ASICO achieves 6.4 million dinars in profit in the third quarter
Press coverage 3 newspapers covered this event: Al-Jarida · Al-Qabas · KUNA →
ASICO Group announces a net profit of 6.4 million dinars for the third quarter, with the completion of its financial restructuring plan
Translated by Qiyas from القبس — Original source
Asico Group announced its financial results for the third quarter ended September 30, 2026, reporting a net profit of 6.4 million Kuwaiti dinars for the quarter. Operating revenues reached 16.7 million Kuwaiti dinars for the third quarter and 57.3 million for the first nine months, compared to 52 million in the same period last year, representing a 10% increase. Profit before taxes improved by 6.8 million Kuwaiti dinars in the third quarter compared to the same quarter in 2025, driven by profit on debt settlement for Murabaha creditors amounting to 23.5 million Kuwaiti dinars during the quarter, bringing total debt settlement profits for the nine-month period to 51.3 million Kuwaiti dinars. Amid the region’s geopolitical situation, Asico Group maintained operational continuity across its manufacturing, contracting, and construction sectors during the third quarter, benefiting from the flexibility of its business model and integrated operational capabilities. The Group continued to focus on efficiency and cost discipline during the quarter.
Net profit attributable to shareholders of the parent company amounted to 7.1 million Kuwaiti dinars for the third quarter and 13.3 million for the first nine months, while earnings per share reached 40.35 fils for the nine-month period, 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 as of December 31, 2025. Total equity reached 41.9 million Kuwaiti dinars, compared to 29.7 million as of December 31, 2025, while total liabilities amounted to 146.8 million, compared to 209 million as of December 31, 2025.
As part of its financial restructuring plan, the Group restructured existing debts valued at 138 million Kuwaiti dinars with four local banks during the first nine months of 2026, through settlement and rescheduling agreements, thereby raising the proportion of completed settlements to over 80% of total settlements with creditor banks. These agreements allow for the rescheduling of the remaining balance until 2031 under approved terms. These settlements resulted in gains of 51.3 million Kuwaiti dinars due to the cancellation of Murabaha loans and obligations.
Commenting on the financial results, Mr. Emad Abdullah Al-Aiesi, 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. The completion of agreements with two local banks also marked a pivotal step toward finalizing the restructuring, enhancing our ability to manage liquidity and working capital more flexibly. We appreciate the confidence and cooperation of our banking partners in reaching this stage.”
Al-Aiesi 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 established 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. Asico Group expanded its network of banking partnerships to serve its clients through collaborations with National Bank of Kuwait, Kuwait International Bank, and Commercial Bank of Kuwait. During the “Bayti for Construction” exhibition in September, the Group presented solutions that integrated financing, building materials, and construction services to serve plot owners.
ASICO Group confirmed that the priorities for the next phase involve completing the remaining steps of the financial restructuring plan, enhancing asset and production efficiency, and directing resources toward projects with sound viability. Through these priorities, the group aims to establish a more resilient business model capable of sustaining execution amid changing market conditions, thereby strengthening its position as a trusted national partner in housing and infrastructure projects, supporting its measured expansion in regional markets, and maximizing long-term value for shareholders.
