Asico Group: KD 6.4 Million Net Profit in Q3

Asico Group announced its financial results for the third quarter ended September 30, 2026, reporting a net profit of 6.4 million dinars for the quarter. Operating revenues reached 16.7 million Kuwaiti dinars for the third quarter and 57.3 million dinars for the first nine months, compared to 52 million dinars, representing a 10% increase over the same period last year. Profit before taxes improved by 6.8 million Kuwaiti dinars in the third quarter compared to the same quarter in 2025, driven by profit from settlement of loans and Murabaha creditors amounting to 23.5 million Kuwaiti dinars during the quarter, bringing total profit from loan settlements to 51.3 million Kuwaiti dinars for the first nine months. Amid the geopolitical situation in the region, Asico Group maintained the continuity of its operations in the manufacturing, contracting, and construction sectors during the third quarter, benefiting from the flexibility of its business model and the integration of its operational capabilities. Throughout the quarter, the Group continued to focus on efficiency and cost management discipline. Net profit attributable to shareholders of the parent company amounted to 7.1 million Kuwaiti dinars for the third quarter and 13.3 million dinars for the first nine months, while earnings per share reached 40.35 fils for the first nine months, compared to 24.61 fils for the same period last year.

Regarding its financial position, total assets stood at approximately 188.7 million Kuwaiti dinars as of September 30, 2026, compared to 238.9 million dinars as of December 31, 2025. Total equity amounted to 41.9 million Kuwaiti dinars, compared to 29.7 million dinars as of December 31, 2025, while total liabilities reached 146.8 million dinars, compared to 209 million dinars as of December 31, 2025. As part of its financial restructuring plan, the Group restructured existing debt valued at 138 million Kuwaiti dinars with four local banks during the first nine months of 2026, through signing settlement and rescheduling agreements, thereby raising the percentage of completed settlements to more than 80% of total settlements with creditor banks. These agreements allow for the rescheduling of the remaining balance until 2031 according to approved terms. These settlements resulted in gains of 51.3 million Kuwaiti dinars due to the cancellation of loans and Murabaha obligations.

Commenting on the financial results, Emad Abdullah Al-Eissa, Chairman of the Board of Directors of Asico Group, stated: “The third-quarter results reflect tangible progress in the profitability of our core business, which we are working to consolidate across the Group’s various sectors. Furthermore, finalizing the two agreements with local banks represents a pivotal step toward completing the restructuring, enhancing our ability to manage liquidity and working capital with greater flexibility. We appreciate the confidence and cooperation of our banking partners in reaching this stage.” Al-Eissa added: “Our priorities in the coming phase focus on developing production capacity and maximizing the synergies between manufacturing, logistics, and construction. We are evaluating opportunities in housing, real estate development, and infrastructure based on expected returns and our execution capabilities, leveraging Asico Group’s expertise and its strong presence in Kuwait and Gulf markets.”

On the operational front, the Group continued its activities in manufacturing, contracting, and construction, benefiting from its integrated business model that combines building materials manufacturing, construction expertise, and internal logistical coordination.

Asyco Group has expanded its banking partnership network to serve its clients through collaborations with National Bank of Kuwait, Kuwait International Bank, and Commercial Bank of Kuwait, and presented integrated solutions combining financing, construction materials, and execution services for plot owners at the “Beiti Construction” exhibition in September. Asyco Group affirmed that its priorities for the coming phase include completing the remaining steps of its financial restructuring plan, enhancing asset and production efficiency, and directing resources toward viable projects. Through these priorities, the group aims to solidify a more flexible business model capable of continuing execution amid changing market conditions, thereby strengthening its position as a trusted national partner in housing and infrastructure projects, supporting its strategic expansion in regional markets, and maximizing long-term value for shareholders.