National Real Estate Company (NREC) reported its financial and strategic activities for the first quarter ended March 31, 2026, emphasizing ongoing portfolio optimization and capital allocation efforts. The Kuwait-based firm recorded total assets of KD 471 million and operating revenue of KD 0.8 million for the period. However, it posted a net loss of KD 53.8 million, largely attributable to a non-cash share of associate results.

NREC’s diversified portfolio includes real estate, logistics, and infrastructure holdings across Kuwait and selected regional and international markets. The company continues to focus on reallocating capital to higher-returning investments to maintain resilience through varying economic conditions.

A significant component of NREC’s international exposure is its 18.5% stake in Agility Global PLC, a global player in logistics, aviation services, supply chain infrastructure, and industrial real estate. Agility Global reported strong first-quarter performance, with earnings before interest and taxes (EBIT) of $103 million, earnings before interest, taxes, depreciation, and amortization (EBITDA) of $185 million, and revenues of $1.4 billion. As of March 31, 2026, Agility’s total assets stood at $13.2 billion, with shareholders’ equity at $5.6 billion. Additionally, NREC anticipates receiving approximately USD 75 million from Agility’s shareholder distribution by May 21, 2026.

NREC also holds a 22.3% stake in Makhazen, which recorded a one-off, non-cash charge of KD 233 million during the quarter. This charge represents a full write-down of investment property assets tied to legacy leasehold land disputes in Kuwait. Excluding this non-recurring item, Makhazen reported revenues of KD 36 million, adjusted EBITDA of KD 16 million, and an adjusted net profit attributable to equity holders of KD 7 million for the quarter.

In line with its capital recycling strategy, NREC completed the exit of its MIH investment in Libya during the second quarter. The transaction, valued at approximately KD 26 million, has already yielded initial proceeds of about 10%, with the balance expected by June 30, 2026. This divestment initiates an active monetization program targeting around KD 80 million in proceeds over the next two years.

NREC’s management outlined clear priorities for deploying these proceeds: reducing debt, reallocating capital to higher-yielding assets within the portfolio, and distributing returns to shareholders when feasible. Faisal Jamil Sultan Al-Essa, Vice Chairman and Chief Executive Officer, highlighted the company’s transition from strategic planning to execution, underscoring resilience in its diverse portfolio and progress in asset realizations.

Established in 1973 and listed on Boursa Kuwait, NREC specializes in real estate investment and development across the Middle East and North Africa, with a portfolio encompassing retail, commercial, and residential properties.