Kuwait's Real Estate Sector Sees 3.4% Revenue Boost In First Half Of 2024
In the first half of 2024, real estate firms listed on Boursa Kuwait reported operating revenues totalling 239 million dinars. This marks a 3.4 percent increase from the 231 million dinars recorded during the same period in 2023.
The Mabanee Company 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. The Salhia Real Estate Company secured third place with revenues of 22.2 million dinars, an increase from 20 million dinars.
Top Performers and Revenue Growth
The Ajyal Real Estate Entertainment Company achieved the most significant growth, with a 44.4 percent increase in revenues, rising from 3.4 million dinars to 5 million dinars. Dar Al Thuraya Real Estate Company followed closely with a 39.23 percent increase, reaching 401 thousand dinars, up from 288 thousand dinars.
The Real Estate Trade and Investment Company saw a substantial rise in revenues by 39.2 percent, growing from 2 million dinars to 2.8 million dinars. Similarly, Injazat Real Estate Development Company experienced a notable increase of 38.7 percent, with revenues reaching 3.8 million dinars compared to the previous year's figure of 2.7 million dinars.
Revenue Declines Among Companies
Several companies faced revenue declines during this period. The National Real Estate Company reported the largest decline, down by 60.6 percent to 2.6 million dinars from last year's figure of 6.6 million dinars. The Real Estate Trade Centers followed with a significant drop of 47.6 percent, as revenues fell from 84 thousand dinars to just 44 thousand dinars.
Aayan Real Estate Company experienced a decline of 17.6 percent in its revenues, which fell to 4.2 million dinars from the previous year's figure of 5.1 million dinars.
Other Notable Performances
The Al Argan International Real Estate Company grew by an impressive rate of 34.8 percent, with its revenues rising from last year's figure of 10 million dinars to reach 13.5 million dinars this year.
Despite some companies facing challenges, the overall performance of the real estate sector remained positive and resilient.
The Kuwait Real Estate Company earned revenues amounting to 15.8 million dinars, up from last year's figure of 14.7 million dinars while Al-Tijaria Real Estate Company's revenues increased slightly to reach 15.5 million dinars compared to last year's figure of 15 million dinars.
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