The Commercial Real Estate Co K.S.C

Al Tijaria delivered modest, low-single-digit earnings growth for H1 2026, with net profit rising 3.45% YoY to KWD 9.38 million. The core rental business is stable but essentially plateauing (rental revenue up 1.87% YoY), leaving earnings growth heavily reliant on a 24% YoY surge in associate income and a 5% drop in financing costs amid lower interest rates. Notably, core operating income contracted 3.9% YoY to KWD 10.53 million due to lower recognized investment gains, signaling decelerating underlying core operations masked by non-operating tailwinds.