- Company News
Injazzat Real Estate Development Company achieved profits in the first quarter of 2018 amounting to KD1.09 million dinars, 3.2 fils per share. Compared to profit of KD 2.35 million dinars 7 fils per share achieved by the company in the first quarter 2017.
Injazzat Real Estate Development Co. K. S.C. P. held its ordinary General Assembly on March 20,2018. The Company approved to distribute a cash dividend of 6% ( 6 fils per share), after the exclusion of treasury shares for the financial year ended 31 December 2017.
Injazzat Real Estate Development Company announces that it has acquired an effective building in the headquarter of Valpak (a US company) on 12 December 2017, located in St. Petersburg, Florida, USA, and leased by the company with a long term renewable contract. The company's share of capital is US $ 16.6 million (equivalent to KD 5 million). The investment is expected to yield a cash dividend of 10% per annum on the invested amount (500,000 dinars per annum) as of December 2017.
Injazzat Real Estate Development Company has signed an acquisition contract worth KD 3,088,400 which equates to 35% of the shares of an associate company (Kuwaiti Closed) Increasing Injazzat shares in the subsidiary company to 70%. The profit from the transaction will result in KD 260,000 and is expected to have a positive impact on the financial performance and financial position that will be reflected in the financial statements for the year ended 31 December 2017.