in the Qairawan area (Q1) for the company, aimed at development and operation for 22 years on land measuring 12,575 square meters. The investment contract with the Public Authority for Housing Welfare is expected to be signed during 2025.