- Dear Shareholders of Aqar Real Estate Investment Co.
- “It is my pleasure to meet with the shareholders of the company and I would like to welcome you all to the general assembly to present the company’s Annual Report for the fiscal year ended on the 31st December 2010, including the company’s most significant activities and achievements during the year along with the auditor’s report, consolidated balance sheet and income statement.”
- Dear shareholders,
- It’s not a secret that global markets are still facing a state of instability as a result of the global financial crisis, and that the fiscal year of 2010 was an extension to this crisis, even though the local market has witnessed a kind of stability. Still, investment opportunities are missing.
- Dear shareholders,
- The shady picture of markets and the absence of foreign feasible investment opportunities slowed down the company’s management to seize any unguaranteed investment opportunities. A state of caution prevails until the picture is made clearer and the direction is sorted out to take sound decisions that reflect positively on the company and its financial statements. This is for the good of the shareholders. Although the company’s management studied several investment opportunities during the past year, recommendations were made not to seize any of those opportunities.
- The company’s management also paid due attention to investing into a profitable real estate project in several areas in Kuwait. Many offers and quotations were proposed, but while studying them, we still couldn’t find what reflects the company’s vision.
- Dear shareholders,
- Last year, in cooperation with its partners at Al-Barsha Project-Dubai, the company equipped the project to be rented, and so it was. A large portion of around 68% was rented, which is good considering the conditions at Dubai where many properties are vacant. It was regarded as an achievement and the company is seeking to rent the rest of those units.
- The C-View units of the project were also rented, and other units are to be promoted. The company renewed credit facilities given for 16 months and renewable, which is a sign of the company’s strong and stable status as well as the trust given by the banking sector..
- The company’s revenues of the fiscal year 2010 reached KD 627,606, and the reason why it decreased is because of the reassessment of sister companies’ assets (KD 1,856,492). General and administrative expenses reached KD 304,775, finance KD 202,749 and the net profit KD 118,803 (0.50 fils).
- Dear shareholders,
- The company’s management is dedicated to acquiring profitable assets for the company whether by untypical strategic projects as LTO projects, or by the company directly. We seek to exert efforts to build a good real estate portfolio for the company to be a shield when facing market ups and downs.
- We would like to extend our thanks and appreciation to the company’s management for your trust and constant support to carry on the company’s path.
- We also would not forget to thank the board of directors and executive management and all the employees for their loyal efforts during the past year.
- Best Regards,
- Issam Abdulaziz Al Usaimi
Chairman