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United Real Estate Company, one of the leading real estate developers in the Middle East and North Africa, announced its performance in the first half of 2017. The company achieved a growth of 24.5% to reach KD 40 million for the first six months, compared to the same period last year amounting to KD 32 million. During the second quarter of 2017, the company achieved revenues of KD 19.3 million compared to KD 16 million for the same period in 2016.

The company recorded a net profit of KD 1.4 million for the first six monthsof 2017, compared to KD 3 million for the year 2016. Net profit for the second quarter of 2017 was KD 280,000, as opposed to KD 1 million, due to the decrease in hotel revenues, foreign exchange gains and higher financing costs.

First Half of 2017

Highlights:

%

First Half Growth

2017 First Half in KWD (million)

Q2 2017 Revenue in KWD (million)

First Half Net Profit in KWD (million)