Al Tijaria makes KD 6.3 million from Al Maqam Project

17/08/2009 00:00 AST

Abdul Fatah Marafie, the chairman and the managing director of the Commercial real Estate Company stated that the management of the company and the executive committee was able to make a net profit of KD 6,300,000 (six million and three hundred thousand Kuwaiti dinars) by signing a vending and Setting-off contract for the Maqam Tower Project in Mecca.

He added that the company owns 30 percent of the project and that the deal was made with one of the companies in the Gulf region. He indicated that the total value of the deal to sell the entire tower (void of furniture) reached SR 2,675,000,000 (two billion and six hundred and seventy five million Saudi riyals) which equals KD 203,000,000 (two hundred and three million Kuwaiti dinars).

The deal resulted in a total profit of almost SR 275,000,000 (two hundred and seventy five million Saudi Riyals) which is equal to KD 21,000,000 (twenty one million Kuwaiti dinars).

Abdul Fatah Marafie congratulated the shareholders at the Commercial Real Estate Company with the deal whose effects are evident in the revenues of the company.

He also congratulated the partners of this achievement in the hard economic times and their current effect on many local, regional, and international companies and establishments.

Al Tijaria Real Estate Company announced that it had achieved net profits of 9.5 million Kuwaiti dinars during the six months which expired in June 2009. The profits from each share reached 5.76 Fils.

The total value of the assets of the company reached 415 million Kuwaiti dinars, which constitutes an increase of 8.9 percent for the same period of 2008.

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Arab Times