Kuwait : ASICO Group K.S.C.P. held its Annual General Meeting for the fiscal year ending December 31, 2025, on Thursday, April 16, 2026, chaired by Mr. Emad Abdullah Al-Essa, Chairman of the Board, with an attendance rate of 74.7% of shareholders.

During the meeting, the assembly approved all items on the agenda, including the Board of Directors’ report, the auditor’s report, the audited financial statements for the fiscal year ending December 31, 2025, the governance report, the audit committee’s report, the remuneration of the Board members, and the appointment of the auditor for the fiscal year ending December 31, 2026, as stated in the agenda.

During 2025, the group recorded a net profit of 2.9 million Kuwaiti dinars, compared to a net loss of 11.2 million Kuwaiti dinars in 2024, reflecting continued progress in implementing the restructuring and transformation plan launched by the group with the aim of restoring profitability, enhancing financial sustainability, and improving operational efficiency across various business sectors.

The group’s operating revenues also increased to KD 75.6 million in 2025, compared to KD 66.6 million in 2024, achieving a growth of 14%, reflecting an improvement in the group’s operational performance and continued momentum across its main activities.

In the construction and building materials sector, ASICO continued its strong performance in 2025, registering growth supported by improved execution levels, increased demand, and better capacity utilization rates across its main business lines. The contracting sector recorded the strongest growth within the group, with revenues doubling year-on-year, reflecting the sector's growing strategic momentum and its ability to translate market opportunities into tangible results.

As part of its financial restructuring, the Group continued to take concrete steps in 2025 to strengthen its capital structure and reduce debt levels, recording gains of KD 9.7 million from loan settlements. These measures also contributed to reducing the Group’s total debt on its balance sheet by KD 69.4 million, further strengthening its financial position and improving its capital structure.

Total equity increased to KD 29.7 million in 2025, compared to KD 27.8 million in 2024, while total liabilities decreased to KD 211.4 million, reflecting continued progress in debt reduction and improved balance sheet structure. Financing costs also declined from KD 15.5 million to KD 7.3 million, reflecting a significant improvement in financing efficiency and lower financial burdens. The Group’s total assets at year-end reached KD 241 million, compared to KD 315 million as of December 31, 2024. This increase is primarily attributed to debt settlements, strategic asset restructuring, and divestment of certain assets as part of the ongoing restructuring program.

On the operational front, the 2025 results reflected continued momentum across the Group’s integrated industrial and construction platform. In the manufacturing sector, the Group continued to support a number of projects in Kuwait with its specialized industrial products and solutions, and further enhanced its production efficiency and operational capabilities in line with market demands.

The year also saw the implementation of several operational improvements related to production capacity at a number of plants and facilities, including hollow core products within the precast concrete sector, as well as the development of storage facilities to support workflow efficiency and enhance the utilization of operational capacities. The group also achieved significant milestones in quality, with its cellular concrete plants in both Kuwait and Saudi Arabia receiving the Kuwaiti Quality Mark, making ASICO the first cellular concrete producer in the GCC to achieve this certification.

In the contracting and construction sector, the group continued during the year to expand its project portfolio and strengthen its presence in residential and infrastructure projects. Implementation work continued at an active pace, with enhanced cooperation with contractors and project developers, which supports the growth of business directed towards the construction sector.

In supporting these activities, ASICO continued to leverage its integrated business model, which combines manufacturing, construction expertise, and internal logistics coordination within a unified operational platform. During the year, the group also implemented several initiatives aimed at enhancing fleet and equipment efficiency, upgrading certain assets, and improving maintenance levels, thereby contributing to better operational coordination, increased efficiency, and reduced operating costs.

Commenting on the year’s results, the Chairman of the Board of Directors of ASICO Group, Mr. Emad Abdullah Al-Essa, said: “ASICO Group’s results for 2025 reflect the continued progress in implementing its strategic priorities, foremost among them financial restructuring, enhancing operational efficiency, and establishing a more sustainable business model that is in line with market requirements. These results also confirm the existence of tangible momentum across our main sectors, supported by improved operational coordination, increased production efficiency, and continued implementation within housing and infrastructure projects.”

Al-Essa added: “As we enter the next phase, ASICO continues to focus on maintaining financial discipline, enhancing the reliability of operational performance, developing production and execution capabilities, and seizing selective growth opportunities in line with demand in Kuwait and the Gulf countries. Our integrated business model continues to provide a strong foundation that supports our efficient and sustainable contribution to housing, development, and infrastructure projects, and consolidates ASICO’s position as a reliable industrial and construction partner.”

In order to enhance customer experience and support homeowners, ASICO expanded its network of partnerships during 2025 with a number of national banks, including the National Bank of Kuwait, Kuwait Finance House and Warba Bank, to provide financing solutions and supportive benefits that facilitate the home building journey from the planning stage to implementation and handover.

The end of 2025 saw the election of a new Board of Directors for the Group, marking the beginning of a new phase built on stronger foundations for growth and development. The new Board commenced its duties with a vision focused on enhancing operational efficiency, developing production capacity, and increasing market share through new projects, in addition to reviewing the strategic plan for the coming years to ensure its alignment with the country's development priorities and to enhance sustainable shareholder value.

The group affirmed that the priorities for the next phase will focus on continuing to implement restructuring initiatives, enhancing financial discipline, strengthening the balance sheet, improving the efficiency of working capital management, and upgrading operational performance across manufacturing, logistics, and construction activities, in addition to continuing a deliberate expansion into viable opportunities, in a way that supports achieving sustainable and balanced growth and enhances long-term value for shareholders.

In closing, Al-Essa thanked the group’s shareholders for their continued trust and support, and expressed his appreciation to the board members, the executive management, and the group’s employees for their efforts and commitment, which contributed to supporting the transformation process and laying the necessary foundations for the next stage.

-I finish-

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