Kuwait Nine-Month Results: Injazzat Profit Rises 69 Percent as Noor Earns 28.5 Million Dinars
Injazzat Real Estate Development lifted nine-month net profit attributable to shareholders 69 percent to 2.65 million dinars, according to its results form. Noor Financial Investment’s attributable net profit was 28.50 million dinars, up 8.62 percent. At National Mobile Telecommunications Company, which trades as Ooredoo Kuwait, revenue rose 6 percent to 608.4 million dinars and operating profit grew 13 percent.
All three filed with Boursa Kuwait on 21 and 22 October, along with Alargan International Real Estate a day earlier. They follow the nine-month results of the big banks, KFH, NBK and Boubyan.
Noor Grows Profit 8.62 Percent on Associates and a Property Sale
Noor’s operating revenue reached 44.37 million dinars in the nine months, up 3.58 percent. The biggest line by far is its share of the results of associates. That share came to 26.88 million dinars, 7.24 percent more than a year earlier, on our calculation.
Associates now supply 60.6 percent of Noor’s revenue, against 58.5 percent a year ago, on our calculation. The company also booked a 1.94 million dinar gain on the sale of investment property. It named both as the main reasons for the rise, partly offset by lower fair-value gains on financial assets.
Attributable net profit rose 2.26 million dinars on the year, on our calculation. The third quarter was stronger still. Quarterly net profit grew 13.16 percent to 8.91 million dinars. Quarterly revenue rose 16.83 percent to 14.70 million dinars.
The balance sheet grew too. Equity attributable to shareholders climbed 14.94 percent to 188.47 million dinars. Total assets reached 209.45 million dinars. Liabilities of 18.76 million dinars were 9.0 percent of that, on our calculation.
A Property Sale Nearly Doubles Injazzat’s Quarter
Injazzat’s operating revenue rose 19 percent to 5.14 million dinars. Operating profit grew 24 percent to 4.32 million dinars. The company gave one reason for the profit jump: the sale of a property.
Its statements put the profit on that sale at 974,774 dinars, all of it in the third quarter. Quarterly net profit attributable to shareholders rose 92 percent to 1.49 million dinars. That one quarter produced 56.1 percent of the nine-month attributable profit, on our calculation.
Over nine months, the business grew without the sale as well. Nine-month profit before KFAS, NLST and zakat, less the sale gain, was 1.80 million dinars, on our calculation. That is 9.56 percent above the same line a year earlier, on our calculation, when there was no sale.
Rental income, the largest line in its revenues, rose 12.65 percent to 2.84 million dinars, on our calculation. Finance costs eased 8.56 percent to 1.20 million dinars, on our calculation. Current liabilities dropped to 6.73 million dinars from 30.44 million dinars a year earlier.
Nine-month results, Kuwait filings of 20 to 22 October
| Company | Attributable profit (KD m) | Change | Revenue (KD m) |
|---|---|---|---|
| Injazzat Real Estate | 2.65 | +69% | 5.14 |
| Noor Financial Investment | 28.50 | +8.62% | 44.37 |
| Ooredoo Kuwait | 48.39 | -29% | 608.42 |
| Alargan International | -9.40 | n/m | 16.08 |
Net profit attributable to shareholders and total operating revenue, nine months to 30 September 2026, from each company’s results form; percentages as printed. Alargan reported a loss in both periods, so no percentage change is shown.
Ooredoo Kuwait Grows Services and Operating Profit
Ooredoo Kuwait’s growth came from services. Service revenue rose 8.47 percent to 561.6 million dinars, on our calculation. Equipment sales slipped to 46.1 million dinars from 54.4 million dinars.
Operating profit reached 120.9 million dinars. The operating margin widened to 19.9 percent from 18.8 percent, on our calculation.
Algeria is the largest market. Its revenue rose 13.35 percent to 232.8 million dinars, on our calculation, or 38.3 percent of the group. Tunisia grew 11.04 percent to 118.8 million dinars, on our calculation. At home, segment profit before tax rose 48.45 percent to 31.4 million dinars, on our calculation. Kuwait revenue fell 3.98 percent to 195.9 million dinars, on our calculation.
The third quarter followed the same pattern. Revenue rose 2 percent to 210.9 million dinars. Operating profit grew 8 percent to 45.2 million dinars.
Net profit attributable to shareholders was 48.4 million dinars, 29 percent lower than a year earlier. The company put this mainly down to a one-off provision of 23.5 million dinars. The provision followed the Supreme Court of Algeria’s final hearing in June on a Central Bank of Algeria claim against its subsidiary Wataniya Telecom Algerie. Adjusting for that charge and a one-off bad debt provision in the prior year, the company gives its own normalised figure for attributable net profit: 72 million dinars, which it calls “a stable YOY performance”. That is the company’s adjusted measure, not its reported profit.
Ooredoo Kuwait revenue by market, nine months to September
| Market | 2026 (KD m) | 2025 (KD m) | Change |
|---|---|---|---|
| Algeria | 232.77 | 205.35 | +13.35% |
| Kuwait | 195.86 | 203.98 | -3.98% |
| Tunisia | 118.78 | 106.96 | +11.04% |
| Maldives | 33.21 | 32.55 | +2.05% |
| Others | 27.80 | 23.95 | +16.06% |
| Total | 608.42 | 572.79 | +6.22% |
Segment revenue from note 22 of the company’s interim statements for the nine months to 30 September; changes are our calculation.
Alargan Narrows Its Third-Quarter Loss by 49 Percent
Alargan International Real Estate narrowed its third-quarter net loss by 49.32 percent to 961,072 dinars. Quarterly operating profit rose to 679,524 dinars from 143,249 dinars.
Over nine months, the attributable net loss widened to 9.40 million dinars from 5.27 million dinars. Operating revenue was 16.08 million dinars, 20.79 percent lower. The company lists seven factors, among them higher rental and resort income, a larger share of associates’ results, a realised loss on the sale of an investment property and higher general and administrative expenses.
Third-quarter net profit
| Company | Q3 2026 (KD m) | Q3 2025 (KD m) | Change |
|---|---|---|---|
| Injazzat Real Estate | 1.49 | 0.78 | +92% |
| Noor Financial Investment | 8.91 | 7.87 | +13.16% |
| Ooredoo Kuwait | 23.59 | 26.28 | -10% |
| Alargan International | -0.96 | -1.90 | Loss 49.32% smaller |
Three months to 30 September, net profit as printed on each results form.
Why it matters: Kuwait’s results season now reaches beyond the big banks. An investment company, a property developer and a mobile operator all grew operating profit in the nine months. At Ooredoo Kuwait, operating profit grew 13 percent and the operating margin widened to 19.9 percent, on our calculation.
Outlook: The next test for Ooredoo Kuwait is whether the growth in Algeria and Tunisia carries into the full year.
Sources: Noor Financial Investment, Injazzat Real Estate Development, National Mobile Telecommunications Company, Alargan International Real Estate, Boursa Kuwait, The Edge.
