| 2026 | 2025 | التغير % | |
|---|---|---|---|
| Net profit (loss) attributable to parent shareholders | 276,680 | (237,956) | 216.274% |
| Earnings (loss) per share (fils) | 1.57 | (1.35) | 216.296 |
| Total operating revenue | 248,396 | 246,030 | 0.962% |
| Net operating profit | 219,613 | 212,564 | 3.316% |
| Total assets | 17,042,064 | 17,171,775 | (0.755%) |
| Total liabilities | 296,898 | 287,201 | 3.376% |
| Equity attributable to parent shareholders | 12,758,949 | 12,879,443 | (0.936%) |
Kuwait Emirates Holding Company swung to a net profit attributable to shareholders of the parent company of KD 276,680 in the nine months ended 30 September 2026, against a loss of KD 237,956 in the same period of 2025, a change of 216.274%, according to a disclosure filed by the company on 5 November 2026 after its board approved the unaudited interim condensed consolidated financial statements. Earnings per share were 1.57 fils against a loss of 1.35 fils.
The company attributed the profit to foreign exchange gains and a slight increase in real estate revenue. Foreign exchange gains were KD 248,646 against losses of KD 373,152. This item represents the revaluation of Syrian pound amounts at the group's subsidiary Syrian Kuwait Limited Company, resulting from changes in the pound's exchange rate against foreign currencies.
Total income in the statement of profit or loss was KD 531,609 against a negative KD 159,024. It included real estate revenue of KD 219,613 against KD 212,564, dividend income of KD 61,922 with no comparative in the prior period, and interest income of KD 1,428 against KD 1,564. Total expenses and other charges rose to KD 144,708 from KD 105,555, including staff costs of KD 36,453 against KD 38,717, and general and administrative expenses of KD 108,255 against KD 66,838. National Labour Support Tax was KD 9,166 and zakat KD 2,538. The group posted a net profit for the period of KD 375,197 against a loss of KD 264,579, of which KD 98,517 went to non-controlling interests.
The results form showed total operating revenue of KD 248,396 against KD 246,030, up 0.962%, and net operating profit of KD 219,613 against KD 212,564, up 3.316%.
In the third quarter, net profit attributable to shareholders of the parent company rose 331.259% to KD 70,968 from KD 16,456, with earnings per share of 0.40 fils against 0.09 fils, up 344.444%. Total operating revenue was KD 83,512 against KD 77,740, up 7.425%, and net operating profit was KD 73,961 against KD 65,727, up 12.528%. Quarterly income included dividends of KD 44,422, while the foreign exchange line showed losses of KD 4,061 against KD 5,657. The group's net profit for the quarter was KD 87,573 against KD 27,768.
Despite the profit, the group recorded a total comprehensive loss for the nine months of KD 1,233,782 against comprehensive income of KD 1,195,003, as the change in fair value was a loss of KD 1,303,651 against a gain of KD 2,552,299, and foreign currency translation differences were a loss of KD 305,328 against KD 1,092,717. The comprehensive loss attributable to shareholders of the parent company was KD 1,239,896 against comprehensive income of KD 1,402,694.
In an emphasis of matter, and without qualifying its conclusion, the auditor noted that the group's total assets from subsidiaries in Syria amounted to KD 12,228,267 as of 30 September 2026, representing 72% of total assets, against KD 13,589,274 or 74% at 31 December 2025, and KD 12,348,646 or 72% at 30 September 2025. It said the group has estimated that future political events and economic changes in Syria are unlikely to affect the book values of those assets, except for the impact of currency translation. The results form records the auditor's opinion as unqualified.
The notes add that these assets are recorded approximately at fair values reflecting the impact of current circumstances, and that there are no restrictions on their disposition. Management believes that applying IAS 29, Financial Reporting in Hyperinflationary Economies, has no material impact on the financial statements of the subsidiaries in Syria. The group's investment properties, valued at KD 8,958,659, are all located in Syria.
The notes also disclose that the parent company entered into a settlement and share swap agreement during the period, exchanging 150,000 shares of Al-Mutahed Investment and Real Estate Development Company, recorded in its books at KD 93,952, for 4,040,000 shares of its subsidiary Al-Naser Gardens Holding Company, valued at KD 361,447. This produced a gain of KD 267,495 recorded in retained earnings within equity, raised the company's ownership in Al-Naser Gardens Holding by 3.63% to 64.53%, and indirectly raised its ownership in Syrian Kuwait Limited Company by 1.61% to 84.26%.
The subsidiaries' total assets were KD 13,320,678 as of 30 September 2026, against KD 13,489,789 at 31 December 2025 and KD 11,611,554 at 30 September 2025, while their losses were KD 449,278 for the period against a profit of KD 180,420 in the comparative period.
On the balance sheet, total assets were KD 17,042,064 against KD 17,171,775 at 30 September 2025, down 0.755%, and against KD 18,455,494 at 31 December 2025. Financial assets at fair value through other comprehensive income fell to KD 3,439,471 from KD 5,467,073, including foreign quoted shares of KD 2,659,037 against KD 4,611,266. Properties held for trading stood at KD 3,950,750, and current assets at KD 4,643,934 against KD 4,574,639, up 1.515%.
Total liabilities were KD 296,898 against KD 287,201, up 3.376%, including current liabilities of KD 282,581 against KD 273,960, up 3.147%. Equity attributable to shareholders of the parent company was KD 12,758,949 against KD 12,879,443, down 0.936%, and total equity was KD 16,745,166 against KD 16,884,574. Accumulated losses fell to KD 28,596 from KD 1,000,279, or 0.16% of paid-up capital against 5.67%, with capital standing at KD 17,627,690.
Cash and cash equivalents were KD 555,097 against KD 523,327. Net cash generated from operating activities was KD 302,943 against KD 275,134 used, and net cash generated from investing activities was KD 63,243 against KD 1,445.
By segment, investment revenue was KD 311,996 with results of KD 175,868, against negative revenue of KD 371,588 and negative results of KD 455,753, while real estate revenue was KD 219,613 with results of KD 199,329 against KD 191,174. Geographically, assets were split between Kuwait at KD 4,813,797 and Syria at KD 12,228,267, while all liabilities are in Kuwait.
Key management compensation was KD 28,922 for the nine months against KD 28,862. The results included no dividends or capital changes. The ordinary general assembly held on 30 April 2026 approved the board's recommendation not to distribute dividends and not to pay board remuneration for the 2025 financial year.
The company said the information has no effect on its financial position.
