Al-Salehieh Real Estate Posts 9.2 Million Dinars Profit in 9 Months, Up 140%

Al-Salehieh Real Estate Company announced a net profit of 9.2 million Kuwaiti dinars, with earnings per share of 15.3 fils, for the nine months ended September 30, 2026, representing a 140 percent growth compared to profits of 3.8 million dinars and earnings per share of 6.3 fils for the same period last year.

Ghazi Fahad Al-Nafisi, Chairman of the Board of Directors of Al-Salehieh Real Estate, stated that the company’s financial statements showed an increase in total operating revenues during that period in 2026 to approximately 37.2 million dinars, up from 33.9 million dinars in the corresponding period last year, an increase of 10 percent, supported by revenue inflows from the Capital Project. He also pointed to a 12 percent rise in net operating profits, reaching 28.2 million dinars compared to 25.3 million dinars.

Al-Nafisi noted that the company’s assets amounted to 535 million dinars, down from 539 million dinars, while shareholders’ equity reached 180.8 million dinars, compared to 179.5 million dinars in the corresponding period last year. He emphasized that these figures confirm the company’s success in sustaining growth in key financial performance indicators.

He clarified that the nine-month financial period ended September 30, 2026, recorded a notable increase in net profit due to higher operating revenues, lower financing costs, and an exceptional profit of 3.85 million dinars from the sale of Plot No. 2 of the lands belonging to the Al-Salehieh Commercial Complex Expansion Project.

Regarding the latest developments in the company’s operations, particularly the Al-Salehieh Commercial Complex Expansion Project, Al-Nafisi said the company signed a preliminary contract to purchase a “commercial property” plot covering 272 square meters for 2.040 million dinars. He noted that the plot is located adjacent to the land of the Al-Salehieh Commercial Complex Expansion Project, and that the deal aims to enhance the proposed development plan for the complex expansion.

On another note, Al-Nafisi touched upon the company’s investment in the United Kingdom through its subsidiary, Al-Salehieh Global Birmingham Limited (SIBL), in the Birmah Quarter project in Birmingham. The project has reached advanced stages of its second phase, which includes a 29-story mixed-use (commercial and residential) tower. The 125 residential units in the tower have been offered for rent; these are fully furnished units with panoramic views of the city. Lease contracts have been signed for 112 units, representing 90 percent of the tower’s total residential units. He affirmed that the company consistently strives to enhance shareholders’ rights through projects that deliver sustainable returns and ensure long-term economic viability and value.