Kuwait’s Heavy Engineering Industries and Shipbuilding Company (HEISCO) has devised a plan to expand operations in the Gulf Cooperation Council (GCC) and other regional countries, its chairman has said.

Marzouq Nasser Al-Kharafi said the Kuwait stock exchange-listed company achieved good results during 2025 as revenues surged by 26 percent to 205.7 million Kuwaiti dinars ($665 million).

After presiding a general assembly meeting, Kharafi said gross profits also soared by nearly 20 percent and net profits by over eight percent to KWD 9.9 million (32 million)

He said the company submitted the lowest bids in several local tenders during 2025, but the awarding and contracting procedures have not yet been finalised.

He noted that the value of work currently underway under contracts signed by the company amounts to KWD 836.2 million ($2.7 billion).

“The company is now devising a plan to expand operations in the Middle East and North Africa, focusing on countries with the greatest potential for projects besides Saudi Arabia, such as Qatar, Oman, and Bahrain,” he said.

“The emphasis will be on energy, oil and gas, and offshore sectors. This comes within the framework of a comprehensive strategic vision aimed at increasing the company's revenues and profits for the benefit of shareholders and achieving sustainable, long-term returns,” he added.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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