ERESCO reports KWD 2.42 mln profit for FY11/12.

Eresco

The board of Al Enma’a Real Estate Co. (ERESCO) approved financial statements for the fiscal year that ended on December 31, 2012. These statements reflected KWD 2.42 million profit, soaring 120% y/y compared with KWD 1.1 million.

The board recommended withholding dividend for FY11/12. This recommendation is pending the approval of shareholder meeting and competent authorities.

Hassan Al-Ajami, Real Estate Department Manager at Al Enma’a Real Estate Co. (ERESCO), revealed that they have  recently bought several realties and land pieces and is now in the process of developing and undertaking some construction and development projects in some of these realties.He added that the four properties are worth a total of KWD 1.75 million.

In an exclusive interview with Al-Seyassah newspaper, Al-Ajami indicated that ERESCO bought land pieces worth more than KWD 2 million but their market value has increased to more than KWD 3 million.He added that the company is focusing on local expansions and is eyeing and available opportunities.

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