NREC reports a net profit of KD 1.2mln for Q1/2025
EBITDA: KD 3.4 million
Total Assets: KD 551 million
Q1 2025
(Million KD)
Q1 2024
(Million KD)
Variance
(%)
Operating Revenue
0.8
1.5
-45%
Net Revenue
0.6
0.9
-32%
EBITDA
3.4
4.8
-30%
Net Profit (Loss)
1.2
2.9
-58%
EPS (fils)
0.64
1.55
-59%
Kuwait: National Real Estate Company (NREC) has announced its financial and operational results for the quarter ended March 31, 2025. The Company reported a net profit of KD 1.2 million and earnings per share (EPS) of 0.64 fils, compared to a net profit of KD 2.9 million and an EPS of 1.55 fils during the same period in 2024.
The Company recorded operating revenue of KD 0.8 million for the period ended March 31, 2025, representing a 45% decline compared to the same period in 2024. As of March 31, 2025, total assets amounted to KD 551 million.
NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, commented: 'Our first-quarter results are in line with our expectations and reflect our continued alignment with strategic goals, even as market conditions change.'
'We continue to focus on strengthening our core portfolio, optimizing the performance of operational assets, and delivering long-term, sustainable value for our shareholders across the markets in which we operate.'
Board Recommendation to Increase Issued Capital
The Company's Board of Directors has recommended an increase in the Company's issued capital. This recommendation is subject to the approval of the Extraordinary General Assembly of Shareholders.
Strategic Investments and Key Project Highlights: Delivering Sustainable Returns across Our Markets
NREC's Investment in Agility: Enhancing Shareholder Value
Sultan said, 'NREC's 22.3% stake in Agility Public Warehousing reflects our commitment to long-term value. Agility continues to lead in supply chain innovation, driving both growth and operational efficiency.'
He continued: 'NREC is also an investor in Agility Global, both directly and through Agility Public Warehousing. Agility Global manages several prominent companies like Menzies Aviation, Tristar, and Agility Logistics Parks.'
Sultan concluded: 'This strategic investment underscores our confidence in Agility's ongoing growth and its alignment with NREC's objective of creating sustainable, long-term value for our shareholders.'
Key Projects Update
Reem Mall – Abu Dhabi: A Leading Lifestyle Destination
Following its successful launch in 2024, Reem Mall continued to perform strongly in Q1 2025, with more retail units opening and consistent visitor footfall. 'With attractions like Snow Abu Dhabi, along with a wide variety of stores and restaurants, Reem Mall is fast becoming one of Abu Dhabi's premier lifestyle and entertainment destinations,' said Sultan. NREC is a co-investor in the $1.3 billion project, which features over 400 stores, 80 F&B concepts, Snow Abu Dhabi, and digital innovations that enhance the customer experience.
Grand Heights – Egypt: A Modern, Integrated Community near Cairo
Sultan said: 'The Grand Heights project, developed by KUWADICO, continues to make steady progress in its development. This fully integrated, gated community is designed to provide residents with a modern, secure, and sustainable living environment. It combines residential, commercial, and recreational spaces, offering a balanced lifestyle in a prime location near Cairo.'
He added: 'The development spans 3.8 million square meters and is being executed in phases to meet the growing demand for premium housing options in the area.'
South Aqaba Investment Park – Jordan
NREC's logistics and industrial park in South Aqaba continues to perform steadily, maintaining full occupancy and generating stable rental income. 'Even amid regional uncertainties, the park has maintained strong performance, highlighting its resilience and operational strength,' said Sultan, highlighting its contribution amid broader regional challenges.
Strengthening the Portfolio to Support Long-Term Growth
'We continue to focus on optimizing our portfolio in line with NREC's long-term strategic objectives,' said Sultan. 'This includes enhancing the performance of our core assets, divesting from non-strategic holdings, and actively pursuing new local and regional investment opportunities that support sustainable growth and create long-term value for our shareholders.'
Commitment to Sustainability: Building a Responsible Future
Sultan said, 'At the group level, sustainability is a core part of how we operate and grow at NREC. We're committed to embedding responsible practices across our businesses, from minimizing environmental impact to promoting social inclusion and upholding strong governance. Through our ESG efforts, we aim to make a meaningful difference in the communities we serve and create long-term, resilient value for all stakeholders.'
Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development and property manager based in the Middle East and North Africa. The Company's portfolio comprises a mix of retail, commercial, and residential properties in the region.
For more information, please contact: Mageda Abbas – M: +965 66878225 – m.abbas@nrec.com.kw
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