Kuwait real estate sector reports revenue growth of 3.4%

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Kuwait - In the first half of 2024, real estate companies listed on the Boursa Kuwait collectively reported operating revenues of 239 million dinars, marking a 3.4 percent increase from 231 million dinars in the same period of 2023.

This rise represents a gain of 79.1 million dinars compared to the previous year.

The top performers include the Mabanee Company which led the sector with the highest operating revenues, reaching 66 million dinars, up from 61.8 million dinars. The United Real Estate Company followed with revenues of 40.2 million dinars, a decrease from 43 million dinars and the Salhia Real Estate Company secured third place with revenues of 22.2 million dinars, an increase from 20 million dinars. As for the Kuwait Real Estate Company, it earned 15.8 million dinars, up from 14.7 million dinars. Al-Tijaria Real Estate Company saw revenues of 15.5 million dinars, compared to 15 million dinars.

The companies with the highest growth were the Ajyal Real Estate Entertainment Company, achieving the most significant growth of 44.4 percent, with revenues rising from 3.4 million dinars to 5 million dinars, followed by Dar Al Thuraya Real Estate Company with a 39.23 percent increase, reaching 401 thousand dinars, up from 288 thousand dinars. The Real Estate Trade and Investment Company saw a 39.2 percent rise in revenues, growing from 2 million dinars to 2.8 million dinars, while the Injazat Real Estate Development Company experienced a 38.7 percent increase, with revenues reaching 3.8 million dinars compared to 2.7 million dinars.

The Al Argan International Real Estate Company grew by 34.8 percent, with revenues rising from 10 million dinars to 13.5 million dinars. The following companies saw revenue declines – the National Real Estate Company reported the largest decline, down 60.6 percent to 2.6 million dinars from 6.6 million dinars; the Real Estate Trade Centers followed with a 47.6 percent decrease, with revenues dropping from 84 thousand dinars to 44 thousand dinars and Aayan Real Estate Company experienced a 17.6 percent drop, with revenues falling to 4.2 million dinars from 5.1 million dinars.

This is in addition to Al-Arabiya Real Estate Company which saw a decline of 16.8 percent, with revenues decreasing from 4.8 million dinars to 3.9 million dinars; Mazaya Holding Company recorded a 10.3 percent decrease, with revenues falling to 7 million dinars from 7.8 million dinars. The real estate sector’s overall positive performance highlights continued growth and resilience, despite some companies facing challenges.