CRC achieves net profits of KD 1,585,098

Abdul Fatah Marafi, the Chairman and Managing Director of the Commercial Real Estate Company (CRC) has announced the achievement of net profits of KD 1,585,098, during the first half of 2012, with a share profit of 0.92 fils. Marafi indicated that the currently-traded book value does not express the real value, as the book value of the current period totals 141 fils/share, due to the fact that reserves are not stated in the financial statements based on the conservative policies of the company’s management. Thus, the real value of the share is higher than the book value pursuant to the current financial statements. The company’s management has deducted additional reserves during the period, which amounted to KD 2.5 million, through performing a comprehensive study, based on conservation and precautions, in accordance with the current economic circumstances, slow markets recovery and continuous economic crisis, Marefi revealed. The company has paid an amount of approximately KD 5 million, equal to 4.6% of the total debts of the company. That confirms the compatibility between the work plan set by the company’s management and the established goals that aims at self-financing support and reduction of all debts. The CRC has continued the execution of its projects and announced the invitation to two tenders for the execution of commercial projects in Kuwait, which would add a distinguished mark to the modern architecture balance in the State of Kuwait. The projects, which are expected to be completed during the next period, include Light Restaurants Compound project in Mahboula and Dine Zone Restaurants Compound project in Aqila. The Light Restaurants project is located at the most important intersections of the coastal road in Mahboula and embraces an elite of the most exquisite local and international restaurants. Its high-class and different design reflects the architectural modernity and simplicity. The restaurants are distinguished with their external sitting areas that can be connected with the internal areas, with a multi-purpose open area in the middle of the project for special occasions. The Dine Zone Restaurants Compound directly overlooks at Aquila charming area, providing a mixture of exquisite restaurants with amazing views. The project consists of 26 units of 2 floors each, with a view to the sea and the breath-taking middle area of green spaces with different designs, giving the visitor an interesting journey, starting from the car parts to the coasts surrounded by palm trees. At the end of his statement, Marefi highlighted the future vision of the company pursuant to its capabilities and their investment for the purpose of continuous growth, achievement of excellent profits for shareholders and participation in the architectural development of Kuwait, considering its capacity as a real estate pioneer company. Marefi expressed his warmest wishes to the shareholders of the company on the occasion of the Holy Month of Ramadan, May Allah grant everybody the blessings and the mercy brought about by this month.