KWSE:AREEC Income Statement

Financials in millions KWD. Fiscal year is January - December.

Millions KWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	6.04	5.97	4.78	2.21	1.33	0.87
Gain (Loss) on Sale of Investments (Rev)	0.33	0.26	0.13	-0.22	0.33	-0.08
Other Revenue	5.93	5.65	4.6	2.62	3.34	3.05
Total Revenue	12.61	12.13	9.75	4.61	5.07	3.91
Revenue Growth (YoY	6.02%	24.41%	111.49%	-9.16%	29.72%	-6.89%
Property Expenses	2.79	2.66	2.16	0.61	0.34	0.27
Selling, General & Administrative	1.18	1.17	1.1	1.15	1.12	0.8
Other Operating Expenses	0.18	0.16	0.12	0.06	0.1	0.04
Total Operating Expenses	4.35	4.23	3.52	1.82	1.65	1.15
Operating Income	8.26	7.9	6.23	2.79	3.42	2.76
Interest Expense	-1.51	-1.62	-1.69	-0.78	-0.43	-0.47
Other Non-Operating Income	0.01	0.01	-0.01	0.03	0.04	0.17
EBT Excluding Unusual Items	6.76	6.29	4.53	2.04	3.03	2.47
Asset Writedown	-0.35	-0.35	-0.05	1.96	0.33	-1.09
Total Legal Settlements	-	-	-	-	0.82	-
Pretax Income	6.41	5.94	4.49	4	4.17	1.38
Income Tax Expense	0.04	0.03	0.02	-	0.01	-
Net Income	6.37	5.91	4.47	4	4.17	1.38
Net Income to Common	6.37	5.91	4.47	4	4.17	1.38
Net Income Growth	6.98%	32.19%	11.63%	-3.91%	202.87%	-31.26%
Basic Shares Outstanding	209	209	209	209	209	209
Diluted Shares Outstanding	209	209	209	209	209	209
EPS (Basic)	0.03	0.03	0.02	0.02	0.02	0.01
EPS (Diluted)	0.03	0.03	0.02	0.02	0.02	0.01
EPS Growth	6.98%	32.20%	11.64%	-3.91%	202.89%	-31.26%
Dividend Per Share	0.020	0.020	0.010	0.005	0.005	-
Dividend Growth	106.19%	106.19%	106.38%	2.17%	-	-
Operating Margin	65.49%	65.10%	63.94%	60.52%	67.39%	70.58%
Profit Margin	50.54%	48.73%	45.86%	86.87%	82.13%	35.17%
EBITDA	8.48	8.12	6.39	2.87	3.51	2.85
EBITDA Margin	67.24%	66.91%	65.56%	62.20%	69.26%	72.87%
D&A For Ebitda	0.22	0.22	0.16	0.08	0.09	0.09
EBIT	8.26	7.9	6.23	2.79	3.42	2.76
EBIT Margin	65.49%	65.10%	63.94%	60.52%	67.39%	70.58%
Effective Tax Rate	0.57%	0.52%	0.34%	-	0.14%	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.