• Operating Revenue: KD 3.5  million
  • Negative EBITDA: KD (63.5) million
  • Total Assets: KD 544 million

Financial Highlights for the Periods Ended December 31, 2025 (Million KD)

Item

Q4 2025

 

Q4 2024

 

Variance (%)

FY 2025

 

FY 2024

 

Variance (%)

Operating Revenue

0.9

2.1

-54.6%

3.5

5.8

-38.7%

Net Revenue

0.6

1.8

-64.3%

2.5

3.9

-35.9%

EBITDA / (Negative EBITDA)

(25.4)

8.9

-385.4%

(63.5)

19.7

-422.6%

Net Profit / (Loss)

(27.2)

5.6

-582.4%

(72.4)

9.3

-877.5%

EPS / (Loss per Share) (fils)

(13.66)

2.97

-559.9%

(36.32)

4.66

-879.4%

Kuwait: National Real Estate Company (NREC) reported its financial and operational results for the year ended December 31, 2025.

The Company reported a net loss of KD (72.4) million and a loss per share of (36.32) fils in 2025, compared to a net profit of KD 9.3 million and a profit per share of 4.66 fils in 2024.

Operating revenue totaled KD 3.5 million, compared to KD 5.8 million in 2024, while total assets stood at KD 544 million as of December 31, 2025, compared to KD 574 million in the prior year.

For Q4 2025, NREC recorded a net loss of KD (27.2) million and operating revenue of KD 0.9 million.

Commenting on the Company’s results, NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “Our fourth quarter results were impacted by broader market conditions across our investment portfolio. However, our diversified exposure across sectors continues to play a key role in navigating volatility and positioning the Group for long-term resilience.

FY2025 performance was primarily impacted by one-time, non-cash accounting adjustments, including the revaluation of Agility Global PLC following Makhazen’s in-kind distribution recognized in Q2 2025, as well as a non-cash adjustment related to the Company’s investment in KOREK Telecom recognized in Q4 2025. These items reflect accounting treatment and do not represent underlying operational performance.”

Dividend Recommendation

The Company’s Board of Directors has recommended that no dividends or bonus shares be distributed for FY2025, subject to shareholder approval at the General Assembly.

Resilience through Strategic Risk Management

“We remain focused on protecting shareholder value through disciplined risk management frameworks to navigate evolving geopolitical and economic uncertainties, while actively pursuing selective investments and optimizing our portfolio,” Sultan added.

Strengthening Kuwait’s Economic Resilience

In light of current regional developments, NREC reaffirms its role as a long-term partner in supporting Kuwait’s economic stability.

Through its strategic exposure to infrastructure and logistics platforms, including Makhazen, the Group is well-positioned to support supply chain resilience, ensure continuity of essential services, and contribute to national priorities during periods of uncertainty.

The Group remains ready to leverage its capabilities, partnerships, and infrastructure exposure to support market stability and the reliable flow of essential goods and services when required.

Key Projects Update

Reem Mall – Abu Dhabi

Since opening in May 2024, Reem Mall has demonstrated strong early momentum, supported by Abu Dhabi’s growing tourism and leisure sector. The mall continues to attract both residents and visitors with its diverse retail, dining, and entertainment offerings, including Snow Abu Dhabi.

NREC is a co-investor in the $1.3 billion Reem Mall on Reem Island, featuring advanced digital solutions and a curated line-up of global brands and experiences.

Grand Heights – Egypt

The Grand Heights project continues to progress steadily, offering a modern integrated community near Cairo and meeting growing demand for quality residential developments.

South Aqaba Investment Park – Jordan

The logistics and industrial park maintained full occupancy and stable rental income, demonstrating resilience despite regional challenges.

Strategic Investment in Agility Global PLC

Sultan reaffirmed NREC’s commitment to long-term value creation beyond its traditional real estate portfolio through its strategic investment in Agility Global PLC, a diversified logistics and infrastructure group listed on ADX. NREC holds both direct and indirect stakes through NREC Global Limited and Makhazen Company.

Agility Global manages a portfolio of leading businesses, including Menzies Aviation, Tristar, and Agility Logistics Parks (ALP), operating across logistics, aviation, and industrial infrastructure in key global markets.

Sultan emphasized that this investment supports NREC’s diversification strategy, providing exposure to high-growth sectors while reinforcing long-term resilience and value creation.

He added: “Our investment in Agility Global strengthens our diversification strategy and positions NREC to benefit from industries driving global trade and transportation.”

Advancing ESG Commitments

“At the Group level, we remain committed to ESG principles aligned with the United Nations Sustainable Development Goals, embedding sustainability, responsible practices, and strong governance across our operations to support long-term value creation,” Sultan noted.

About NREC

Established in 1973 and listed on Boursa Kuwait, National Real Estate Company (NREC) is a leading real estate investment and development company operating across the Middle East and North Africa, with a diversified portfolio spanning retail, commercial, and residential assets. ENDS

For more information, please contact:

Mageda Abbas – m.abbas@nrec.com.kw