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Shares in Kuwaiti developer Ajial rise despite profit drop

The Al Hamra tower in Kuwait City. Ajial's share price has increased by 25 percent in the past year Jan Dommerholt/Unsplash+
The Al Hamra tower in Kuwait City. Ajial's share price has increased by 25 percent in the past year

Kuwaiti real estate company Ajial Real Estate Entertainment, known for building the Gulf state’s tallest tower, has posted a profit of 774,806 Kuwaiti dinars ($2.5 million) in the fourth quarter of 2024, a year-on-year decline of 5.7 percent.

Despite the drop Ajial’s shares were trading up nearly 3 percent on Tuesday at 311 Kuwaiti fulus, or around 0.3 Kuwaiti dinars. 

The company’s shares have increased by 25 percent over the past year against the backdrop of an active real-estate market in the Gulf country.

Ajial’s profits for the whole of 2024 were up by 31 percent to 5.9 million Kuwaiti dinars ($19 million).

The value of Kuwaiti real-estate transactions in 2024 grew 34 percent to $9 billion. The country continues to be an attractive destination for foreign workers, pushing up real-estate values, particularly for residential properties.

Expats make up around 73 percent of Kuwait’s 4.3 million population, meaning competition for the country’s limited housing stock is strong.

Aside from being the developer behind Kuwait’s tallest building, Al Hamra, Ajial runs a well-established cinema business. It was established in 1996 following a request by Kuwait’s National Cinema Company to develop modern facilities in the historical locations of some of Kuwait’s earliest cinemas.