Kuwait Corporate Fact Sheet

National Real Estate Co.
Real Estate Sector
Reuters Code: NREK.KW Current Price (KD) : 0.610
Key Facts
KD '000 2003 2004 2005 2006 2007
Cash & Equivalent 358 1,053 517 8,020 12,960
A/R & Other Debit Balances 4,514 5,040 11,275 7,187 70,802
Investments Held for Trading 5,758 13,835 14,386 2,729 2,688
Investments Available for Sale 681 681 4,642 6,744 17,875
Investment in Associated Co. & Subsidiaries 36,973 60,260 151,634 169,553 185,701
Investment Properties 71,633 72,326 70,281 82,798 104,628
Property & Equipment 4,363 4,030 7,254 567 1,622
Other Assets 5,816 2,389 1,535 0 0
Total Assets 130,096 159,615 261,525 277,598 396,276
Loans & Due to Banks 12,773 17,074 55,801 34,517 114,807
A/P & Other Credit Balances 12,444 13,743 17,164 21,555 27,911
Bonds 0 0 0 0 3,032
Other Liabilities 326 349 460 575 612
Total Liabilities 25,543 31,166 73,425 56,647 146,362
Minority Interest 6,211 6,179 6,919 8,726 21,542
Equity 98,341 122,270 181,180 212,225 228,372
Net Rental Income 16,593 15,670 16,157 16,290 7,677
Share in Associates Results 9,645 24,974 35,782 38,806 36,201
Other Operating Income 1,552 2,578 2,763 4,478 3,913
Total Revenues 27,790 43,222 54,701 59,574 47,790
Operating Expenses 11,056 13,340 14,923 31,458 17,529
Operating Profit 16,734 29,882 39,778 28,116 30,261
Other Income 10,761 8,792 17,120 8,923 12,072
Other Expenses 1,443 4,213 3,291 2,788 3,312
Net Profit 26,052 34,462 53,608 34,251 39,021
Key Ratios
KAMCO Research
Fact Sheet
June 22, 2008
2003 2004 2005 2006 2007
Return On Assets 20.0% 21.6% 20.5% 12.3% 9.8%
Return On Equity 26.5% 28.2% 29.6% 16.1% 17.1%
Rental Income / Total Revenue 59.7% 36.3% 29.5% 27.3% 16.1%
Investment Properties / Total Assets 55.1% 45.3% 26.9% 29.8% 26.4%
Rental Income / Investment Properties 23.2% 21.7% 23.0% 19.7% 7.3%
Total Debt / Equity 13.0% 14.0% 30.8% 16.3% 50.3%
Historical Share Data YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 405,768 643,632 360,434 366,388 496,659
Closing Share Price (KD) 0.870 1.200 0.560 0.495 0.610
Highest Price for the Period (KD) 0.930 1.960 1.240 0.810 0.700
Lowest Price for the Period (KD) 0.460 0.830 0.480 0.460 0.425
Volume (Shares thousand) 629,370 809,748 592,725 690,505 322,350
Value (KD thousand) 399,321 1,103,017 420,898 456,931 175,562
No. of Trades 21,124 64,467 35,269 30,771 10,134
EPS (KD) 0.069 0.089 0.049 0.055 0.055
Book Value Per Share (KD) 0.281 0.361 0.346 0.322 0.322
Dividend Per Share (KD) 0.015 0.020 0.035 0.020 NA
Price to Earnings Multiple (X) #
8.83 6.85 12.40 11.05 11.05
Price to Book Value Multiple (X) #
2.17 1.69 1.76 1.89 1.89
Dividend Yield (%) #
2.46 3.28 5.74 3.28 3.28
KD
0.750
0.710
0.670
0.630
0.590
0.550
0.510
0.470
0.430
52-Week Price Chart Rel. to KAMCO TRW Index
NRE KAMCO TRW Index
Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com