Income Statement NATIONAL INVESTMENTS COMPANY Kuwait S.E.

Stocks

NINV

KW0EQ0200281

Investment Holding Companies

End-of-day quote Kuwait S.E. 20/02/2020			5-day change	1st Jan Change
142.00 ^KWF	+2.90%		-0.70%	+7.58%

08-05	National Investments Company K.S.C.P. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
06-15	Action Energy Company K.S.C.P. Appoints National Investments Company as Market Maker to Enhance Share Liquidity	CI

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Published financial data: NATIONAL INVESTMENTS COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (KWD)	2022 (KWD)	2023 (KWD)	2024 (KWD)	2025 (KWD)
Revenues	10.85M	12.16M	10.47M	11.49M	15.28M
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	-	-	-
Gain (Loss) on Sale of Investment, Total (Rev)	23.33M	-3.03M	-5.65M	9.29M	21.96M
Interest And Invest. Income (Rev)	4.72M	8.85M	7.38M	7.11M	7.2M
Other Revenues, Total	642K	523K	1.13M	2.63M	1.74M
Total Revenues	39.55M	18.5M	13.33M	30.52M	46.18M
Cost of Goods Sold, Total	-	9K	6K	1K	2K
Gross Profit	39.55M	18.5M	13.33M	30.52M	46.18M
Selling General & Admin Expenses, Total	9.54M	9.14M	8.46M	12.83M	14.65M
Provision for Bad Debts	93K	18K	2K	-8K	6K
Depreciation & Amortization - (IS)	305K	326K	323K	359K	377K
Other Operating Expenses, Total	9.94M	9.48M	8.79M	13.18M	15.04M
Operating Income	29.61M	9.01M	4.54M	17.34M	31.14M
Interest Expense, Total	-673K	-1.19M	-1.83M	-2.76M	-3.56M
Net Interest Expenses	-673K	-1.19M	-1.83M	-2.76M	-3.56M
Currency Exchange Gains (Loss)	175K	506K	440K	272K	48K
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	29.11M	8.33M	3.14M	14.85M	27.63M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	140K	166K	-	75K	232K
Asset Writedown	-515K	979K	44K	519K	-710K
Legal Settlements	-250K	-	1.32M	-761K	-350K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	28.49M	9.47M	4.51M	14.68M	26.8M
Income Tax Expense	1.22M	303K	19K	846K	967K
Earnings From Continuing Operations	27.27M	9.17M	4.49M	13.84M	25.84M
Net Income to Company	27.27M	9.17M	4.49M	13.84M	25.84M
Minority Interest	-2.88M	-433K	-353K	-1.71M	-1.8M
Net Income - (IS)	24.39M	8.74M	4.14M	12.12M	24.04M
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	24.39M	8.74M	4.14M	12.12M	24.04M
Net Income to Common Excl. Extra Items	24.39M	8.74M	4.14M	12.12M	24.04M
Per Share Items
Net EPS - Basic	0.03	0.01	0.01	0.02	0.03
Basic EPS - Continuing Operations	0.03	0.01	0.01	0.02	0.03
Basic Weighted Average Shares Outstanding	795M	797M	797M	797M	797M
Net EPS - Diluted	0.03	0.01	0.01	0.02	0.03
Diluted EPS - Continuing Operations	0.03	0.01	0.01	0.02	0.03
Diluted Weighted Average Shares Outstanding	795M	797M	797M	797M	797M
Normalized Basic EPS	0.02	0.01	0	0.01	0.02
Normalized Diluted EPS	0.02	0.01	0	0.01	0.02
Dividend Per Share	0.04	0.03	0.02	0.02	0.02
Payout Ratio	34.35	393.45	592.27	98.33	72.35
Supplemental Items
EBITDA	29.91M	9.26M	4.78M	17.63M	31.46M
EBITA	29.64M	9.04M	4.57M	17.37M	31.18M
EBIT	29.61M	9.01M	4.54M	17.34M	31.14M
Total Revenues (As Reported)	39.78M	19.93M	13.8M	31.3M	46.84M
Effective Tax Rate - (Ratio)	4.29	3.2	0.42	5.76	3.61
Normalized Net Income	15.32M	4.77M	1.61M	7.57M	15.47M
Supplemental Operating Expense Items
General and Administrative Expenses	2.62M	4.09M	3.46M	4.83M	5.44M

Fiscal Period: December	2021 (KWD)	2022 (KWD)	2023 (KWD)	2024 (KWD)	2025 (KWD)
Assets
Cash And Equivalents	39.36M	32.4M	20.4M	15.77M	16.8M
Trading Asset Securities, Total	99.52M	90.03M	97.51M	120M	148M
Total Cash And Short Term Investments	139M	122M	118M	136M	165M
Accounts Receivable, Total	2.35M	1.06M	1.02M	1.67M	3.56M
Other Receivables	784K	654K	449K	430K	479K
Total Receivables	3.14M	1.71M	1.47M	2.1M	4.04M
Inventory	284K	278K	271K	272K	270K
Other Current Assets, Total	12.97M	13.97M	16.88M	12.05M	20.25M
Total Current Assets	155M	138M	137M	151M	189M
Long-term Investments	103M	98.22M	66.72M	75.34M	76.63M
Goodwill	-	1.71M	1.71M	1.71M	1.07M
Other Intangibles, Total	958K	1.31M	1.2M	1.12M	1.04M
Loans Receivable Long-Term	-	341K	276K	248K	106K
Other Long-Term Assets, Total	31.08M	30.98M	42.86M	54.52M	88.54M
Total Assets	291M	271M	249M	284M	357M
Liabilities
Accounts Payable, Total	5.18M	4.8M	1.63M	3.7M	3.73M
Accrued Expenses, Total	6.7M	5.98M	6.18M	8.25M	10.06M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	6.45M	8.9M	16.66M	16.64M	17.78M
Other Current Liabilities	2.65M	4.18M	2.78M	2.56M	2.85M
Total Current Liabilities	20.97M	23.86M	27.25M	31.14M	34.41M
Long-Term Debt	34.03M	30.1M	30.75M	37.1M	63.46M
Total Liabilities	55M	53.96M	58M	68.24M	97.88M
Common Stock, Total	79.79M	79.79M	79.79M	79.79M	79.79M
Additional Paid In Capital	49.59M	49.59M	49.59M	42.63M	42.63M
Retained Earnings	58.7M	34.65M	16.61M	35.45M	42.28M
Treasury Stock	-	-235K	-235K	-235K	-393K
Comprehensive Income and Other	28.7M	35.02M	27.5M	39.77M	75.36M
Total Common Equity	217M	199M	173M	197M	240M
Minority Interest	18.79M	18.17M	18.04M	17.91M	19.33M
Total Equity	236M	217M	191M	215M	259M
Total Liabilities And Equity	291M	271M	249M	284M	357M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	798M	797M	797M	797M	797M
ECS Total Common Shares Outstanding	798M	797M	797M	797M	797M
Book Value / Share	0.27	0.25	0.22	0.25	0.3
Tangible Book Value	216M	196M	170M	195M	238M
Tangible Book Value Per Share	0.27	0.25	0.21	0.24	0.3
Total Debt	40.48M	39M	47.41M	53.74M	81.24M
Net Debt	-98.4M	-83.42M	-70.5M	-82.46M	-83.69M
Minority Interest, Total (Incl. Fin. Div)	18.79M	18.17M	18.04M	17.91M	19.33M
Equity Method Investments, Total	21.21M	14.16M	12.58M	13.26M	12.8M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	284K	278K	271K	272K	270K

Fiscal Period: December	2021 (KWD)	2022 (KWD)	2023 (KWD)	2024 (KWD)	2025 (KWD)
Net Income	24.39M	8.74M	4.14M	12.12M	24.04M
Depreciation & Amortization - CF	265K	216K	213K	263K	278K
Amortization of Goodwill and Intangible Assets - (CF)	33K	32K	32K	32K	33K
Depreciation & Amortization, Total	298K	248K	245K	295K	311K
Amortization of Deferred Charges, Total - (CF)	7K	78K	78K	64K	66K
(Gain) Loss From Sale Of Asset	-140K	-166K	-	-75K	-232K
(Gain) Loss on Sale of Investments - (CF)	-19.43M	4.73M	6.05M	-9M	-20.17M
Asset Writedown & Restructuring Costs	515K	-982K	-44K	-519K	710K
Provision for Credit Losses	-	3K	-1K	-	-
(Income) Loss On Equity Investments - (CF)	-642K	-523K	-1.13M	-2.63M	-1.74M
Provision and Write-off of Bad Debts	93K	18K	2K	-8K	6K
Other Operating Activities, Total	5.12M	1.01M	535K	5.93M	6M
Change in Trading Asset Securities	-2.88M	4.14M	-17.44M	-8.52M	-12.52M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	1.96M	-1.24M	-638K	2.47M	804K
Change in Other Net Operating Assets	-488K	538K	625K	-1.98M	-4.85M
Cash from Operations	8.81M	16.59M	-7.57M	-1.84M	-7.58M
Capital Expenditure	-105K	-248K	-315K	-402K	-511K
Cash Acquisitions	-	-1.49M	-	-	-57K
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	2.16M	1.82M	-	1.04M	1.79M
Investment in Marketable and Equity Securities, Total	-1.68M	14.81M	11.76M	3.92M	-1.24M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-283K	62K	30K	142K
Other Investing Activities, Total	3.47M	734K	3.49M	2.84M	1.94M
Cash from Investing	3.84M	15.35M	15M	7.43M	2.07M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	23M	-	12M	7.75M	30M
Total Debt Issued	23M	-	12M	7.75M	30M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-2.04M	-1.48M	-3.59M	-1.43M	-2.5M
Total Debt Repaid	-2.04M	-1.48M	-3.59M	-1.43M	-2.5M
Issuance of Common Stock	520K	-	-	-	-
Repurchase of Common Stock	-	-235K	-	-	-158K
Common Dividends Paid	-8.38M	-34.37M	-24.51M	-11.92M	-17.39M
Common & Preferred Stock Dividends Paid	-8.38M	-34.37M	-24.51M	-11.92M	-17.39M
Other Financing Activities, Total	-1.26M	-2.32M	-2.22M	-4.62M	-3.4M
Cash from Financing	11.85M	-38.41M	-18.33M	-10.22M	6.55M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	24.5M	-6.47M	-10.9M	-4.63M	1.03M
Supplemental Items
Cash Interest Paid	638K	1.17M	1.71M	2.7M	3.13M
Cash Income Tax Paid (Refund)	37K	1.02M	236K	360K	785K
Levered Free Cash Flow	9.94M	5.65M	-6.36M	17.19M	9.09M
Unlevered Free Cash Flow	10.36M	6.39M	-5.21M	18.92M	11.31M
Change In Net Working Capital	8.35M	-684K	8.05M	-8.12M	8.02M
Net Debt Issued / Repaid	20.96M	-1.48M	8.41M	6.32M	27.5M

Fiscal Period: December	2021 (KWD)	2022 (KWD)	2023 (KWD)	2024 (KWD)	2025 (KWD)
Profitability
Return on Assets	7.23	2.01	1.09	4.07	6.08
Return on Total Capital	7.6	2.12	1.15	4.27	6.39
Return On Equity %	12.77	4.05	2.2	6.81	10.89
Return on Common Equity	12.45	4.2	2.22	6.54	11
Margin Analysis
Gross Profit Margin %	100	99.95	99.95	100	100
SG&A Margin	24.12	49.39	63.49	42.04	31.73
EBITDA Margin %	75.63	50.04	35.87	57.78	68.11
EBITA Margin %	74.96	48.87	34.27	56.92	67.51
EBIT Margin %	74.87	48.7	34.03	56.81	67.44
Income From Continuing Operations Margin %	68.95	49.55	33.69	45.35	55.94
Net Income Margin %	61.67	47.21	31.05	39.73	52.05
Net Avail. For Common Margin %	61.67	47.21	31.05	39.73	52.05
Normalized Net Income Margin	38.73	25.79	12.09	24.8	33.5
Levered Free Cash Flow Margin	25.12	30.53	-47.68	56.34	19.67
Unlevered Free Cash Flow Margin	26.19	34.55	-39.08	61.99	24.49
Asset Turnover
Asset Turnover	0.15	0.07	0.05	0.11	0.14
Receivables Turnover (Average Receivables)	6.7	7.53	10.06	8.54	5.84
Inventory Turnover (Average Inventory)	-	0.03	0.02	0	0.01
Short Term Liquidity
Current Ratio	7.4	5.8	5.01	4.84	5.51
Quick Ratio	6.77	5.2	4.38	4.44	4.91
Operating Cash Flow to Current Liabilities	0.42	0.7	-0.28	-0.06	-0.22
Days Sales Outstanding (Average Receivables)	54.49	48.49	36.29	42.88	62.53
Days Outstanding Inventory (Average Inventory)	-	11.4K	16.7K	99.37K	49.46K
Average Days Payable Outstanding	-	607K	-1.11M	488K	-
Cash Conversion Cycle (Average Days)	-	-596K	1.13M	-389K	-
Long Term Solvency
Total Debt/Equity	17.18	17.97	24.78	24.96	31.37
Total Debt / Total Capital	14.66	15.24	19.86	19.97	23.88
LT Debt/Equity	14.45	13.87	16.07	17.23	24.5
Long-Term Debt / Total Capital	12.33	11.76	12.88	13.79	18.65
Total Liabilities / Total Assets	18.93	19.92	23.27	24.07	27.43
EBIT / Interest Expense	44	7.57	2.47	6.29	8.75
EBITDA / Interest Expense	44.44	7.78	2.61	6.39	8.83
(EBITDA - Capex) / Interest Expense	44.29	7.57	2.44	6.25	8.69
Total Debt / EBITDA	1.35	4.21	9.91	3.05	2.58
Net Debt / EBITDA	-3.29	-9.01	-14.74	-4.68	-2.66
Total Debt / (EBITDA - Capex)	1.36	4.33	10.61	3.12	2.63
Net Debt / (EBITDA - Capex)	-3.3	-9.26	-15.78	-4.79	-2.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	311.84	-53.21	-27.95	128.92	51.32
Gross Profit, 1 Yr. Growth %	320.47	-53.24	-27.94	129.01	51.32
EBITDA, 1 Yr. Growth %	962.52	-69.04	-48.34	268.74	78.39
EBITA, 1 Yr. Growth %	1.06K	-69.5	-49.46	280.17	79.39
EBIT, 1 Yr. Growth %	1.08K	-69.57	-49.63	282.15	79.54
Earnings From Cont. Operations, 1 Yr. Growth %	-1.32K	-66.37	-51.01	208.08	86.69
Net Income, 1 Yr. Growth %	-1.02K	-64.18	-52.62	192.95	98.24
Normalized Net Income, 1 Yr. Growth %	1.2K	-68.85	-66.22	369.69	104.24
Diluted EPS Before Extra, 1 Yr. Growth %	-1.02K	-64.3	-52.6	192.93	98.24
Accounts Receivable, 1 Yr. Growth %	165.39	-51.15	-3.49	63.25	113.47
Inventory, 1 Yr. Growth %	0	-2.11	-2.52	0.37	-0.74
Total Assets, 1 Yr. Growth %	31.25	-6.75	-7.99	13.74	25.86
Tangible Book Value, 1 Yr. Growth %	24.15	-9.28	-13	14.22	22.1
Common Equity, 1 Yr. Growth %	23.89	-8.29	-12.85	13.93	21.41
Cash From Operations, 1 Yr. Growth %	-202.36	88.3	-145.65	-75.67	311.78
Capital Expenditures, 1 Yr. Growth %	-34.78	136.19	27.02	27.62	27.11
Levered Free Cash Flow, 1 Yr. Growth %	238.1	-44.17	-195.24	-370.48	-47.15
Unlevered Free Cash Flow, 1 Yr. Growth %	217.56	-39.34	-170.24	-463.07	-40.2
Dividend Per Share, 1 Yr. Growth %	309.09	-37.78	-46.43	46.67	13.64
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	44.51	38.81	-41.94	28.43	86.12
Gross Profit, 2 Yr. CAGR %	44.51	40.22	-41.95	28.47	86.16
EBITDA, 2 Yr. CAGR %	57.92	81.36	-60.02	38.02	156.47
EBITA, 2 Yr. CAGR %	58.24	88.46	-60.74	38.62	161.22
EBIT, 2 Yr. CAGR %	58.15	89.32	-60.86	38.73	162
Earnings From Cont. Operations, 2 Yr. CAGR %	56.12	102.41	-59.41	22.85	139.82
Net Income, 2 Yr. CAGR %	50.79	81.29	-58.81	17.81	140.98
Normalized Net Income, 2 Yr. CAGR %	48.69	101.51	-67.57	25.97	209.84
Diluted EPS Before Extra, 2 Yr. CAGR %	51.07	81.35	-58.86	17.84	140.98
Accounts Receivable, 2 Yr. CAGR %	29.95	9.32	-31.34	25.52	86.68
Inventory, 2 Yr. CAGR %	-23	-1.06	-2.32	-1.08	-0.18
Total Assets, 2 Yr. CAGR %	16.28	10.63	-7.37	2.3	19.65
Tangible Book Value, 2 Yr. CAGR %	9.72	6.13	-11.16	-0.31	18.09
Common Equity, 2 Yr. CAGR %	9.46	6.59	-10.6	-0.36	17.62
Cash From Operations, 2 Yr. CAGR %	-19.48	38.83	-7.29	-66.68	0.09
Capital Expenditures, 2 Yr. CAGR %	-	24.11	73.21	27.32	27.37
Levered Free Cash Flow, 2 Yr. CAGR %	30.74	38.66	-20.75	60.5	19.55
Unlevered Free Cash Flow, 2 Yr. CAGR %	31.44	40.02	-29.69	59.69	47.34
Dividend Per Share, 2 Yr. CAGR %	123.61	59.54	-42.26	-11.36	29.1
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	38.49	-0.77	11.56	-8.28	35.64
Gross Profit, 3 Yr. CAGR %	38.49	-0.78	12.31	-8.28	35.67
EBITDA, 3 Yr. CAGR %	53.42	-8.27	19.32	-16.15	50.34
EBITA, 3 Yr. CAGR %	54.27	-8.59	21.52	-16.32	51.09
EBIT, 3 Yr. CAGR %	54.21	-8.7	21.75	-16.34	51.21
Earnings From Cont. Operations, 3 Yr. CAGR %	53.1	-6.42	26.14	-20.23	41.24
Net Income, 3 Yr. CAGR %	49.05	-6.61	15.91	-20.78	40.13
Normalized Net Income, 3 Yr. CAGR %	48.86	-11.69	11.1	-20.94	48.02
Diluted EPS Before Extra, 3 Yr. CAGR %	49.33	-6.6	15.95	-20.85	40.15
Accounts Receivable, 3 Yr. CAGR %	49.11	-8.73	4.87	-8.36	49.83
Inventory, 3 Yr. CAGR %	-15.99	-16.59	-1.55	-1.43	-0.97
Total Assets, 3 Yr. CAGR %	13.78	8.03	4.04	-0.81	9.62
Tangible Book Value, 3 Yr. CAGR %	6.73	2.98	-0.67	-3.39	6.66
Common Equity, 3 Yr. CAGR %	6.89	3.2	-0.33	-3.07	6.43
Cash From Operations, 3 Yr. CAGR %	118.71	6.88	-4.18	-40.65	-22.96
Capital Expenditures, 3 Yr. CAGR %	-	-	25.07	56.44	27.25
Levered Free Cash Flow, 3 Yr. CAGR %	-3.22	-0.94	29.33	19.32	10.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	-2.45	2.17	16.9	21.52	15.1
Dividend Per Share, 3 Yr. CAGR %	77.84	45.98	10.89	-21.22	-3.71
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.22	-1.84	-2.18	10.02	36.9
Gross Profit, 5 Yr. CAGR %	27.22	-1.67	-2.19	10.01	37.47
EBITDA, 5 Yr. CAGR %	38.68	-7.26	-10.4	8.01	62.05
EBITA, 5 Yr. CAGR %	39.2	-7.5	-10.76	7.97	65.04
EBIT, 5 Yr. CAGR %	39.17	-7.57	-10.89	7.93	65.43
Earnings From Cont. Operations, 5 Yr. CAGR %	54.87	-2.53	-9.98	4.34	63.11
Net Income, 5 Yr. CAGR %	43.72	-3.25	-10.89	2.48	55.33
Normalized Net Income, 5 Yr. CAGR %	42.31	-11.42	-19.08	1.78	67.45
Diluted EPS Before Extra, 5 Yr. CAGR %	45.25	-2.31	-10.84	2.5	55.37
Accounts Receivable, 5 Yr. CAGR %	34.09	12.28	7.58	3.68	32.08
Inventory, 5 Yr. CAGR %	-14.46	-10.24	-10.77	-10.7	-1.01
Total Assets, 5 Yr. CAGR %	8.11	6.95	4.79	5.7	10.02
Tangible Book Value, 5 Yr. CAGR %	4.8	2.4	-0.82	1.65	6.45
Common Equity, 5 Yr. CAGR %	4.84	2.71	-0.49	1.76	6.49
Cash From Operations, 5 Yr. CAGR %	30.19	43.4	55.16	-32.94	-2.49
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	25.98
Levered Free Cash Flow, 5 Yr. CAGR %	25.04	36.9	-10.33	24.22	25.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	24.13	35.91	-14.13	25.84	28.24
Dividend Per Share, 5 Yr. CAGR %	55.18	31.95	13.4	19.57	17.84