| 2026 | 2025 | التغير | |
|---|---|---|---|
| Net profit - Q3 | 185,710 | 944,323 | -80.3% |
| EPS (fils) - Q3 | 0.70 | 3.55 | -80.3% |
| Operating revenue - Q3 | 8,442,732 | 8,056,010 | 4.8% |
| Operating profit - Q3 | 662,102 | 1,557,753 | -57.5% |
| Net profit - 9M | 2,799,892 | 4,387,557 | -36.2% |
| EPS (fils) - 9M | 10.54 | 16.52 | -36.2% |
| Operating revenue - 9M | 26,230,341 | 25,869,534 | 1.4% |
| Operating profit - 9M | 4,212,592 | 6,402,475 | -34.2% |
| Total assets - 30 Sep | 104,733,696 | 112,105,350 | -6.6% |
| Total liabilities - 30 Sep | 41,576,522 | 49,597,072 | -16.2% |
| Total equity - 30 Sep | 63,157,174 | 62,508,278 | 1% |
Net profit attributable to shareholders of Integrated Holding Company fell 80.3% to KWD 185,710 in the third quarter of 2026, from KWD 944,323 in the same quarter of 2025, according to a disclosure filed on 5 November 2026 after the board approved the condensed consolidated interim financial statements for the period ended 30 September 2026. Third-quarter earnings per share were 0.70 fils, versus 3.55 fils.
The company attributed the decline mainly to exceptional expenditure in the form of a USD 3 million contribution to the Kuwait Emergency Response Fund. The financial notes show that general and administrative expenses include a cash contribution to the fund of KWD 921,000, equivalent to USD 3 million. The group has also committed to provide in-kind services worth USD 3 million upon request, to be completed no later than 30 June 2027; none had been provided as at 30 September 2026. Shareholders approved these contributions at the annual general assembly meeting held on 20 August 2026.
In the third quarter, operating revenue rose 4.8% to KWD 8,442,732 from KWD 8,056,010, and gross profit was KWD 2,202,565 versus KWD 2,083,997. General and administrative expenses rose to KWD 1,744,931 from KWD 1,132,068, and other gains fell to KWD 272,483 from KWD 626,851, taking operating profit down 57.5% to KWD 662,102 from KWD 1,557,753. Finance costs were KWD 391,154 versus KWD 549,283.
For the first nine months of 2026, net profit fell 36.2% to KWD 2,799,892 from KWD 4,387,557 in the same period of 2025, and earnings per share were 10.54 fils versus 16.52 fils, as adjusted to reflect the bonus share issue. Revenue rose 1.4% to KWD 26,230,341 from KWD 25,869,534, gross profit was KWD 7,593,000 versus KWD 8,020,126, and operating profit fell 34.2% to KWD 4,212,592 from KWD 6,402,475.
Nine-month general and administrative expenses were KWD 3,532,409 versus KWD 2,949,137. The company recorded a net impairment loss on financial assets of KWD 424,281, versus a reversal of KWD 85,841, and other gains fell to KWD 576,282 from KWD 1,245,645, including a gain on the sale of property and equipment of KWD 489,351 versus KWD 1,076,091. Finance costs, by contrast, fell to KWD 1,192,620 from KWD 1,583,268.
Nine-month revenue comprised equipment hire of KWD 20,534,443 versus KWD 19,977,900, port management of KWD 4,402,763 versus KWD 4,604,672, transportation of KWD 1,113,521 versus KWD 770,712, other revenue of KWD 137,771 versus KWD 431,830, and sale of goods of KWD 41,843 versus KWD 84,420.
Geographically, revenue in Kuwait was KWD 10,480,368 versus KWD 9,496,851, and revenue from foreign operations was KWD 15,749,973 versus KWD 16,372,683. The Kuwait segment posted a loss of KWD 777,797 versus a profit of KWD 990,840, while foreign operations earned a profit of KWD 3,577,689 versus KWD 3,396,717.
As at 30 September 2026, total assets stood at KWD 104,733,696, down 6.6% from KWD 112,105,350 at 30 September 2025. These included current assets of KWD 23,520,981 versus KWD 21,028,265, up 11.9%, and property and equipment of KWD 80,802,165 versus KWD 90,590,722. Cash and cash equivalents were KWD 3,966,520 versus KWD 3,513,736.
Total liabilities fell 16.2% to KWD 41,576,522 from KWD 49,597,072, and current liabilities fell 35.8% to KWD 19,276,883 from KWD 30,028,985, while total equity attributable to shareholders rose 1% to KWD 63,157,174 from KWD 62,508,278. Borrowings declined to KWD 30,877,944, from KWD 35,270,286 at 31 December 2025 and KWD 38,009,330 at 30 September 2025. Profit rates on Murabaha and Tawaruq agreements ranged from 4.25% to 4.98%, versus 4.85% to 5.58% a year earlier, and the group did not breach any loan covenants during the period.
Net cash flows from operating activities were KWD 10,781,316 versus KWD 9,689,226, while purchases of property and equipment fell to KWD 1,337,797 from KWD 7,848,733. Outstanding letters of guarantee and letters of credit stood at KWD 5,075,095, versus KWD 3,969,460 at 30 September 2025.
The results for the period included no distributions or change in capital. The annual general assembly held on 26 April 2026 approved a cash dividend of 15 fils per share, totalling KWD 3,795,000, for 2025, versus 25 fils per share totalling KWD 6,325,000 for the previous year, as well as directors' remuneration of KWD 90,000. The extraordinary general meeting held on 18 May 2026 approved a 5% bonus issue of 12,650,000 shares worth KWD 1,265,000, bringing capital to KWD 26,565,000 across 265,650,000 shares.
The company stated in the results form that there were no revenues or expenditures from dealings with related parties. Management concluded that geopolitical developments in the region had no material impact on the group's operations and financial position as at 30 September 2026, and it continues to monitor the situation closely.
The company will hold its analyst and investor conference via live webcast on Monday, 9 November 2026, at 2:00 pm local time.
