44% Jump in Profits for Kuwait Real Estate Company... First Half
Kuwait Real Estate Company continued to deliver strong financial and operational performance for the period ended June 30, 2026, reflecting the robustness of its business model and the effectiveness of its strategy 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% growth. Revenues also posted exceptional growth of 84%, reaching 36.4 million dinars, up from 19.8 million dinars in the first half of 2025, driven by continued revenue recognition for the “Al Teeb Hills” project in the Emirate of Sharjah based on the percentage of completion.
Total assets of the company rose by 21.2% to reach 562.6 million dinars, while shareholders’ equity increased by 34% to 226 million dinars, underscoring the company’s strong financial position and its ability to support growth and navigate changes, thereby enhancing its resilience and long-term performance sustainability.
On a standalone basis for the second quarter, revenues grew by 22.6% to reach 12.6 million dinars, compared to 10.3 million dinars in the same period last year.
For his part, Ibrahim Al-Dharban, Chairman of the Board, stated 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.
He explained that, leveraging its extensive experience in the region, the company continues to strengthen its positions in its strategic markets through the execution of ongoing projects, while simultaneously seizing new investment opportunities that support the geographical and sectoral diversification of its real estate portfolio, thereby enhancing its competitiveness and ensuring continued value creation for shareholders in the long term.
For his part, Talal Al-Bahar, Vice Chairman and Chief Executive Officer, stated that the second quarter marked a pivotal stage in the company’s project pipeline, with significant 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 clarified that these results reflect 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’ Housing Project in Subhan continued to show notable progress, with total completion reaching approximately 98%. Spanning an area of 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 revenues.
Turning to the UAE, the “Al Teeb Hills” project in the Emirate of Sharjah, one of the company’s largest development projects, continued to advance according to the approved executive plan. During the second quarter, deep infrastructure works were completed by 99.6%, while infrastructure construction continued alongside the awarding of several key execution contracts, notably 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 achieve notable progress, with completion reaching approximately 91%. The project has transitioned to the final stages of execution, 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 EVO 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. Al Buainain 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, noting that the next phase will 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.
