Mabani Company announces 3.2 percent increase in profits for second quarter of 2024

(MENAFN) On Monday, Kuwait's Mabanee Company announced a rise in its net profit for the second quarter of 2024, reaching 16.396 million Kuwaiti dinars (USD53.54 million), up 3.2 percent from 15.881 million dinars in the same period last year. This growth reflects a positive trend in the company's financial performance. For the first half of the year, Mabanee achieved net profits totaling 32.656 million dinars, marking a 2.9 percent increase compared to 31.743 million dinars for the first half of 2023.

The increase in profits is attributed to a 7 percent rise in operating revenues, which reached 66.10 million dinars, up from 61.85 million dinars in the first half of 2023. Mabanee Company, known for developing Avenue Mall, the largest shopping mall in Kuwait, benefited from this revenue growth, contributing to the overall profit improvement. The company's strong performance underscores its successful management and operational strategies in the competitive retail sector.  

MENAFN13082024000045015682ID1108548782