Kuwait Real Estate Company earns 7.3 million dinars in the first half, up 44%

Kuwait Real Estate Company announced its financial results for the period ended June 30, 2026, continuing to deliver strong financial and operational performance that reflects the robustness of its business model and the effectiveness of its strategic execution, despite regional challenges and shifts.

The company recorded net profits of 7.3 million dinars, or 5.64 fils per share, compared to 5.1 million dinars, or 4.55 fils per share, during the same period last year, representing a 44 percent increase. Revenue also posted exceptional growth of 84 percent, reaching 36.4 million dinars, up from 19.8 million dinars in the first half of 2025, driven by the continued recognition of revenue from the “Tay Hills” project in the Emirate of Sharjah based on the percentage of completion.

Total assets rose by 21.2 percent to 562.6 million dinars, while shareholders’ equity increased by 34 percent to 226 million dinars, reflecting the company’s solid financial position and its capacity to support growth and navigate changes, thereby enhancing its resilience and long-term performance sustainability.

On a standalone basis for the second quarter, revenue grew by 22.6 percent to 12.6 million dinars, compared to 10.3 million dinars in the same period last year.

Ibrahim Saleh Al-Dharban, Chairman of the Board, affirmed that these results reflect the strength of Kuwait Real Estate Company’s business model, which is built on diversification, flexibility, and investment discipline, enhancing its ability to adapt to economic and regional changes and capitalize on opportunities across various market cycles.

Al-Dharban noted that, leveraging its extensive experience in the region, the company continues to strengthen its positions in its strategic markets by executing ongoing projects while simultaneously pursuing new investment opportunities that diversify its real estate portfolio geographically and sectorally, thereby boosting competitiveness and ensuring sustained value creation for shareholders in the long term.

For his part, Talal Jassem Al-Bahar, Vice Chairman and Chief Executive Officer, stated that the second quarter marked a pivotal stage in the company’s project pipeline, with qualitative progress achieved in several strategic projects, enhancing their readiness for upcoming phases and paving the way for this progress to gradually reflect in operational and financial performance.

He explained that these results demonstrate the company’s efficiency in managing and executing its projects, as well as its commitment to adhering to the highest standards of quality and operational discipline.

Regarding local projects, the Workers’ Residential Project in Subhan continued to show significant progress, with total completion reaching approximately 98 percent. Spanning 40,000 square meters, the project is one of the company’s strategic initiatives in Kuwait and is expected to be completed and handed over in the near future, supporting future growth in operational revenue.

Turning to the United Arab Emirates, the “Tay Hills” project in Sharjah, one of the company’s largest development projects, continued to advance according to the approved execution plan. During the second quarter, deep infrastructure works reached 99.6 percent completion, while infrastructure works continued alongside the awarding of several key execution contracts, including the electrical works contract and the contract for the construction of 1,100 precast villas, paving the way for the project to move into subsequent construction phases.

In Dubai, the “Domus 5” project continued to make notable progress, with completion reaching approximately 91 percent. The project has transitioned into the final execution stages, with finishing and preparation works ongoing in preparation for its completion and handover in the near future.

In a move reflecting its continued expansion in the UAE, the company announced during the period that it had acquired a 66.6% stake in a plot of land in the Emirate of Abu Dhabi, in partnership with EVA Hotels & Resorts, paving the way for the development of a new project to be added to its portfolio and supporting its long-term growth trajectory.

In the United States, the company continued to strengthen the performance of its investment portfolio through active management of its operating assets, coinciding with the completion of its exit from the “501 First Residences” project in Miami following the completion of development and delivery works. It also made progress in developing its investment opportunities in Savannah, Georgia, as part of its strategy to expand in the Single-Family Rental (SFR) sector and capitalize on the growth opportunities present in the US market.

Concluding his statement, Al Bahr affirmed that the company’s achievements during the first half of the year reflect its ability to execute in a disciplined manner and translate plans into tangible results. He noted that the next phase would focus on completing ongoing development projects, enhancing the contribution of income-generating assets, and continuing to build an investment portfolio capable of delivering growth across various market cycles.