Kuwait Corporates: Q3 Profit Up 42.8 Percent at Kuwait Re, 62.2 Percent at National Industries
Kuwait Reinsurance Company earned 4.91 million dinars in the third quarter of 2026, up 42.8 percent from 3.44 million dinars a year earlier. Its board, which met on 26 October, also approved a third interim cash dividend of 5 fils a share. That takes interim cash distributions for 2026 to 15 percent of paid-up capital.
Boursa Kuwait carried filings from 3 other listed Kuwaiti companies the same day, on our count. National Industries Company’s third-quarter profit rose 62.2 percent, while its nine-month profit was 4.8 percent lower. Tijara and Real Estate Investment Company reported nine-month profit 13.1 percent below last year’s. Al Kout Industrial Projects Company extended 3 million dinars of non-cash banking facilities to September 2027.
Kuwait Re: a stronger quarter after a lower first half
Insurance revenue rose to 24.37 million dinars in the quarter from 22.53 million dinars, an 8.2 percent increase on our calculation. The company’s results form gives one reason for the higher profit: the rise in insurance revenue.
Two other lines in the statements did much of the work, on our reading. Net investment income climbed to 3.49 million dinars from 2.34 million dinars, up 49.2 percent on our calculation. Most of the increase came from unrealised gains on financial assets at fair value through profit or loss, on our calculation. Those gains were 1.09 million dinars this quarter, against 4,462 dinars a year earlier. Unrealised gains follow the market value of the assets concerned, on our reading.
Underwriting told a split story. Before reinsurance, insurance service expense took 91.5 percent of insurance revenue in the quarter, against 80.2 percent a year earlier, on our calculation. After reinsurance, the picture turned. The net cost of reinsurance fell to 451,843 dinars from 3.46 million dinars. The insurance service result rose to 1.63 million dinars from 1.01 million dinars.
Investment income equalled 67.9 percent of third-quarter profit before tax, on our calculation. The quarter also carried a 461,850 dinar donation to the Kuwait Emergency fund, a line absent a year earlier. That donation was 9.0 percent of quarterly profit before tax, on our calculation.
Kuwait Reinsurance: third quarter
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Insurance revenue | 24.369 | 22.528 |
| Insurance service result | 1.629 | 1.005 |
| Net investment income | 3.494 | 2.342 |
| Profit before tax | 5.145 | 3.603 |
| Profit | 4.914 | 3.442 |
| EPS, fils | 14.49 | 10.14 |
Millions of dinars except earnings per share, for the three months to 30 September, from the company’s interim condensed financial information, reviewed and unaudited. Earnings per share for 2025 are restated for the 2026 bonus share issue.
The third quarter changed the shape of the year. First-half profit, which is nine-month profit less the third quarter, was 9.05 million dinars against 9.52 million dinars, 4.9 percent lower on our calculation. The third quarter then supplied 35.2 percent of nine-month profit, on our calculation.
Over nine months, profit rose 7.8 percent to 13.96 million dinars from 12.96 million dinars, on our calculation. Earnings per share were 41.16 fils against 38.19 fils. Insurance revenue grew 8.5 percent to 71.38 million dinars, on our calculation.
Underwriting improved over the nine months. Insurance service expense equalled 82.7 percent of insurance revenue, against 95.3 percent a year earlier, on our calculation. The insurance service result rose 50.5 percent to 7.98 million dinars, on our calculation. Net investment income went the other way, 3.7 percent lower at 8.32 million dinars on our calculation. Unrealised fair value gains fell to 1.01 million dinars from 1.77 million dinars, the largest decline among the investment income lines, on our reading.
Interest on deposits is the largest line in that income, on our reading. It came to 5.82 million dinars in the nine months, 70.0 percent of net investment income on our calculation. Term deposits of 189.06 million dinars made up 67.2 percent of total assets at 30 September, on our calculation.
Kuwait Re: balance sheet and the dividend calendar
Total assets reached 281.27 million dinars at 30 September, up 3.4 percent from 272.14 million dinars at the end of 2025, on our calculation. Equity rose 6.7 percent over the same nine months to 116.05 million dinars, on our calculation, and equalled 41.3 percent of assets.
Share capital stands at 34.21 million dinars, up from 31.10 million dinars, after the general assembly of 18 March 2026 approved 10 bonus shares per 100 shares owned. The same meeting approved a cash dividend of 10 fils a share for 2025. Issued shares now number 342,076,463, of which 3,164,657 are treasury shares.
Net of treasury shares, that leaves 338.9 million shares outstanding, on our calculation. Book value comes to 342.41 fils a share, on our calculation. On our calculation, the new 5 fils payment on those shares totals 1.69 million dinars. The company distributed 1,695,968 dinars for the first-quarter dividend of 5 fils on 25 May. It distributed 1,695,904 dinars for the second on 24 August.
The three interim dividends total 15 fils a share, on our calculation. Against nine-month earnings of 41.16 fils, that is a payout of 36.4 percent, on our calculation. The third-quarter dividend alone equals 34.5 percent of third-quarter earnings per share, on our calculation.
Kuwait Re third-quarter dividend timetable
| Step | Date, 2026 |
|---|---|
| Confirmation date | Sunday 1 November |
| Holding date | Sunday 8 November |
| Ex-dividend date | Monday 9 November |
| Entitlement date | Wednesday 11 November |
| Cash distribution | Monday 16 November |
Cash dividend of 5 percent of issued and paid-up capital excluding treasury shares, equal to 5 fils a share, as set out in the company’s supplementary disclosure of 27 October.
National Industries and Tijara: revenue against profit
National Industries Company’s nine-month revenue rose 16.3 percent to 44.89 million dinars from 38.60 million dinars. Operating profit grew 16.7 percent to 7.32 million dinars. Profit attributable to shareholders was 2.33 million dinars, against 2.45 million dinars. Its results form lists the reasons for the change in net profit as higher gross profit, lower investment income and higher general, administrative and other expenses.
The third quarter was the strong part of the year. Quarterly profit rose 62.2 percent to 1.47 million dinars. Revenue rose 20.1 percent to 16.02 million dinars. Its third-quarter operating margin was 21.0 percent, against 16.2 percent a year earlier, on our calculation.
The first half was weaker. First-half profit, nine months less the third quarter, was 859,842 dinars against 1.54 million dinars, 44.2 percent lower on our calculation. The third quarter supplied 63.1 percent of nine-month profit, on our calculation.
Over nine months, net profit equalled 31.8 percent of operating profit, against 39.0 percent a year earlier, on our calculation. Equity attributable to shareholders was 4.1 percent lower than a year earlier at 86.47 million dinars. It equalled 72.5 percent of total assets, on our calculation.
National Industries Company: nine months
| Measure | 9M 2026 | 9M 2025 |
|---|---|---|
| Operating revenue | 44.887 | 38.596 |
| Operating profit | 7.323 | 6.275 |
| Net profit | 2.330 | 2.447 |
| EPS, fils | 6.812 | 7.056 |
| Total assets | 119.210 | 122.605 |
| Equity | 86.473 | 90.177 |
Millions of dinars except earnings per share, from the company’s results form for the nine months to 30 September. Net profit and equity are attributable to the parent company’s shareholders; balance sheet items compare 30 September 2026 with 30 September 2025. Basic earnings per share; diluted were 6.780 fils against 7.023 fils.
Tijara and Real Estate Investment Company earned 1.42 million dinars in the nine months, against 1.63 million dinars. Operating revenue was 1.0 percent lower at 3.89 million dinars. Operating profit fell 11.5 percent to 2.74 million dinars. The company said the comparative period included profits from the sale of an investment property.
Its third quarter was closer to last year. Quarterly profit was 447,394 dinars against 464,360 dinars. Operating revenue rose 4.8 percent to 1.27 million dinars. The nine-month net margin was 36.5 percent, against 41.6 percent, on our calculation.
Total assets and equity changed little. Equity rose 0.9 percent to 42.44 million dinars and covered 53.8 percent of total assets, on our calculation. Current assets declined to 1.84 million dinars from 2.97 million dinars. The current ratio fell to 1.71 times from 2.57 times, on our calculation.
Tijara also announced 3 promotions in its executive management, on our count. Hamad Abdulwahab Al-Tabtabaei becomes head of the operations sector, Faisal Khaled Al-Hoti head of the support services sector and Saleh Atef Al-Sharif head of the finance sector.
Tijara and Real Estate Investment: nine months
| Measure | 9M 2026 | 9M 2025 |
|---|---|---|
| Operating revenue | 3.892 | 3.930 |
| Operating profit | 2.743 | 3.099 |
| Net profit | 1.420 | 1.635 |
| EPS, fils | 3.84 | 4.42 |
| Total assets | 78.850 | 79.031 |
| Equity | 42.443 | 42.076 |
Millions of dinars except earnings per share, from the company’s results form for the nine months to 30 September. Net profit and equity are attributable to the parent company’s shareholders; balance sheet items compare 30 September 2026 with 30 September 2025.
Al Kout: non-cash facilities extended to September 2027
Al Kout Industrial Projects Company signed a contract with a local bank extending its non-cash banking facilities agreement to 15 September 2027. The facilities are worth 3 million dinars and finance the company’s operating activities. The company said any financial effect is confined to the use of the facilities, and will be disclosed in its financial statements when any of them are used.
Why it matters: Kuwait Re’s quarter shows how much of an insurer’s profit can come from outside underwriting. In the third quarter, investment income and a lower reinsurance cost did most of the lifting, on our reading. Over nine months, the gain came mainly from underwriting, on our reading. National Industries grew revenue but kept a smaller share of it as profit, on our reading. Tijara’s lower profit reflects a property sale in last year’s figures, the company said.
Outlook: Kuwait Re shareholders on the register at the end of 11 November receive the 5 fils dividend on 16 November. The shares trade ex-dividend from 9 November. Kuwait Re’s full-year results will show whether the third quarter’s investment gains last to the year end. Al Kout’s non-cash banking facilities now run to 15 September 2027.
Sources: Boursa Kuwait, Kuwait Reinsurance Company, National Industries Company, Tijara and Real Estate Investment Company, Al Kout Industrial Projects Company, The Edge.
