Untitled - Institute of Banking Studies

Prepared by: Research Unit 

Researchers: Fida Al-Hanna 

Nahil Al-Kayyali 

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Research Unit 

Institute of Banking Studies 

State of Kuwait 

Programming Assistance: 

Ms. Thamilmathi R. 

Postal Address: 

P.O.Box: 1080, Safat 

13011 Kuwait 

Tel: (965) 22458460 

Fax: (965) 22455839 

Email: research@kibs.edu.kw 

Website: www.kibs.edu.kw 

Copyright: # - 2009 Institute of Banking Studies 

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research@kibs.edu.kw : dFaG 

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2009 

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Research Unit 

Institute of Banking Studies - Kuwait 

Institute of Banking Studies Board Members 

Chairman 

Sheikh Salem Abdulaziz Al-Sabah 

Governor 

Central Bank of Kuwait 

Members of Board of Directors 

4 

Mr. Ali Hilal Al-Mutairi 

Deputy Chairman & Managing Director 

AlAhli Bank of Kuwait 

Mr. Abdulmohsen Yousef Al-Haneef 

Chairman & Managing Director 

Industrial Bank of Kuwait 

Mr. Hamad Abdul Mohsen Al-Marzouk 

Chairman & Managing Director 

Bank of Kuwait & the Middle East 

Mr. Ibrahim Shukri Dabdoub 

Group Chief Executive Officer 

National Bank of Kuwait 

Dr. Nabil Issa Al-Loghani 

Dean - College of Graduate Studies 

Representative of Kuwait University 

Mr. Abdulwahab Mohammed Al-Wazan 

Chairman 

Kuwait International Bank 

Mr. Tarik Mohammed Abdul Salam 

Chairman 

Burgan Bank 

Mr. Ali Al-Rasheed Al-Bader 

Chairman 

Gulf Bank 

Mr. Jamal Abdulhamid Al-Mutawa 

Chief General Manager & CEO 

Commercial Bank of Kuwait 

Dr. Ridha Mohammed Al-Khayyat 

IBS Director 

Secretary of the Board

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5

Research Unit 


Preface 

We are delighted to release the fifteenth edition of our research and analysis based 

publication entitled ``FINANCIAL INDICATORS OF THE KUWAIT STOCK 

EXCHANGE LISTED COMPANIES FOR NON-FINANCIAL SECTORS (2005-2008)''. 

This publication comes in two integrated parts for the first time due to the increasing 

number of the listed companies in the non-financial sectors in last few years. It 

provides a comprehensive financial analysis of the Non-Financial Kuwaiti 

Companies listed in the official Stock Exchange of Kuwait at the end of 2008. 

Hundred and twenty six companies are included in this analysis. These companies 

are classified into 4 sectors, namely: Real Estate Sector, Industrial Sector, Services 

Sector and Food Sector. The companies belonging to the Investment and Insurance 

Sectors and the Banks listed in the Kuwait Stock Exchange are included in our other 

publication, namely the ``Financial Operating Report''. 

This specialized publication aims to provide detailed and aggregate financial 

information concerning the financial condition, performance, the growth, and risk of 

the Kuwaiti companies and the corporate sector based on the last four years of 

financial data (2005-2008). The analysis is mainly divided in to 3 types: (1) well 

structured financial information and comprehensive analyses of all individual 

companies, (2) sector-wise rankings of companies and a detailed financial analysis of 

the different sectors, (3) aggregate level financial analyses of the corporate sector and 

the rankings of all companies by major financial indicators and ratios. This vital 

information is also presented by using a large number of tables and graphs. The 

publication also provides the latest available net profit and share price data of 2009. 

A detailed review of definitions and terminology of all terms and financial ratios is 

provided in this report. It is prepared in both English and Arabic in order to enhance 

its usefulness. The data is also provided on the electronic web page of the institute to 

increase accessibility to its users. 

DR. RIDHA M. AL KHAYYAT 

DIRECTOR, 

INSTITUTE OF BANKING STUDIES 

6

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7

Research Unit 


Contents J 

v v v vG 

PREFACE 6 

cv 

NOTESAND DEFINITIONS 11 

ca 

 

K.S.E. Companies for 

Non-Financial Sectors: 

cG 

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: cG 

 

 

AGGREGATE ANALYSIS 27 

 

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Ranking by Assets 28 

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Ranking by Share Holder's Equity 31 

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Ranking by Share Holder's Net Profit 34 

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Ranking by Market Capitalization 37 

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Ranking by Current Ratio 40 

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Ranking by Share Holder's Equity to Assets 43 aG 

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Ranking by ROE 46 

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Sector-wise Comparative Graphs 49 

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Financial Analysis: All Companies 

in Non-Financial Sectors 

51 

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: G 

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Real Estate Sector 59 

 

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* Advertisements 

Fv DG 

* 

Financial Analysis & Ranking by Various Indicators 61 

G 

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cGa 

G 

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Real Estate Sector: Aggregate Analysis 70 

DG 

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: G 

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401- Kuwait Real Estate Company 74 

caG 

G 

 

-401 

402- United Real Estate Company 78 

IG 

GG 

 

-402 

403- National Real Estate Company 82 

cG 

cFaG 

G 

-403 

404- Salhia Real Estate Company 86 

cG 

cG 

 

-404 

405- Pearl of Kuwait Real Estate Company 90 

cG 

caG 

I 

 

-405 

406- Tamdeen Real Estate Company 94 

cG 

HcG 

 

-406 

407- International Investment Projects Company 98 cG 

a 

caG 

G 

-407 

408- Ajial Real Estate & Entertainment Co. 102 

cKcG 

cG 

cC 

 

-408 

409- Al-Massaleh Real Estate Company 106 

cG 

G 

 

-409 

410- Al-Arabiya Real Estate Company 110 

cG 

cG 

G 

-410 

411- Union Real Estate Company 114 

cG 

G 

 

-411 

412- Al-Enma'a Real Estate Company 118 

cG 

AFG 

 

-412 

413- Mabanee Company 122 

d Fv G 

 

-413 

414- Injazzat Real Estate Development Co. 126 

cG 

cF 

GFG 

 

-414 

415- Jezaan Holding Company 130 

cG 

HGc 

 

-415 

8

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- G 

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JGQG 

 

Contents J 

v v v vG 

416- Investors Group Holding Company 134 G 

HaG 

a 

 

-416 

417- International Resorts Company 138 

F 

caG 

G 

-417 

418- The Commercial Real Estate Company 142 

cG 

cG 

G 

-418 

419- Sanam Real Estate Company 146 

cG 

F 

 

-419 

420- A'ayan Real Estate Company 150 

cG 

HcC 

 

-420 

421- Aqar Real Estate Investment Company 154 cG 

G 

 

 

-421 

422- Kuwait Real Estate Holding Company 158 G 

cG 

ccaG 

G 

-422 

423- Al-Mazaya Holding Company 162 

G 

cGG 

 

-423 

424- Al-Dar National Real Estate Company 166 

G 

cFaG 

GG 

 

-424 

425- Al-Themar International Holding Co. 170 

G 

caG 

G 

 

-425 

426- Grand Real Estate Projects Company 174 cG 

iG 

aG 

 

-426 

427- Tijara & Real Estate Investment Company 178 jG 

Ga 

IG 

 

-427 

428- Tameer Real Estate Investment Company 182 jG 

 

G 

 

-428 

429- Arkan Al-Kuwait Real Estate Company 186 

cG 

caG 

HC 

 

-429 

430- Al Safat Global Holding Company 190 

G 

cG 

IG 

 

-430 

431- AlArgan International Real Estate Co. 194 

cG 

cG 

HG 

 

-431 

432- Abyar Real Estate Development Co. 198 

jG 

ca 

cC 

 

-432 

433- Munshaat Real Estate Projects Co. 202 

cG 

c 

F 

 

-433 

434- First Dubai Real Estate Development Co. 206 jG 

ca 

aG 

d 

 

-434 

435- Kuwait Business Town Real Estate Co. 210 cG 

ccaG 

G 

Fc 

 

-435 

Industrial Sector 215 

v FG 

Y 

v 

* Advertisements 

Fv DG 

* 

Financial Analysis & Ranking by Various Indicators 217 

G 

a 

cGa 

G 

cG 

Industrial Sector: Aggregate Analysis 226 

DG 

cG 

: FG 

Y 

501- National Industries Group (Holding) 230 G 

cFaG 

FG 

a 

-501 

502- Kuwait Pipe Industries & Oil 

234 cFG 

F 

ccaG 

G 

-502 

Services Co. 

cFG 

Ga 

503- Kuwait Cement Company 238 

caG 

FC 

 

-503 

504- Refrigeration Industries & Storage Co. 242 

HcGa 

cG 

F 

 

-504 

505- Gulf Cable & Electrical Industries Co. 246 cKG 

FGa 

 

cG 

 

-505 

506- Heavy Eng. Industries & Shipbuilding Co. 250 HG 

AFa 

cG 

cFKG 

FG 

 

-506 

507- Contracting & Marine Services Co. 254 cG 

Ga 

aG 

 

-507 

508- Kuwait Portland Cement Company 258 

ca 

Fa 

FC 

 

-508 

509- Shuaiba Industrial Company 262 

cFG 

cG 

 

-509 

510- Metal & Recycling Company 266 ccaG 

FGa 

HG 

 

-510 

511- Kuwait Foundry Company 270 

ccaG 

G 

 

-511 

512- ACICO For Industries 274 

F 

acC 

 

-512 

9

Research Unit 


Contents J 

v v v vG 

513- United Industries Company 278 

IG 

FG 

 

-513 

514- Boubyan Petrochemical Company 282 

caca 

Hca 

 

-514 

515- Gulf Glass Manufacturing Company 286 

LG 

F 

cG 

 

-515 

516- Hilal Cement Company 290 

KG 

FC 

 

-516 

517- Al Kout Industrial Projects Company 294 cFG 

c 

aG 

 

-517 

518- Kuwait Packing Mat. Manufacturing Co. 298 cG 

Ga 

F 

ccaG 

G 

-518 

519- Kuwait Building Material Industry 302 AFG 

Ga 

F 

ccaG 

G 

-519 

520- National Industries Company 306 

cFaG 

FG 

 

-520 

521- Gulf Rocks Company 310 

a 

ccG 

G 

-521 

522- Eqiupment Holding Company 314 

G 

GG 

 

-522 

523- Mena Holding Company 318 

G 

F 

 

-523 

524- National Company for Consumer Industries 322 cKG 

F 

cFaG 

G 

-524 

525- Kuwait Gypsum Manufacturing & Trading Co. 326 G 

Ia 

F 

ccaG 

G 

-525 

526- Qurain Petrochemical Industries Company 330 caG 

cacG 

F 

HcG 

 

-526 

527- Al-Salbookh Trading Company 334 

cG 

NaG 

 

-527 

528- Ikarus Petroleum Industries Company 338 cFG 

F 

acG 

 

-528 

Recent Net Profit & Share Price Data: 343 : KG 

a 

G 

 

IaG 

FcG 

B 

Latest Net Profit Data (KD) 344 

) . 

( 

G 

 

IaG 

FcG 

Additional Closing Share Price Data (KD) 348 ) . 

( 

KG 

E 

 

IaG 

FcG 

10

Research Unit 


NOTES AND DEFINITIONS 

This publication provides comprehensive financial analysis of the KSE listed companies for non-financial 

sectors which are the real estate, industrial, services and food sectors. This publication comes in two parts (2 

sectors in each part), it includes the financial analysis for the official KSE registered companies till end of 

2008, which are (126) non–financial companies, as follows: (35) companies in the Real estate sector, (28) in 

the Industrial sector, (57) companies in the Services sector and (6) companies in the Food sector. 

The analyses provided in this publication are of the following types: 

(1) Aggregate analysis of the above four sectors: This includes: (a) Ranking of the companies by major 

financial indicators and major ratios for the last two years. (b) Comparative financial graphs of the four 

sectors, namely industrial, food, services and real estate for the last four years. (c) Financial analysis of all 

companies in the above four sectors (as an aggregate) for the last 4 years (2005-2008). 

(2) Sector-wise analysis: In this type of analysis, ranking of the companies by major financial indicators, 

comparative graphs of individual companies and aggregate financial analysis of all companies within the 

sector are included. 

(3) Individual company analysis (using the financial data of last 4 years): This includes analysis of the 

balance sheet, analysis of the income statement, analysis of the share market performance and cash flows, and 

comprehensive set of financial ratios, and a group of selected graphs for every company. Also, the basic 

information related to the company activity is presented here. 

(4) Most recent Net Profit and Share Price Data: This includes the most recent net profit data of the first 

nine months of 2009 and the share price data as at the end of May 2009. 

For every company, sector, and the aggregate of corporate sector, 3 tables are provided in this study. These 

tables provide summarized financial information, and financial analysis required for assessing the financial 

condition and performance of the companies, sector, and the aggregate corporate sector. 

- The first table, provides the summarized balance sheet information using a well structured format. 

The details of the current assets, non-current assets, current liabilities, non-current liabilities, and 

equity are provided in this table. Every item in this table is also expressed as a percentage of the 

total assets for ease of comparison. 

- The second table provides the summarized profit and loss account information. It provides 

information on sales, gross profit, operating income, total income, operating expenses, total expenses, 

net profit and cash flow. Every item in the table is also expressed as a percentage of the total assets 

for ease of comparison. This table also provides information related to equity shares and changes in 

cash flows. 

- The third table provides the financial ratios related to our financial analysis. Six major types of 

ratios are given as following: 

a. Liquidity Ratios b. Structural Ratios 

c. Activity/Turnover Ratios d. Profitability Ratios 

e. Coverage Ratios f. Other Ratios 

Each type of these major ratios include a set of ratios under it which are calculated for each year, the average 

values of these ratios are also given for the 2005-2008 period. The major financial indicators and ratios are 

also portrayed by means of 10 graphs. 

12

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Research Unit 


Notes & Definitions Related to the Summarized Balance Sheet Information 

14 

1. Assets Assets represent economic resources that are owned by the company. 

Assets also represent where the funds are employed or applied by the 

company. Assets are further classified into current and non-current 

assets, depending upon the duration of their use. 

2. Current Assets They are cash and other assets or resources commonly identified as those 

which are reasonably expected to be realized in cash or sold or consumed 

during the normal operating cycle of the business or within one year. 

Current assets consist of items such as: cash in hand and current account 

balances in the banks, other short-term bank deposits made, accounts and 

notes receivable, short term investments in marketable (quoted) 

securities, miscellaneous short-term investments, inventory (goods or 

stocks), and other current assets like pre-paid expenses. 

3. Non-Current Assets These include all assets which are not classified as current assets. Items 

such as medium and long term bank deposits made if any, medium and 

long term (non-current) investments in quoted and unquoted securities, 

real estate investments, other long term investments such as those in 

subsidiaries and affiliates, medium and long term loans provided, fixed 

assets (land, buildings, motor vehicles, plant and machinery, etc.), fixed 

assets under construction, and other (miscellaneous) assets are 

considered as non-current assets. 

All tangible long term assets like land, buildings, furniture, plant and 

equipments, motor vehicles, etc. are included in the fixed assets. But the 

real estate investments by the real estate companies are shown 

separately. The fixed assets and real estate investments in buildings are 

shown at their net values (after depreciation). Wherever information is 

available the break-ups of the non-current assets are provided in the 

appropriate groups. 

4. 

Liquid Assets or 

Quick Assets 

These are in the form of cash in hand and readily available bank 

balances such as demand deposits or current account balances, short term 

investments, notes/accounts receivable and other assets that can be 

quickly converted into cash. It does not include inventory. 

5. Loans (given) Loans includes all types of loans, advances, discounts and overdrafts 

provided to others by the organization. This item is mostly found in the 

case of some investment companies. 

6. Miscellaneous Assets 

All the other types of assets. 

7. Liabilities Liabilities are amounts owed by the company to others, other than the 

share holders. They also represent outside sources of funds used by the 

company. The total liabilities consist of Current liabilities and Non 

Current Liabilities. 

8. Current Liabilities A current liability is a short term obligation or debt requiring settlement 

within one year or before. Items such as accounts/notes payable, 

overdrafts, short-term loans, deposit liabilities (short term) if any, and 

miscellaneous short-term obligations like accrued expenses are included 

under current liabilities.

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Research Unit 


9. Non-Current Liabilities A non-current liability is a long term obligation or debt requiring 

settlement after one year. It includes items like medium and long term 

loans or debts and miscellaneous non-current liabilities. 

16 

minority interest was included in the other liabilities by most companies. 

Now most companies have moved this item to the equity, but as an item 

separate from share holders’ equity. So total equity now includes 

minority interest also. 

10. Share Holder’s Equity It consists of paid up share capital or equity capital including the share 

capital raised by rights issues and bonus share issues, and all types of 

statutory/legal/special/general reserves created out of the profits of the 

company, and any undistributed or retained profits in the business. It 

represents the funds belonging to the shareholders of the company. The 

share Holder’s Equity is shown after reducing the treasury stock from 

1998 onwards. Proposed dividends are included in shareholder’s equity. 

Notes & Definitions Related to the Summarized Profit and Loss Account 

1. Sales and Cost of Sales Under the Summarized Profit and Loss Account table, wherever data 

available, the net value of sales (sales revenue) and cost of sales (cost of 

goods sold) are given. 

2. Gross Profit It is calculated by subtracting the cost of sales or goods sold from the 

sales revenue. For Real Estate Companies this information may not be 

available. 

3. Total Operating Income 

It is the income generated from all main line or important activities of 

the company. This includes gross profit, investment income, real estate 

income, interest income from bank deposits, loans, etc., and any other 

(miscellaneous) operating income from the main lines of the activities 

of the company. Investment and interest income are major sources of 

income for many non-investment companies in Kuwait. So, these types 

of incomes are included in the operating income calculation for all 

companies. 

4. Miscellaneous Income Income generated from the activities, not included in no. 3 above. 

5. Total Income The total income is the sum of the total operating income and the 

miscellaneous income. 

6. Total Operating 

Expenses 

7. Profit before tax 

and Deductions 

Minority interest is now included as an equity item. In the past, the 

It includes expenses such as administrative expenses (e.g., wages and 

salaries), marketing expenses (e.g., advertising and sales promotion 

expenses), financing expenses (e.g., interest paid on loans and 

borrowings taken by the company), and any other (miscellaneous) 

operating expenses. 

Profit before tax and deductions is calculated as the total income minus 

total expenses (Total expenses is the sum of total operating expenses and 

the other expenses).

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17

Research Unit 


8. Deductions The deductions represent items such as contributions to the KFAS, 

national labor tax, zakat, remuneration paid to the Board of Directors 

and any corporate taxes. For most companies corporate taxes are zero in 

Kuwait. 

9. Net Profit 

10. 

Cash Dividends 

proposed 

Net Profit before minority interest is calculated by subtracting all 

deductions from the “profit before tax and deductions”. Share holders' 

net profit is calculated after deducting the share of minority interest in 

profit. Share holders' net profit is the income available for the company 

to declare cash dividends or to enhance the reserves under the 

shareholders’ equity, or to add to the “retained earnings” in the business. 

This represents the part of net profits declared or proposed as dividends 

and paid to the shareholders in the form of cash. It is not the same as 

bonus shares or stock dividends which are declared from the reserves 

and retained earnings available. 

11. Retained Earnings It is the net profit of the year retained in the business in the form of 

reserves and retained earnings after the cash dividends. 

12. Cash Flow 

13. Other Information 

Cash flow is the sum of shareholders net profit and depreciation and 

amortization. It is the traditional form of cash flow. 

Market capitalization is the market value of shareholder's equity based 

on the closing share prices (number of shares multiplied by closing share 

price). 

Bonus shares are same as stock dividends / new shares issued to share 

holders without any cash payments. 

When information is available, the unrealized gains or losses related to 

real estates, investments etc. which are included in the net profit is 

shown separately. 

14. Cash Flow Statement This is the new form of cash flow statement which is based on cash and 

all cash equivalents. Cash and cash equivalents include cash in hand, 

current account balances, sight deposits, fixed deposits less than 3 

months, and other items which are as good as cash. This statement 

shows the opening and closing quantity as well as generation/use of 

cash and cash equivalents during the year. 

15. Increase or Decrease in 

Cash and Cash 

Equivalents 

18 

The increase (decrease) in cash and cash equivalents during the year is 

an account of 3 activities. (1) cash generated from (used in) operating 

activities, (2) cash generated from (used in) investment activities, and 

(3) cash generated from (used in) financing activities. Positive figures 

represent generation of cash and equivalent. Negative figures represent 

use of cash and equivalent.

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Research Unit 


20 

FINANCIAL RATIOS 

1. Cash to Assets It represents cash in hand and readily available bank balances like 

current accounts as a percentage of total assets of the company. 

2. Cash Equivalents to 

Assets 

It shows cash in hand, current accounts, and other assets as good as cash, 

as a percentage of total assets of the company. It is a strong measure of 

liquidity. 

3. Current Ratio (Times) Current Ratio is obtained by dividing current assets by current liabilities. 

It is a liquidity measure of the company regarding the ability of the 

company in meeting the short-term obligations or current liabilities. A 

current ratio of 2 or around is often considered desirable. When the 

current ratio decreases, creditors of the company would face higher risk 

of default. 

4. Liquidity Ratio 

(Times) 

It is calculated by dividing the liquid assets with the current liabilities. It 

is also known as the Quick Ratio. It provides a more refined measure of 

liquidity as compared to the current ratio. It indicates how quickly the 

company could meet the obligations of current liabilities by liquidating 

the Quick Assets. 

5. Liquid Assets to Assets It represents the liquid assets of the company as a percentage of its total 

assets. 

6. Liabilities to Assets It is an important measure of the leverage or capital structure. It is 

obtained by dividing all outside liabilities (liabilities other than 

shareholders’ equity) by total assets. It indicates what proportion of total 

assets is financed by funds provided by sources other than shareholders’ 

equity. As this ratio increases financial risk of the company increases. 

7. Equity to Assets The percentage of total assets financed by the Equity Funds including 

minority interests. Higher values of this ratio represent lower financial 

risk. It is the measure of financial solvency. 

8. Share Holders' Equity 

to Assets 

9. Long Term Liabilities 

to Equity (Times) 

10. 

Total Liabilities to 

Equity (Times) 

11. Debts (Borrowings) to 

Assets 

The percentage of total assets financed by the shareholders’ funds. 

Higher values of this ratio represent lower financial risk. It is the 

measure of financial solvency. 

It is the ratio between the long-term liabilities (liabilities other than the 

current liabilities) to the equity. It is a measure of financial leverage and 

risk. 

It is the ratio of all liabilities (current and non current liabilities) to the 

equity. It is also a measure of the financial leverage. High values for the 

ratio indicate higher financial risk. 

It is calculated as a percentage of total borrowings or debt to total assets 

and represents the proportion of total assets of the company financed by 

loans and other types of borrowings. It is also a measure of financial 

leverage and risk.

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Research Unit 


12. Current Assets to 

Assets 

13. Non Current Assets to 

Assets 

14. Net Working Capital 

to Assets 

It is the percentage of total assets held in the business as current assets. 

It is the percentage of total assets held in the business as non current 

assets. 

Net working capital is the difference between current assets and current 

liabilities. It is an indicator of the working capital position of the 

company. The net working capital has to be financed from the long term 

sources. 

15. Fixed Assets to Assets Percentage of total assets held by the company as fixed assets. 

16. Deposits to Assets 

17. Quoted Investments to 

Assets 

18. Total Investments to 

Assets 

19. Assets Turnover 

(Times) 

20. Inventory Turnover 

(Times) 

21. Receivables Period 

(Days) 

22. Sales Margin Ratios 

Percentage of assets financed by deposits obtained. 

It is the percentage of total assets of the company held in the form of 

securities investments in shares and bonds, both short and long term, 

which are quoted and marketable. It is a measure of the financial 

liquidity of the company. 

It is the percentage of total assets of the company held in the form of 

short term and long term investments, both quoted and unquoted. It 

includes non-securities investments also. 

It is the ratio of sales to assets. It is a measure of the operating activity. 

Higher ratios indicate higher rate of asset utilization. 

It is the ratio of the cost of sales or goods sold to the inventory. It 

indicates the efficiency of inventory utilization and management. 

It shows the collection period for collecting sales receivables from the 

customers. It is calculated by dividing the accounts/notes receivables 

with the average daily sales. 

Four Sales Margin Ratios are given in the table of financial ratios. 

These are: Gross Profit from Sales to Sales (%), Operating Income to 

Assets (%), Net Profit to Sales (%), and Cash Flows to Sales (%). 

These ratios indicate profitability of the sales operations. 

23. Return on Assets Return on assets is a broad measure of profitability. It is calculated by 

expressing the net profit as a percentage of the total assets of the 

company. 

24. Cash Flow to Assets It is the cash flow (net profit plus depreciation and amortization) 

expressed as a percentage of the total assets. It is also one important 

measure of profitability. 

25. Return on Equity Return on equity is a very important measure of profitability. It is 

expressed as the net profit as a percentage of the shareholders’ equity 

funds employed by the company. 

26. Cash Flow to Equity It is the cash flow (net profit plus depreciation and amortization) 

expressed as a percentage of shareholders’ equity. It is also one 

important measure of profitability. 

22

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Research Unit 


24 

27. Unrealized Profit to 

Net Profit 

It’s the part (percentage) of net profit not realized in actual terms, but 

expected to realize in future. 

28. Interest Cover (Times) Profit before interest divided by interest charges. It is an indicator of the 

ability of the company to meet interest obligations. 

29. Dividend Cover (Times) Net Profit divided by the proposed cash dividends. It is an indicator of 

the ability of the company to meet dividend obligations. 

30. Dividend Pay-Out Percentage of the net profit of the year distributed as cash dividends. 

31. Internal Growth Rate It is the annual growth rate of equity funds by retaining part of the 

profits. It is calculated as the percentage of retained profits of the year 

over the equity funds at the beginning of the year. It is also a measure of 

sustainable growth rate. 

32. MP/BV (Times) Ratio of market price per share to book value of share. 

33. Bonus Shares Percentage of equity shares issued as bonus shares in the year. 

34. P/E Ratio (Times) Market Price to Earning Per Share ratio. It is the market capitalization 

rate of earnings of the company. 

35. D/P Ratio -Dividend 

yield 

Cash dividend per share as a percentage of closing market price of the 

share. 

Notes & Definitions Related to Equity Share Information 

1. Market Capitalization It is the market value of total number of shares of the company 

calculated using the closing market price of the year. 

2. Bonus Shares It is the value of shares issued during the year as stock 

dividends/bonus shares. 

3. Par Value of Shares (KD) It is the original value of the shares. It does not include the reserves 

or retained earnings. For all Kuwait Stock Exchange Companies, the 

par value of shares are now 100 fils per share. 

4. Number of Shares 

5. Closing Price of Shares 

(KD) 

6. Earnings Per Share – EPS 

(KD) 

7. Dividends Per Share – DPS 

(KD) 

It is the number of equity shares issued and fully paid up. 

It is the price of shares quoted in the last day of the financial year in 

the stock exchange. 

It is obtained by dividing the net profit by total number of equity 

shares. It is a measure of profit generated per equity share. 

It is obtained by dividing total cash dividends declared for the year by 

total number of equity shares. It is a measure of dividends distributed 

per equity share. 

8. Book Value of Shares (KD) It is the accountants’ value of one ordinary share obtained by dividing 

the shareholders’ equity with the total number of shares.

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Research Unit 


SPECIAL NOTES 

1. Within each sector the individual companies are presented according to the Kuwait Stock 

Exchange number. This publication includes a comprehensive financial analysis for (6) new 

companies: (4) companies in the services sector, and one company in both the real estate and 

industrial sectors. 

2. We have included advertisements of 23 companies in this report. The advertisements are 

presented in each sector according to their KSE number. 

3. The items in the balance sheet and income statements of all companies are classified in a 

detailed format specially designed for this publication for four year only. Although, we 

presented the financial analysis only for 2 or 3 years for some companies due to unavailability 

of that data for different reasons. 

4. The classification of the balance sheet and income statement data is not absolutely ideal due to 

factors such as certain deficiencies and inconsistencies in the year to year presentations, and 

inadequacy of disclosure of details which are often found in the published annual reports of 

several companies included in this study. However, every possible care has been taken to use 

the correct classification consistently for all years. 

Financial Year : For most companies the financial year is same as the calendar year, but for a few 

companies it maybe different. 

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Research Unit 


All listed Kuwaiti Companies in Non-Financial Sectors 

Ranking by Assets 

Company Name 

2008 2007 

رﺎﻳد نﻣ ﺗﻟا 

Mill. KD. Rank 

ﻟﺎﻟا ﻏ تﺎﻋﺎﻟا ﻲﻓ ﺟرﻟا ﻳﻟا تﺎآﻟا ﻊﺟ 



لﺻﻷا ﻟ ﺎﻓو ﺗﻟا 

آﻟا ﺳا 

Mobile Telecommunications Co. (Zain) 5454.24 1 4367.00 1 

(ﻳز) ﻟا تﻻﺎﺗا آﺷ 

National Industries Group (Holding) 1733.15 2 2195.67 2 

ﻀﺑﺎﻟا ﻟا تﺎﻋﺎﻟا ﻋﻣ 

The Public Warehousing Co. (Agility) 1641.81 3 1536.02 3 

ﻣﻌﻟا نزﺎﻟا آﺷ 

National Mobile Telecommunications Co. 901.12 4 754.80 4 

ﻟا تﻻﺎﺗﻟ ﻟا آﻟا 

Kuwait Food Company (Americana) 554.61 5 584.12 5 

(ﺎﻧﺎﻳﻣا) ﻳﻏﻸﻟ ﻳﻟا آﻟا 

National Real Estate Company 532.95 6 396.28 8 

ﻳرﺎﻌﻟا ﻟا آﻟا 

Tamdeen Real Estate Company 445.34 7 432.08 6 

ﻳرﺎﻌﻟا ﻳﻟا آﺷ 

The Commercial Real Estate Company 398.70 8 337.49 10 

ﻳرﺎﻌﻟا ﻳرﺎﻟا آﻟا 

Boubyan Petrochemical Company 398.51 9 403.02 7 

تﺎﻳوﺎآوﻟ نﺎﺑﺑ آﺷ 

Al-Mazaya Holding Company 365.04 10 267.07 15 

ﻀﺑﺎﻟا ﺎﻳاﻟا آﺷ 

Sultan Center Food Products Company 333.55 11 301.50 13 

اﻐﻟا داﻟ نﺎﺳ آﻣ آﺷ 

United Real Estate Company 316.81 12 243.46 20 

ةﻟا تارﺎﻌﻟا آﺷ 

Abyar Real Estate Development Company 286.40 13 129.94 38 

يرﺎﻌﻟا ﻳﻟ رﺎﺑأ آﺷ 

Mena Holding Company 282.12 14 6.80 122 

ﻀﺑﺎﻟا ﺎﻣ آﺷ 

IFA Hotels & Resorts 277.88 15 224.12 22 

تﺎﻌﻟاو قدﺎﻟ ﺎﻳا آﺷ 

Munshaat Real Estate Projects Co. 277.45 16 257.27 16 

ﻳرﺎﻌﻟا ﻊﻳرﺎﻟ تﺂﻣ آﺷ 

Salhia Real Estate Company 264.01 17 324.70 12 

ﻳرﺎﻌﻟا ﻟﺎﻟا آﺷ 

ALAFCO Aviation Lease & Finance Co. 260.94 18 245.07 19 

تاﺎﻟا ﺟﺄﺗو ءاﺷ ﻳﻟ ﻓﻻ آﺷ 

Kuwait & Gulf Link Transport Co. 240.00 19 247.68 18 

ﻟ ﻟاو ﻳﻟا ﺑار آﺷ 

Kuwait Cement Company 239.38 20 365.12 9 

ﻳﻟا ﺳأ آﺷ 

Gulf Cable & Electrical Industries Co. 237.03 21 328.56 11 

ﺎﺑﻬﻟا تﺎﻋﺎﻟاو تﻼﺑﺎﻟ ﻟا آﺷ 

Mabanee Company 230.82 22 195.24 28 

ﻲﻧﺎﻟا آﺷ 

Privatization Holding Company 229.00 23 253.46 17 

ﻀﺑﺎﻟا ﻟا آﺷ 

AlSafwa Group Holding Company 205.05 24 268.23 14 

ﻀﺑﺎﻟا ةﻟا ﻋﻣ آﺷ 

Injazzat Real Estate Development Co. 203.03 25 167.02 31 

ﻳرﺎﻌﻟا ﻟ تازﺎﻧإ آﺷ 

ACICO For Industries 202.81 26 187.45 29 

تﺎﻋﺎﻟ ﺳأ آﺷ 

Kuwait Pipe Industries & Oil Services Co. 198.19 27 196.96 27 

ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 

United Industries Company 197.93 28 187.20 30 

ةﻟا تﺎﻋﺎﻟا آﺷ 

Independent Petroleum Group Company 197.66 29 242.12 21 

ﻟا ﻟوﻟا ﻋﻟا آﺷ 

Kuwait Commercial Markets Complex Co. 193.23 30 148.71 33 

ﻳﻟا ﻳرﺎﻟا قاﺳﻷا تﺎﻌﻣ آﺷ 

Kuwait Real Estate Company 177.45 31 217.49 23 

ﻳﻟا تارﺎﻋ آﺷ 

Al-Arabiya Real Estate Company 170.31 32 122.75 40 

ﻳرﺎﻌﻟا ﺑﻌﻟا آﻟا 

Al-Themar International Holding Company 166.48 33 214.15 25 

ﻀﺑﺎﻟا ﻟوﻟا رﺎﻟا آﺷ 

Grand Real Estate Projects Company 157.81 34 217.21 24 

ﻳرﺎﻌﻟا ىﻟا تﺎﻋوﻟا آﺷ 

Ajial Real Estate & Entertainment Company 150.62 35 140.07 35 

ﻬﻓﻟا ﻳرﺎﻌﻟا لﺎﺟأ آﺷ 

A'ayan Real Estate Company 147.06 36 47.04 73 

ﻳرﺎﻌﻟا نﺎﻋأ آﺷ 

Hits Telecom Holding Company 144.51 37 9.85 118 

ﻀﺑﺎﻟا مﺗ ه آﺷ 

Qurain Petrochemical Industries Company 141.45 38 161.37 32 

ﻟوﻟا تﺎﻳوﺎﻟا ﻋﺎﻟ ﻳﻟا آﺷ 

Al-Abraj Holding Company 136.18 39 91.39 46 

ﻀﺑﺎﻟا جاﺑﻷا آﺷ 

First Dubai Real Estate Development Co. 135.59 40 75.47 54 

يرﺎﻌﻟا ﻳﻟ ﻰﻟوﻷا ﻲﺑد آﺷ 

Al-Massaleh Real Estate Company 130.91 41 113.83 41 


National Ranges Company (Mayadeen) 128.75 42 146.92 34 

ﻳدﺎﻟ ﻟا آﻟا 

National Industries Company 125.86 43 133.11 36 

ﻟا تﺎﻋﺎﻟا آﺷ 

Combined Group Contracting Company 125.67 44 95.80 43 

تﻻوﺎﻟ آﻟا ﻋﻟا آﺷ 

Contracting & Marine Services Co. 125.64 45 77.07 53 

ﻳﻟا تﺎﻣﻟاو تﻻوﺎﻟا آﺷ 

Nafais Holding Company 118.89 46 44.09 79 

ﻀﺑﺎﻟا ﺎﻧ آﺷ 

Aref Energy Holding Company 116.62 47 8.68 120 

ﻀﺑﺎﻟا ﻗﺎﻟ فرﺎﻋ آﺷ 

Haj & Umrah Services Consortium (Mashaer) 113.57 48 130.09 37 

(ﻋﺎﻣ) ةﻌﻟاو ﻟا تﺎﻣﺧ ﻋﻣ آﺷ 

Ikarus Petroleum Industries Company 111.46 49 205.37 26 

ﻟا تﺎﻋﺎﻟ سورﺎﻳإ آﺷ 

Investors Group Holding Company 99.57 50 124.69 39 

ﻀﺑﺎﻟا نوﻟا ﻋﻣ آﺷ 

Mushrif Trading & Contracting Company 99.49 51 94.79 44 

تﻻوﺎﻟاو ةرﺎﻟ فﻣ آﺷ 

Burgan Co. for Well Drilling, Trading & Maint. 97.65 52 65.48 62 

ﻧﺎﻟاو ةرﺎﻟاو رﺎﺑﻵا ﻟ نﺎﻗﺑ آﺷ 

Heavy Engineering Ind.& Shipbuilding Co. 97.06 53 64.85 64 

ﻟا ءﺎﺑو ﻟا ﺳﻬﻟا تﺎﻋﺎﻟا آﺷ 

AlArgan International Real Estate Co. 95.69 54 90.34 47 

ﻳرﺎﻌﻟا ﻟﺎﻌﻟا نﺎﺟرﻷا آﺷ 

28



Company Name 

2008 2007 






G 

- G 

KG 

Ih 

JGQG 

 


آﻟا ﺳا 

Al-Dar National Real Estate Company 92.85 55 108.48 42 

تارﺎﻌﻟ ﻟا راﻟا آﺷ 

Educational Holding Group 91.59 56 68.81 59 

ﻀﺑﺎﻟا ﻌﻟا ﻋﻟا 

Al-Enma'a Real Estate Company 86.87 57 73.24 56 

ﻳرﺎﻌﻟا ءﺎﻧا آﺷ 

Tijara & Real Estate Investment Company 85.33 58 78.84 52 

يرﺎﻌﻟا رﺎﺳﻻاو ةرﺎﻟا آﺷ 

Safat Energy Holding Company 80.40 59 11.13 114 

ﻀﺑﺎﻟا ﻗﺎﻟ ةﺎﻟا آﺷ 

Kuwait Real Estate Holding Co. 77.49 60 65.39 63 

ﻀﺑﺎﻟا ﻳرﺎﻌﻟا ﻳﻟا آﻟا 

Kuwait National Airways Company 77.48 61 80.44 51 

ﻳﻟا ﻟا طﻟا آﺷ 

Jazeera Airways Company 73.05 62 82.90 50 

ةﻳﻟا نا آﺷ 

Kuwait Resorts Company 72.27 63 62.50 65 

تﺎهﻟ ﻳﻟا آﻟا 

Pearl of Kuwait Real Estate Company 66.88 64 87.18 48 

ﻳرﺎﻌﻟا ﻳﻟا ةﻟﻟ آﺷ 

Kuwait Business Town Real Estate Co. 65.72 65 72.13 57 

ﻳرﺎﻌﻟا ﻳﻟا لﺎﻋﻷا ﻳﻣ آﺷ 

Al-Safat TEC Holding Company 64.39 66 75.41 55 

ﻀﺑﺎﻟا ﺗ ةﺎﻟا آﺷ 

Arabi Holding Group Company 63.46 67 54.87 68 

ﻀﺑﺎﻟا ﻲﺑﻋ ﻋﻣ آﺷ 

Kuwait National Cinema Company 62.31 68 65.89 61 

ﻟا ﻳﻟا ﺎﻟا آﺷ 

Advanced Technology Company 61.27 69 46.19 76 

ﻲﺟﻟﻟا مﻟا آﺷ 

National Cleaning Company 61.19 70 29.16 87 

ﻟ ﻟا آﻟا 

Gulf Petroleum Investment Company 58.86 71 68.04 60 

ﻲﻟوﻟا رﺎﺳﻼﻟ ﻟا آﻟا 

Kuwait Portland Cement Company 54.13 72 84.13 49 

ﻳآ ﻧﻼﺗرﺑ ﺳأ آﺷ 

Livestock Transport & Trading Co. 51.99 73 58.61 66 

ﻲﺷاﻟا ةرﺎﺗو ﻧ آﺷ 

Tameer Real Estate Investment Company 50.13 74 46.69 74 

يرﺎﻌﻟا رﺎﺳﻼﻟ ﻌﻟا آﺷ 

Jeeran Holding Company 49.92 75 46.43 75 

ﻀﺑﺎﻟا ناﺟ آﺷ 

YIACO Medical Company 49.82 76 45.31 77 

ﻟا آﺎﻳ آﺷ 

Soor Fuel Marketing Company 47.67 77 51.14 69 

دﻗﻟا ﻳﻟ رﻟا آﺷ 

Kuwait Foundry Company 47.02 78 71.71 58 

ﻳﻟا ﻟا آﺷ 

Oula Fuel Marketing Company 46.50 79 51.11 70 

دﻗﻟ ﻲﻟا ﻳﻟ ﻰﻟوﻷا آﻟا 

Kout Food Group 45.33 80 37.97 83 

اﻐﻟا تآ ﻋﻣ 

Danah Al Safat Foodstuff Company 44.76 81 57.76 67 

اﻐﻟا ةﺎﻟا ﻧاد آﺷ 

United Projects Co. For Aviation Services 43.06 82 42.95 80 

ﻳﻟا تﺎﻣﻟ ةﻟا ﻊﻳرﺎﻟا آﺷ 

Eyas for Higher & Technical Education 40.89 83 29.09 88 

ﻲﻟاو ﻲﻳدﺎآﻷا ﻌﻟ سﺎﻳإ آﺷ 

Equipment Holding Company 40.82 84 47.36 72 

ﻀﺑﺎﻟا تاﻌﻟا آﺷ 

Arkan Al-Kuwait Real Estate Company 40.72 85 44.18 78 

ﻳرﺎﻌﻟا ﻳﻟا نﺎآرأ آﺷ 

Al-Salbookh Trading Company 38.10 86 30.87 86 

ﻳرﺎﻟا خﻟا آﺷ 

Mubarrad Transport Company 38.03 87 26.92 90 

ﻟ دﻣ آﺷ 

Al-Mowasat Holding Company 34.99 88 27.08 89 

ﻀﺑﺎﻟا ةﺎﺳاﻟا آﺷ 

Kuwait Co. for Process Plant Const. & Contrg. 34.73 89 31.10 85 

تﻻوﺎﻟاو ﻣﺎﻌﻟا ءﺎﻟ ﻳﻟا آﻟا 

Al Kout Industrial Projects Company 33.15 90 21.48 100 

ﻋﺎﻟا ﻊﻳرﺎﻟ تﻟا آﺷ 

Metal & Recycling Company 32.84 91 34.34 84 

ﻳﻟا تﺎﻋﺎﻟاو ندﺎﻌﻟا آﺷ 

International Resorts Company 32.45 92 23.39 96 

تﺎﻌﻟ ﻟوﻟا آﻟا 

Jeezan Holding Company 31.33 93 49.23 71 


The Transport & Warehousing Group Co. 30.06 94 41.87 81 

ﻳﻟاو ﻟا ﻋﻣ آﺷ 

Union Real Estate Company 29.99 95 37.98 82 

ﻳرﺎﻌﻟا دﺎﺗا آﺷ 

Aqar Real Estate Investments Company 27.24 96 26.73 92 

ﻳرﺎﻌﻟا تارﺎﺳﻼﻟ رﺎﻋ آﺷ 

Refrigeration Industries & Storage Co. 26.73 97 25.07 94 

ﻳﻟاو ﻳﻟا تﺎﻋﺎﺻ آﺷ 

Gulf Rocks Company 24.82 98 25.02 95 

رﻟ ﻟا آﻟا 

Credit Rating & Collection Company 23.67 99 25.18 93 

لاﻣﻷا ﺗو ﺗ آﺷ 

Sanam Real Estate Company 23.49 100 26.80 91 

ﻳرﺎﻌﻟا مﺎﺳ آﺷ 

HumanSoft Holding Company 23.25 101 21.65 99 

ﻀﺑﺎﻟا ﻓﺳ ﻣه آﺷ 

Future Kid Entertainment and Real Estate 22.87 102 18.52 103 

ﻳرﺎﻌﻟا ﻬﻓﻟا ﻟا آﺷ 

Hilal Cement Company 22.67 103 18.88 102 

لﻼﻬﻟا ﺳا آﺷ 

Network Holding Company 21.82 104 9.02 119 


Gulf Franchising Holding Company 20.98 105 22.25 98 

ﻀﺑﺎﻟا ﻟا تازﺎﻣﻻا آﺷ 

Hayat Communications Company 19.85 106 15.01 108 

تﻻﺎﺗﻟ تﺎﺣ آﺷ 

Safwan Trading & Contracting Company 19.57 107 18.06 104 

تﻻوﺎﻟاو ةرﺎﻟ ناﺻ آﺷ 

Kuwait United Poultry Company 18.11 108 20.56 101 

ﺟاوﻟ ةﻟا ﻳﻟا آﻟا 

Future Communications Company Global 17.96 109 15.68 107 

تﻻﺎﺗﻟ ﻟﺎﻌﻟا ﻟا آﺷ 

29

Research Unit 




Company Name 

2008 2007 







آﻟا ﺳا 

Kuwait Hotels Company 15.62 110 13.76 110 

ﻳﻟا قدﺎﻟا آﺷ 

Gulf Glass Manufacturing Company 15.19 111 14.40 109 

جﺎﺟﻟا ﻋﺎﻟ ﻟا آﺷ 

National Petroleum Services Company 15.00 112 16.49 105 

ﻟوﻟا تﺎﻣﻟ ﻟا آﻟا 

Shuaiba Industrial Company 14.75 113 15.75 106 

ﻋﺎﻟا ﻌﻟا آﺷ 

Palms AGRO-Production Company 13.70 114 13.29 112 

ﻲﻋارﻟا جﺎﻧﻟ ﻟا آﺷ 

Automated Systems Company 10.97 115 13.65 111 

ﻟﻵا ﻧﻷا آﺷ 

Kuwait Packing Mat. Manufacturing Co. 10.41 116 9.89 117 

ﻐﻟا داﻣ ﻋﺎﻟ ﻳﻟا آﻟا 

Al Safat Global Holding Company 9.93 117 11.41 113 

ﻀﺑﺎﻟا ﻟﺎﻌﻟا ةﺎﻟا آﺷ 

National Company for Consumer Industries 9.91 118 7.21 121 

آﻼﻬﺳﻻا تﺎﻋﺎﻟ ﻟا آﻟا 

United Foodstuff Industries Group Co. 9.11 119 10.79 115 

اﻐﻟا تﺎﻋﺎﻟ ةﻟا ﻋﻟا آﺷ 

Kuwait Cable Vision Company 6.05 120 10.37 116 

ﻲﻧﻳﻟا ﻟ ﻳﻟا آﻟا 

Kuwait Building Material Industry 5.56 121 5.67 123 

ءﺎﻟا داﻣ ﻋﺎﻟ ﻳﻟا آﻟا 

Kuwait Gypsum Manufacturing & Trading 4.98 122 5.17 124 

ﻟا ةرﺎﺗو ﻋﺎﻟ ﻳﻟا آﻟا 

Kuwait Slaughter House Company 3.73 123 4.48 125 

ﻟﺎﻟ ﻳﻟا آﻟا 

National Slaughterhouses Company 3.11 124 3.45 126 

ﻟﺎﻟ ﻟا آﻟا 

International Investment Projects Co. 91.43 45 

ﻳرﺎﺳﻻا تﺎﻋوﻟ ﻟوﻟا آﻟا 

Villa Moda Lifestyle Company 22.52 97 

ﻳﺎﺳ ﻳﻻ ادﻣ ﻼﻓ آﺷ 

30


Ranking by Share Holder's Equity 2008 2007 

هﺎﻟا قﻟ ﺎﻓو ﺗﻟا 

Company Name 






G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 













































































































31

Research Unit 





Company Name 






آﻟا ﺳا 















































































































32




Company Name 






G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 



























Network Holding Company -8.70 123 6.62 116 


Al Safat Global Holding Company -13.59 124 4.60 122 






33

Research Unit 



Ranking by Net Profit 

(Share Holder's) 

Company Name 

2008 2007 






ﺑﻟا ﻲﻓﺎﻟ ﺎﻓو ﺗﻟا 

(هﺎﻟا) 

آﻟا ﺳا 











































































































34




Company Name 

2008 2007 






G 

- G 

KG 

Ih 

JGQG 

 


(هﺎﻟا) 

آﻟا ﺳا 











































National Company for Consumer Industries -0.16 75 2.39 80 


Al-Mowasat Holding Company -0.27 76 1.10 105 


Automated Systems Company -0.51 77 2.99 78 


Jeeran Holding Company -0.95 78 4.56 61 


Credit Rating & Collection Company -1.12 79 1.33 100 


Aqar Real Estate Investments Company -1.18 80 1.73 89 


Kuwait Real Estate Holding Co. -1.43 81 2.24 84 


Kuwait National Airways Company -1.56 82 3.35 73 


Kuwait Business Town Real Estate Co. -1.66 83 5.11 57 


National Cleaning Company -1.69 84 0.45 120 


Kuwait United Poultry Company -1.72 85 -1.43 125 


Union Real Estate Company -2.49 86 4.27 65 


Livestock Transport & Trading Co. -2.62 87 3.30 74 


Tijara & Real Estate Investment Company -3.16 88 5.71 55 


Kuwait Cable Vision Company -3.62 89 1.36 99 


Aref Energy Holding Company -3.64 90 1.04 107 


Kuwait Foundry Company -3.85 91 9.30 40 


Al-Massaleh Real Estate Company -3.97 92 3.07 76 


Arabi Holding Group Company -4.33 93 1.69 90 


Gulf Franchising Holding Company -5.00 94 1.22 101 


Metal & Recycling Company -5.11 95 1.43 96 


Tameer Real Estate Investment Company -5.14 96 0.65 115 


Danah Al Safat Foodstuff Company -5.22 97 14.65 27 


Gulf Petroleum Investment Company -5.40 98 6.53 52 


Sultan Center Food Products Company -5.43 99 16.89 23 


Qurain Petrochemical Industries Company -5.62 100 14.80 26 


Pearl of Kuwait Real Estate Company -7.94 101 4.27 64 


Al-Safat TEC Holding Company -8.05 102 3.01 77 


Kuwait & Gulf Link Transport Co. -8.34 103 10.55 36 


Kuwait Portland Cement Company -8.75 104 10.83 35 


Equipment Holding Company -9.30 105 0.21 122 


National Industries Company -9.32 106 12.58 32 


Ajial Real Estate & Entertainment Company -9.34 107 6.66 50 


35

Research Unit 





Company Name 

2008 2007 







(هﺎﻟا) 

آﻟا ﺳا 

Mushrif Trading & Contracting Company -9.76 108 -13.79 126 


United Industries Company -11.23 109 27.94 13 


Privatization Holding Company -13.74 110 8.58 47 




Haj & Umrah Services Consortium (Mashaer) -19.91 112 8.82 45 (ﻋﺎﻣ) ةﻌﻟاو ﻟا تﺎﻣﺧ ﻋﻣ آﺷ 

Jeezan Holding Company -20.74 113 14.00 29 


Investors Group Holding Company -24.36 114 13.51 31 


National Ranges Company (Mayadeen) -27.06 115 9.00 44 


Al-Dar National Real Estate Company -27.07 116 1.40 98 




Grand Real Estate Projects Company -31.53 118 20.76 19 


Salhia Real Estate Company -35.49 119 30.98 11 


Kuwait Pipe Industries & Oil Services Co. -44.52 120 14.41 28 


Kuwait Real Estate Company -46.84 121 30.25 12 


Ikarus Petroleum Industries Company -49.21 122 11.61 33 


AlSafwa Group Holding Company -69.95 123 20.30 21 


National Industries Group (Holding) -281.96 124 209.36 2 






36


Ranking by Market Capitalization 2008 2007 ﻬﺳﻸﻟ ﻗﻟا ﻟ ﺎﻓو ﺗﻟا 

Company Name 






G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 















































Ikarus Petroleum Industries Company 100.50 24 188.28 * 17 




















Soor Fuel Marketing Company 76.46 34 34.61 * 81 


Jazeera Airways Company 75.00 35 23.28 * 98 
























Kuwait National Airways Company 56.00 46 56.06 * 65 












Kuwait Business Town Real Estate Co. 40.40 52 65.86 * 59 




37

Research Unit 




Company Name 






آﻟا ﺳا 





















Haj & Umrah Services Consortium (Mashaer) 31.40 64 100.26 39 (ﻋﺎﻣ) ةﻌﻟاو ﻟا تﺎﻣﺧ ﻋﻣ آﺷ 

















































































Future Kid Entertainment and Real Estate 13.55 105 17.13 * 108 








38



Company Name 






آﻟا ﺳا 



































Note : * indicates Market Capitalization is substituted by Share Holders' Equity 

G 

- G 

KG 

Ih 

JGQG 

 

39

Research Unit 



Ranking by Current Ratio 2008 2007 

لواﻟا ﻟ ﺎﻓو ﺗﻟا 

Company Name 

تاﻣ ﺗﻟا تاﻣ ﺗﻟا 

Times Rank Times Rank 


آﻟا ﺳا 













































































































40




Company Name 



G 

- G 

KG 

Ih 

JGQG 

 


آﻟا ﺳا 















































































































41

Research Unit 





Company Name 




آﻟا ﺳا 



































42


Ranking by Share Holder's Equity to Assets 2008 2007 لﺻﻷا ﻰﻟا هﺎﻟا قﻟ ﺎﻓو ﺗﻟا 

Company Name 

ﻳﻣ ﻧ ﺗﻟا ﻳﻣ ﻧ ﺗﻟا 

Percentage Rank Percentage Rank 

G 

- G 

KG 

Ih 

JGQG 

 


آﻟا ﺳا 













































































































43

Research Unit 




Company Name 




آﻟا ﺳا 













































































































44



Company Name 



G 

- G 

KG 

Ih 

JGQG 

 


آﻟا ﺳا 





































45

Research Unit 



Ranking by Return on Equity (ROE) 2008 2007 ﻟا قﺣ ﻰﻋ ﺎﻌﻟ ﺎﻓو ﺗﻟا 

Company Name 




آﻟا ﺳا 













































































































46



Company Name 



G 

- G 

KG 

Ih 

JGQG 

 


آﻟا ﺳا 















































Al-Mowasat Holding Company -1.89 78 7.41 98 




Kuwait National Airways Company -3.13 80 5.97 109 


Jeeran Holding Company -3.84 81 17.16 48 








Credit Rating & Collection Company -4.81 85 5.38 113 


Aref Energy Holding Company -5.02 86 17.13 49 


Sultan Center Food Products Company -5.23 87 12.78 70 


Automated Systems Company -5.66 88 26.37 18 


Livestock Transport & Trading Co. -5.71 89 6.38 105 








National Cleaning Company -8.83 93 4.27 117 




Kuwait & Gulf Link Transport Co. -11.81 95 13.17 69 


Privatization Holding Company -12.38 96 5.31 114 


Danah Al Safat Foodstuff Company -12.82 97 26.87 13 








Kuwait United Poultry Company -16.15 101 -11.59 125 




Gulf Petroleum Investment Company -17.13 103 23.60 24 




Al-Safat TEC Holding Company -19.69 105 6.15 107 




Arabi Holding Group Company -22.19 107 14.46 61 




47

Research Unit 




Company Name 




آﻟا ﺳا 

Haj & Umrah Services Consortium (Mashaer) -30.99 109 11.49 76 






National Ranges Company (Mayadeen) -39.71 112 8.24 95 


Gulf Franchising Holding Company -41.98 113 6.77 102 


Mushrif Trading & Contracting Company -43.43 114 -74.90 126 
















AlSafwa Group Holding Company -112.37 122 16.08 55 


Kuwait Cable Vision Company -116.82 123 18.61 41 


Kuwait Pipe Industries & Oil Services Co. -119.99 124 16.58 54 






48

14000 

12000 

10000 

8000 

6000 

4000 

2000 

0 

6000 

5000 

4000 

3000 

2000 

1000 

1000 

800 

600 

400 

200 

0 

-200 

-400 

-600 

0 

Sectorwise Comparative Graphs 

Total Assets (in Million KD) 

Real Estate Industrial Services Food 

Total Equity (in Million KD) 


Net Profit (in Million KD) 


G 

- G 

2005 

2006 

2007 

2008 

2005 

2006 

2007 

2008 

2005 

2006 

2007 

2008 

KG 

Ih 

JGQG 

 

49

Research Unit 


50 

2.5 

2 

1.5 

1 

0.5 

0 

80.00 

70.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

Sectorwise Comparative Graphs 

Current Ratio (Times) 


Equity to Assets (%) 


ROE (%) 


2005 

2006 

2007 

2008 

2005 

2006 

2007 

2008 

2005 

2006 

2007 

2008

All listed Kuwaiti Companies in Non-Financial Sectors ﻟﺎﻟا ﻏ تﺎﻋﺎﻟا ﻲﻓ ﺟرﻟا ﻳﻟا تﺎآﻟا ﻊﺟ 

Million KD 

25000 

20000 

15000 

10000 

5000 

0 

Million KD 

10000 

8000 

6000 

4000 

2000 

1.8 

1.6 

1.4 

1.2 

1.0 

0.8 

0.6 

0.4 

0.2 

0.0 

25 

20 

15 

10 

5 

0 

0 

Total Assets Share Holders 

Equity 

2005 2006 2007 2008 

Major Indicators (Graphs) 

Mkt 

Capitalization 

Current Assets Current Liabilities 

2005 2006 2007 2008 

Million KD 

Current Ratio (Times) Equity to Assets (%) Return on Assets (%) 

2005 2006 2007 2008 

70 

60 

50 

40 

30 

20 

10 

0 

Return on Equity (%) MP/BV (Times) P/E Ratio (Times) 

2005 2006 2007 2008 

3.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

5000 

4000 

3000 

2000 

1000 

0 

Million KD 

2000.0 

1500.0 

1000.0 

500.0 

0.0 

2005 2006 2007 2008 

2005 2006 2007 2008 

Total Income Share Holder's Net Profit 

2005 2006 2007 2008 

Share Holder's Net Profit Cash Dividends 

2005 2006 2007 2008 

16 

14 

12 

10 

14 

12 

10 

8 

6 

4 

2 

0 

8 

6 

4 

2 

0 

G 

- G 

KG 

Ih 

JGQG 

 

2005 2006 2007 2008 

2005 2006 2007 2008 

53

Research Unit 



Table (1) : Balance Sheet Data ﻣﻌﻟا ﻧاﻟا تﺎﻧﺎﺑ :(١) لوﺟ 

(Amt. in Million KD, % = Percentage of Total Assets) 

2005 2006 2007 2008 

Amt. % Amt. % Amt. % Amt. % 

(لﺻﻷا ﻲﻟﺎﺟإ ﻣ ﻳﻣ ﻧ = % ، ك.د نﻟﺎﺑ ﻎﻟا) 

Cash and Current Account 340.82 2.84 728.18 4.55 588.33 2.77 674.04 2.92 

ﻳرﺎﺟ تﺎﺑﺎﺣو ﻧ 

Bank Deposits (S.T) 664.49 5.53 993.71 6.21 869.39 4.10 1010.60 4.37 (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 

Short Term Investments (Quoted) 824.59 6.87 798.72 4.99 1075.48 5.07 374.57 1.62 (ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 

Miscellaneous Investments (S.T) 711.99 5.93 704.84 4.41 1003.09 4.73 727.50 3.15 (ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 

Accounts / Notes Receivables 1133.51 9.44 1355.44 8.47 2004.16 9.45 2219.48 9.61 ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 

Inventory 315.56 2.63 364.45 2.28 434.23 2.05 572.01 2.48 

نوﻣ 

Other Current Assets 377.03 3.14 555.26 3.47 950.24 4.48 1054.45 4.56 ىﺧأ ﻟواﻣ لﺻأ 

Total Current Assets 4367.99 36.38 5500.58 34.39 6924.93 32.64 6632.63 28.71 

ﻟواﻟا لﺻﻷا ﻲﻟﺎﺟا 

Quoted Investments (Non Current) 873.52 7.28 1200.91 7.51 2079.69 9.80 1173.15 5.08 (ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 

Real Estate Investments 1112.05 9.26 1255.14 7.85 1522.60 7.18 1768.90 7.66 

ﻳرﺎﻋ تارﺎﺳا 

Other Investments (Non Current) 1758.67 14.65 2206.54 13.79 3367.25 15.87 3830.98 16.58 (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 

Loans Given 3.86 0.03 5.89 0.04 176.01 0.83 5.21 0.02 

ﺣﻣ ضوﻗ 

Fixed Assets 1937.14 16.14 2449.02 15.31 3014.32 14.21 3707.44 16.05 

ﺑﺎﺛ لﺻأ 

Fixed Assets Under Construction 439.43 3.66 1181.89 7.39 1584.91 7.47 2373.46 10.27 ءﺎﻧا ﺗ ﺑﺎﺛ لﺻأ 

Miscellaneous Assets 1512.35 12.60 2195.34 13.72 2540.51 11.98 3602.25 15.59 

ﻋﻣ لﺻأ 

Total Non Current Assets 7637.80 63.62 10495.36 65.61 14288.57 67.36 16471.33 71.29 

ﻟواﻟا ﻏ لﺻﻷا ﻲﻟﺎﺟا 

Total Assets 12005.79 100.00 15995.94 100.00 21213.51 100.00 23103.96 100.00 

لﺻﻷا ﻲﻟﺎﺟا 

Over Drafts and Loans (S.T) 1226.07 10.21 1817.01 11.36 2804.03 13.22 3330.39 14.41 ضوﻗو فﻟا ﻰﻋ ﺳ 

Accounts / Notes Payables 868.27 7.23 1193.61 7.46 1451.86 6.84 1690.36 7.32 ﻊﻓد قاروأ / اد تﺎﺑﺎﺣ 

Deposit Liability (S.T) 14.95 0.12 19.28 0.12 19.69 0.09 18.81 0.08 (ﺟﻷا ةﻗ) ﻊادو تﺎﻣاﻟا 

Miscellaneous Current Liabilities 716.62 5.97 1095.00 6.85 1759.73 8.30 2625.90 11.37 ﻋﻣ ﻟواﻣ مﺧ 

Total Current Liabilities 2825.90 23.54 4124.89 25.79 6035.31 28.45 7665.45 33.18 

ﻟواﻟا مﻟا ﻰﻟﺎﺟا 

Debts / Loans (Non Current) 1526.35 12.71 2237.51 13.99 3175.23 14.97 3464.19 14.99 (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 

Miscellaneous Liabilities 255.39 2.13 535.49 3.35 613.79 2.89 1343.78 5.82 

ﻋﻣ مﺧ 

Total Non Current Liabilities 1782.29 14.85 2773.00 17.34 3789.02 17.86 4820.42 20.86 

Total Liabilities 

ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 

4608.20 38.38 6897.90 43.12 9824.33 46.31 12485.87 54.04 

مﻟا ﻲﻟﺎﺟا 

Minority Interests 300.72 2.50 510.84 3.19 746.31 3.52 844.78 3.66 

ﻗﻷا قﺣ 

Paid Up Capital 2070.05 17.24 2924.09 18.28 3441.24 16.22 4354.11 18.85 

عﻓﻟا لﺎﻟا سأر 

Treasury Shares -119.61 -1.00 -170.27 -1.06 -139.17 -0.66 -808.55 -3.50 

ﻳﻟا ﻬﺳأ 

Reserves & Retained Earnings 5146.43 42.87 5833.37 36.47 7340.81 34.60 6227.75 26.96 ةﻣ حﺎﺑرأو تﺎﺎﺣا 

Total Share Holders' Equity 7096.87 59.11 8587.20 53.68 10642.87 50.17 9773.31 42.30 هﺎﻟا قﺣ ﻲﻟﺎﺟا 

Total Equity 7397.59 61.62 9098.04 56.88 11389.18 53.69 10618.09 45.96 ﻟا قﺣ ﻲﻟﺎﺟا 

54 

Total Liabilities & Equity 12005.79 100.00 15995.94 100.00 21213.51 100.00 23103.96 100.00 ﻟا قﺣو مﻟا ﻰﻟﺎﺟا


Table (2) : Analysis of Income and Expenses 


2005 2006 2007 2008 

Amt. % Amt % Amt % Amt. % 

ﻳرﺎﻟاو تاداﻳﻻا ﺗ :(٢) لوﺟ 


Sales 3556.05 29.62 5158.72 32.25 6936.16 32.70 8742.96 37.84 

تﺎﻌﻟا 

Cost of Sales 2405.85 20.04 3270.18 20.44 4271.62 20.14 5678.10 24.58 

تﺎﻌﻟا ﺗ 

Gross Profit 1176.06 9.80 1908.80 11.93 2664.53 12.56 3064.86 13.27 

ﻲﻟﺎﺟا ﺑﻟا 

Investment Income 832.20 6.93 190.48 1.19 748.33 3.53 209.34 0.91 

رﺎﺳا تاداﻳا 

Interest Income 22.27 0.19 67.28 0.42 95.67 0.45 101.05 0.44 

ةﺎﻟا تاداﻳا 

Real Estate Income 203.63 1.70 259.05 1.62 383.04 1.81 396.69 1.72 

تارﺎﻌﻟا تاداﻳا 

Misc. Operating Income 34.94 0.29 36.09 0.23 55.89 0.26 74.94 0.32 

ﻋﻣ ﻐﺗ تاداﻳا 

Total Operating Income 2269.10 18.90 2461.71 15.39 3947.46 18.61 3846.89 16.65 ﻐﻟا تاداﻳا ﻲﻟﺎﺟإ 

Misc. Income 455.64 3.80 434.01 2.71 398.61 1.88 144.65 0.63 

ﻋﻣ تاداﻳا 

Total Income 2724.74 22.70 2895.72 18.10 4346.07 20.49 3991.54 17.28 

تاداﻳﻻا ﻲﻟﺎﺟإ 

Administrative Expenses 298.07 2.48 405.91 2.54 895.92 4.22 1074.80 4.65 

ﻳرادإ ﻳرﺎﻣ 

Marketing Expenses 261.83 2.18 428.88 2.68 582.10 2.74 703.09 3.04 

ﻳﻟا ﻳرﺎﻣ 

Financing Expenses 161.23 1.34 262.30 1.64 386.59 1.82 466.45 2.02 


Misc. Operating Expenses 228.22 1.90 308.73 1.93 475.13 2.24 1685.21 7.29 ﻋﻣ ﻐﺗ ﻳرﺎﻣ 

Total Operating Expenses 949.35 7.91 1405.83 8.79 2339.73 11.03 3929.55 17.01 ﻐﻟا ﻳرﺎﻟا ﻲﻟﺎﺟإ 

Misc. Expenses 3.68 0.03 

ﻋﻣ ﻳرﺎﻣ 

Total Expenses 953.03 7.94 1405.83 8.79 2339.73 11.03 3929.55 17.01 

ﻳرﺎﻟا ﻲﻟﺎﺟإ 

Profit Before Taxes & Deductions 1771.71 14.76 1489.89 9.31 2006.34 9.46 61.99 0.27 تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 83.65 0.70 91.08 0.57 116.10 0.55 106.34 0.46 

تﺎﻋﺎﺳﻻا 

Net Profit before Minority Interest 1688.06 14.06 1398.80 8.74 1890.23 8.91 -44.35 -0.19 ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 

Share Of Minority Interest in Net Profit 24.07 0.20 74.71 0.47 77.06 0.36 -71.07 -0.31 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 

Share Holders Net Profit 1663.99 13.86 1324.10 8.28 1813.17 8.55 26.72 0.12 ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 

Cash Dividends proposed 553.87 4.61 642.17 4.01 764.91 3.61 364.89 1.58 ﺣﻟا ﻳﻟا تﺎﻌﻳزﻟا 

Retained Earnings 1104.39 9.20 681.93 4.26 1048.26 4.94 -338.16 -1.46 

ﺣﻣ حﺎﺑرأ 

Cash Flow * 1951.95 * 16.26 1714.34 * 10.72 2328.50 * 10.98 707.61 3.06 

* ﻳﻟا تﺎﻓﻟا 

Other Information ىﺧأ تﺎﻧﺎﺑ 

Market Capitalization 17541.26 16957.28 23762.19 12898.15 

ﻬﺳﻸﻟ ﻗﻟا ﻟا 

Bonus Shares 226.71 221.05 347.36 50.04 

ﻟا ﻬﺳأ 

Number of Shares (Million) 20310.50 169.17 29240.95 182.80 34412.36 162.22 43541.07 188.46 

(نﻣ) ﻬﺳﻷا دﻋ 

Unrealized Gain on Investments, Real 

Estate, etc 

225.16 1.88 -59.53 -0.37 311.32 1.47 -243.77 -1.06 

،تارﺎﺳﻻا ﻰﻋ ﻟا ﻏ ﺎﻌﻟا 

ﻟا .. تارﺎﻌﻟا 

Cash Flow Statement ﻳﻟا تﺎﻓﻟا نﺎﺑ 

Cash generated from (used in) Operating 

Actvities 

Cash generated from (used in) 

Investment Actvities 

Cash generated from (used in) Financing 

Actvities 

Increase(Decrease) in Cash/Cash 

Equivalents during the Year 

887.08 7.39 1785.33 11.16 1418.18 6.69 1612.82 6.98 

-2228.93 -18.57 -2437.68 -15.24 -3281.60 -15.47 -2721.38 -11.78 

1749.69 14.57 1271.77 7.95 1618.06 7.63 1179.00 5.10 

407.84 3.40 619.42 3.87 -245.36 -1.16 70.44 0.30 

G 

- G 

KG 

Ih 

JGQG 

 

ﻧﻷا ﻣ (مﻟا) ﺗﺎﻟا ﻟا 

ﻐﻟا 


ﻳرﺎﺳﻻا 


ﻳﻟا 

ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 

ﻟا لﻼﺧ لدﺎﻌﻟا 

* Share Holder's Net Profit + Depreciation/Amortization ءﺎاو كﻼﻬﺳﻻا + هﺎﻟا قﺣ ﺑر ﻲﻓﺎﺻ * 

55

Research Unit 



Table (3) : Financial Ratios ــﻟﺎﻣ ــﻧ : (٣) لوﺟ 

2005 2006 2007 2008 

Average 

A. Liquidity Ratios ﻟﻟا ﻧ .ا 

Cash to Assets (%) 2.84 4.55 2.77 2.92 3.27 

(%) لﺻﻷا ﻰﻟا ﻳﻟا 

Cash Equivalents to Assets (%) 7.59 9.57 6.09 5.69 7.24 

(%) لﺻﻷا ﻰﻟإ لدﺎﻌﻟا ﻟا 

Current Ratio (Times) 1.55 1.33 1.15 0.87 1.22 

(تاﻣ) لواﻟا ﻧ 

Liquidity Ratio (Times) 1.43 1.25 1.08 0.79 1.14 

(تاﻣ) ﻟﻟا ﻧ 

Liquid Assets to Assets (%) 33.75 32.11 30.60 26.23 30.67 

(%) لﺻﻷا ﻰﻟا ﺎﻟا لﺻﻷا 

B. Structural Ratios لﺎﻟا سأر ه ﻧ .ب 

Total Liabilities to Assets (%) 38.38 43.12 46.31 54.04 45.46 

(%) لﺻﻷا ﻰﻟا مﻟا ﻰﻟﺎﺟا 

Equity to Assets (%) 61.62 56.88 53.69 45.96 54.54 

(%) لﺻﻷا ﻰﻟا ﻟا قﺣ 

Share Holder's Equity to Assets (%) 59.11 53.68 50.17 42.30 51.32 

(%) لﺻﻷا ﻰﻟا هﺎﻟا قﺣ 

L.T. Liabilities to Equity (Times) 0.24 0.30 0.33 0.45 0.33 (تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 

Total Liabilities to Equity (Times) 0.62 0.76 0.86 1.18 0.85 (تاﻣ) ﻟا قﺣ ﻰﻟا مﻟا ﻰﻟﺎﺟا 

Debt to Assets (%) 22.93 25.35 28.19 29.41 26.47 

(%) لﺻﻷا ﻰﻟا نﻳﻟا 

Current Assets to Assets (%) 36.38 34.39 32.64 28.71 33.03 

(%) لﺻﻷا ﻰﻟا ﻟواﻟا لﺻﻷا 

Non Current Assets to Assets (%) 63.62 65.61 67.36 71.29 66.97 (%) لﺻﻷا ﻰﻟا ﻟواﻟا ﻏ لﺻﻷا 

Net Working Capital to Assets (%) 12.84 8.60 4.19 -4.47 5.29 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

Fixed Assets to Assets (%) 19.80 22.70 21.68 26.32 22.62 

(%) لﺻﻷا ﻰﻟا ﺑﺎﻟا لﺻﻷا 

Deposits to Assets (%) 5.54 6.22 4.11 4.42 5.07 

(%) لﺻﻷا ﻰﻟا ﻊادﻟا 

Quoted Investments to Assets (%) 14.14 12.50 14.87 6.70 12.05 

(%) لﺻﻷا ﻰﻟا ةﻌﻟا تارﺎﺳا 

Total Investments to Assets (%) 43.99 38.55 42.65 34.09 39.82 

(%) لﺻﻷا ﻰﻟا تارﺎﺳا ﻰﻟﺎﺟا 

C. Activity / Turnover Ratios ناروﻟا لﻌﻣ / طﺎﻟا ﻧ .ج 

Asset Turnover (Times) 0.30 0.32 0.33 0.38 0.33 

(تاﻣ) لﺻﻷا نارود لﻌﻣ 

Inventory Turnover (Times) 7.62 8.97 9.84 9.93 9.09 

(تاﻣ) نوﻟا نارود لﻌﻣ 

Receivables Period (Days) 116.35 95.90 105.46 92.66 102.59 

(مﺎﻳأ) ﻟا ةﻓ 

D. Profitability Ratios ﺑﻟا ﻧ .د 

Gross Profit from Sales to Sales (%) 33.07 37.00 38.42 35.06 35.89 (%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 

Operating Income to Assets (%) 18.90 15.39 18.61 16.65 17.39 

(%) لﺻﻷا ﻰﻟا ﻐﻟا تاداﻳا 

Net Profit (Share Holder's) to Sales (%) 46.79 25.67 26.14 0.31 24.73 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 54.89 33.23 33.57 8.09 32.45 

(%) تﺎﻌﻟا ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Return on Assets (%) 13.86 8.28 8.55 0.12 7.70 

(%) لﺻﻷا ﻰﻋ ﺎﻌﻟا 

Cash Flow to Assets (%) 16.26 10.72 10.98 3.06 10.25 

(%) لﺻﻷا ﻰﻟإ ﻳﻟا تﺎﻓﻟا 

Return on Equity (%) 23.45 15.42 17.04 0.27 14.04 

(%) ﻟا قﺣ ﻰﻋ ﺎﻌﻟا 

Cash Flow to Equity (%) 27.50 19.96 21.88 7.24 19.15 

(%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) 13.53 -4.50 17.17 

(%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 

E. Coverage Ratios ﻐﻟا ﻧ .ه 

Interest Cover (Times) 11.32 6.05 5.69 1.06 6.03 

(تاﻣ) ةﺎﻟا ﻐﺗ 

Dividend Cover (Times) 3.00 2.06 2.37 0.07 1.88 

(تاﻣ) ﻳﻟا تﺎﻋزﻟا ﻐﺗ 

F. Other Ratios ىﺧأ ﻧ .و 

Dividend Payout (%) 33.29 48.50 42.19 

(%) يﻟا ﻊﻳزﻟا ﻧ 

Internal Growth Rate (%) 26.97 

(%) ﻲﺧاﻟا ﻟا لﻌﻣ 

Earnings Per Share (KD) 0.082 0.045 0.053 0.001 0.045 

(ك.د) ﺣاﻟا ﻬﻟا ﺑر 

Dividends Per Share (KD) 0.027 0.022 0.022 0.008 0.020 

(ك.د) ﻬﻟ عزﻟا يﻟا ﺑﻟا 

Book Value of Shares (KD) 0.349 0.294 0.309 0.224 0.294 

(ك.د) ﻬﻟ ﻳﻓﻟا ﻟا 

MP/BV (Times) 2.47 * 1.97 * 2.23 * 1.32 2.00 

(تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 

Bonus Shares (%) 10.95 7.56 10.09 1.15 7.44 

(%) ﻟا ﻬﺳأ 

P/E Ratio (Times) 10.54 * 12.81 * 13.11 * 

(تاﻣ) ﺑﻟا / ﻌﻟا 

D/P Ratio (%) 3.16 * 3.79 * 3.22 * 2.83 3.25 

(%) ﻌﻟا / عزﻟا ﺑﻟا 

Note : * Indicates that for some companies Market Capitalization is substituted by Share Holders' Equity. 

56

Real Estate Sector رﺎﻌﻟا عﺎﻗ 

RepRankAssetsSector 

Ranking by Assets 2008 2007 


Company Name 





G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 







































































63

Research Unit 





Company Name 





آﻟا ﺳا 







































































64


Ranking by Net Profit (Share Holder's) 2008 2007 (هﺎﻟا) ﺑﻟا ﻲﻓﺎﻟ ﺎﻓو ﺗﻟا 

Company Name 





G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 







































































65

Research Unit 




Company Name 





آﻟا ﺳا 

































Kuwait Business Town Real Estate Co. 40.40 17 65.86 * 21 






































Note : * Indicates Market Capitalization is substituted by Share Holders' Equity 

66




Company Name 

تاﻣ ﺗﻟا 

Times Rank 


Times Rank 

G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 







































































67

Research Unit 



Ranking by Share Holder's Equity to 

Assets 

Company Name 

2008 2007 



لﺻﻷا ﻰﻟا هﺎﻟا قﻟ ﺎﻓو ﺗﻟا 

آﻟا ﺳا 







































































68



Company Name 



G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 







































































69

Research Unit 


70 


Million KD 

6000 

5000 

4000 

3000 

2000 

1000 

0 

Million KD 

2000 

1500 

1000 

500 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

25 

20 

15 

10 

5 

0 

-5 

-10 

0 


Equity 

2005 2006 2007 2008 


Mkt Capitalization 


2005 2006 2007 2008 

Million KD 

800 

700 

600 

500 

400 

300 

200 

100 

0 

-100 

-200 

Million KD 

-100.0 

-200.0 


2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

500.0 

400.0 

300.0 

200.0 

100.0 


2005 2006 2007 2008 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

0.0 

2005 2006 2007 2008 

2005 2006 2007 2008 


2005 2006 2007 2008 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

-2 

-4 

20 

15 

10 

5 

0 

-5 

-10 

-15 

-20 

-25 

2005 2006 2007 2008 

2005 2006 2007 2008





2005 2006 2007 2008 








Inventory 3.09 0.10 1.87 0.05 3.78 0.08 3.96 0.07 

نوﻣ 

Other Current Assets 160.37 5.22 157.77 4.23 315.78 6.37 251.19 4.59 

ىﺧأ ﻟواﻣ لﺻأ 

Total Current Assets 1014.32 33.00 1089.91 29.25 1471.01 29.68 1065.92 19.48 ﻟواﻟا لﺻﻷا ﻲﻟﺎﺟا 





Loans Given ﺣﻣ ضوﻗ 

Fixed Assets 231.10 7.52 149.12 4.00 167.13 3.37 186.60 3.41 





Total Non Current Assets 2059.04 67.00 2635.74 70.75 3485.69 70.32 4406.55 80.52 ﻟواﻟا ﻏ لﺻﻷا ﻲﻟﺎﺟا 

Total Assets 3073.35 100.00 3725.65 100.00 4956.70 100.00 5472.47 100.00 






Total Current Liabilities 480.54 15.64 656.27 17.61 1324.71 26.73 1796.66 32.83 ﻟواﻟا مﻟا ﻰﻟﺎﺟا 



ﻋﻣ مﺧ 

Total Non Current Liabilities 427.30 13.90 609.80 16.37 627.50 12.66 947.55 17.31 ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 


G 

- G 

KG 

Ih 

JGQG 

 

907.84 29.54 1266.06 33.98 1952.22 39.39 2744.21 50.15 










Total Equity 2165.51 70.46 2459.59 66.02 3004.48 60.61 2728.26 49.85 

ﻟا قﺣ ﻲﻟﺎﺟا 

Total Liabilities & Equity 3073.35 100.00 3725.65 100.00 4956.70 100.00 5472.47 100.00 ﻟا قﺣو مﻟا ﻰﻟﺎﺟا 

71

Research Unit 





2005 2006 2007 2008 




Sales 0.00 0.00 0.00 0.00 5.14 0.10 15.56 0.28 

تﺎﻌﻟا 





Investment Income 313.06 10.19 -62.81 -1.69 161.85 3.27 -9.97 -0.18 








Total Operating Income 500.92 16.30 195.31 5.24 500.30 10.09 389.31 7.11 

ﻐﻟا تاداﻳا ﻲﻟﺎﺟإ 

Misc. Income 86.56 2.82 168.42 4.52 163.35 3.30 39.06 0.71 


Total Income 587.47 19.12 363.73 9.76 663.66 13.39 428.37 7.83 








Misc. Operating Expenses 22.47 0.73 39.37 1.06 38.88 0.78 369.68 6.76 

ﻋﻣ ﻐﺗ ﻳرﺎﻣ 

Total Operating Expenses 100.52 3.27 141.94 3.81 192.76 3.89 553.56 10.12 

ﻐﻟا ﻳرﺎﻟا ﻲﻟﺎﺟإ 

Misc. Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 




Profit Before Taxes & Deductions 486.95 15.84 221.79 5.95 470.90 9.50 -125.19 -2.29 تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 14.74 0.48 11.21 0.30 16.71 0.34 5.40 0.10 




Share Holders Net Profit 468.90 15.26 206.65 5.55 445.67 8.99 -109.37 -2.00 ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 

Cash Dividends proposed 103.83 3.38 119.37 3.20 145.54 2.94 20.81 0.38 

ﺣﻟا ﻳﻟا تﺎﻌﻳزﻟا 



Cash Flow * 482.82 * 15.71 221.65 * 5.95 464.65 * 9.37 -88.41 -1.62 



Market Capitalization 4100.90 133.43 3232.62 86.77 4063.12 81.97 2086.00 38.12 


Bonus Shares 105.65 65.18 113.92 23.79 


Number of Shares (Million) 9654.13 12482.24 14063.37 15818.02 



Estate, etc 

137.14 4.46 -88.21 -2.37 51.60 1.04 -35.24 -0.64 




Cash/Cash Equivalents at the 

beginning of the year 

108.44 3.53 86.91 2.33 203.61 4.11 134.80 2.46 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 

Cash generated from (used in) 11.97 92.29 66.91 86.29 


Operating Actvities 

ﻐﻟا 

Cash generated from (used in) -305.75 -217.01 -592.10 -555.79 






Financing Actvities 

ﻳﻟا 

Increase(Decrease) in Cash/Cash -21.44 -0.70 110.28 2.96 -17.52 -0.35 50.79 0.93 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 


ﻟا لﻼﺧ 

Cash/Cash Equivalents at the end of 

the Year 

87.00 2.83 197.19 5.29 186.10 3.75 185.59 3.39 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 

* Share Holder's Net Profit + Depreciation/Amortization ءﺎاو كﻼﻬﺳﻻا + ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ * 

72



2005 2006 2007 2008 

Average 


Cash to Assets (%) 1.65 2.51 2.19 2.31 2.17 















Share Holder's Equity to Assets (%) 66.46 62.62 56.87 45.03 57.74 (%) لﺻﻷا ﻰﻟا هﺎﻟا قﺣ 



Debt to Assets (%) 20.62 19.22 21.04 21.63 20.63 


Current Assets to Assets (%) 32.46 29.25 29.68 19.48 27.72 (%) لﺻﻷا ﻰﻟا ﻟواﻟا لﺻﻷا 







Quoted Investments to Assets (%) 18.99 14.27 13.28 5.62 13.04 (%) لﺻﻷا ﻰﻟا ةﻌﻟا تارﺎﺳا 

Total Investments to Assets (%) 72.89 63.35 61.18 54.10 62.88 (%) لﺻﻷا ﻰﻟا تارﺎﺳا ﻰﻟﺎﺟا 


Asset Turnover (Times) 0.02 0.06 0.04 


Inventory Turnover (Times) 1.62 3.91 2.76 


Receivables Period (Days) (مﺎﻳأ) ﻟا ةﻓ 


Gross Profit from Sales to Sales (%) 6.50 25.18 7.92 (%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 



Net Profit (Share Holder's) to Sales (%) (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) (%) تﺎﻌﻟا ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Return on Assets (%) 15.29 5.55 8.99 -2.00 6.96 


Cash Flow to Assets (%) 15.75 5.95 9.37 -1.62 7.37 


Return on Equity (%) 23.01 8.86 15.81 -4.44 10.81 


Cash Flow to Equity (%) 23.70 9.50 16.48 -3.59 11.53 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) 29.69 -42.69 11.58 32.22 7.70 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 15.28 5.52 7.07 -0.18 6.92 


Dividend Cover (Times) 4.55 1.73 3.06 -5.26 1.02 



Dividend Payout (%) 21.98 57.76 32.66 -19.03 23.34 


Internal Growth Rate (%) 24.33 4.23 12.86 -4.73 9.17 


Earnings Per Share (KD) 0.050 0.017 0.032 -0.007 0.023 






MP/BV (Times) 2.02 * 1.39 * 1.44 * 0.85 1.42 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 

Bonus Shares (%) 10.85 5.22 8.10 1.50 6.42 


P/E Ratio (Times) 8.77 * 15.64 * 9.12 * 

11.17 


D/P Ratio (%) 2.51 * 3.69 * 3.58 * 1.00 2.70 



G 

- G 

KG 

Ih 

JGQG 

 

73

Research Unit 


Kuwait Real Estate Company 401 


74 

Million KD 

300 

250 

200 

150 

100 

50 

0 

Million KD 

100 

80 

60 

40 

20 

0 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

-50.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


80.0 

78.0 

76.0 

74.0 

72.0 

70.0 

68.0 

66.0 

Million KD 

80 

60 

40 

20 

0 

-20 

-40 

-60 

Million KD 

80.00 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

-30.0 

2005 2006 2007 2008 


1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008



Year of Establishment 1972 

Chairman ةرادا ﻣ ر 

Khalifa Yousef Al-Roumi 

ﻲﻣوﻟا ﺳﻳ ﺧ 

Paid-up Capital (KD) 90,671,294 (ك.د) عﻓﻟا لﺎﻟا سأر 

Table (1) : Balance Sheet Data 


2005 2006 2007 2008 


ﺳﺄﻟا مﺎـﻋ 

No. of Employees 144 ﻟا دﻋ 

ﻣﻌﻟا ﻧاﻟا تﺎﻧﺎﺑ :(١) لوﺟ 






Miscellaneous Investments (S.T) (ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 


Inventory 0.01 0.00 0.00 0.00 

نوﻣ 




Quoted Investments (Non Current) 66.16 30.42 

(ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 





Fixed Assets 0.03 0.01 0.02 0.01 0.02 0.01 0.02 0.01 



Miscellaneous Assets ﻋﻣ لﺻأ 


Total Assets 251.13 100.00 197.19 100.00 217.49 100.00 177.45 100.00 


Over Drafts and Loans (S.T) 2.50 1.00 5.00 2.54 10.60 5.97 ضوﻗو فﻟا ﻰﻋ ﺳ 


Deposit Liability (S.T) (ﺟﻷا ةﻗ) ﻊادو تﺎﻣاﻟا 

Miscellaneous Current Liabilities 8.53 3.39 7.44 3.78 5.68 2.61 6.87 3.87 

ﻋﻣ ﻟواﻣ مﺧ 




ﻋﻣ مﺧ 



58.16 23.16 58.81 29.82 48.40 22.25 50.05 28.21 


Minority Interests ﻗﻷا قﺣ 







Total Equity 192.96 76.84 138.38 70.18 169.10 77.75 127.40 71.79 



P.O. Box: 1257, Safat -13013 - Kuwait - Tel: 1828999, Fax: 22418154 

Email: support@krec-kw.com 

Website: www.krec-kw.com 

G 

- G 

KG 

Ih 

JGQG 

 

75

Research Unit 






2005 2006 2007 2008 




Sales تﺎﻌﻟا 

Cost of Sales تﺎﻌﻟا ﺗ 

Gross Profit ﻲﻟﺎﺟا ﺑﻟا 







Misc. Operating Income ﻋﻣ ﻐﺗ تاداﻳا 

Total Operating Income 67.81 27.00 -8.32 -4.22 35.40 16.27 9.37 5.28 


Misc. Income 1.22 0.48 2.04 1.03 -0.75 -0.34 1.08 0.61 


Total Income 69.03 27.49 -6.28 -3.19 34.65 15.93 10.45 5.89 




Marketing Expenses ﻳﻟا ﻳرﺎﻣ 



Misc. Operating Expenses 1.24 0.49 0.16 0.07 54.65 30.79 




Misc. Expenses ﻋﻣ ﻳرﺎﻣ 



Profit Before Taxes & Deductions 64.20 25.57 -9.78 -4.96 31.39 14.43 -46.84 -26.40 تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 2.10 0.83 1.14 0.52 


Net Profit before Minority Interest 62.11 24.73 -9.78 -4.96 30.25 13.91 -46.84 -26.40 ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 

Share Of Minority Interest in Net Profit ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 

Share Holders Net Profit 62.11 24.73 -9.78 -4.96 30.25 13.91 -46.84 -26.40 ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 

Cash Dividends proposed 9.89 3.94 6.18 2.84 


Retained Earnings 52.22 20.79 -9.78 -4.96 24.07 11.07 -46.84 -26.40 


Cash Flow * 62.12 24.74 -9.76 -4.95 30.27 13.92 -46.83 -26.39 





Bonus Shares 16.49 8.24 


Par Value of Shares (KD) 0.100 0.100 0.100 0.100 

(ك.د) ﻬﺳﻸﻟ راﺻا ﻗ 



Closing Price of Shares (KD) 0.420 0.164 0.210 0.058 

(ك.د) ﻬﺳﻸﻟ قﻼﻏا ﻌﺳ 


Estate, etc 

29.72 11.84 -30.97 -15.71 6.43 2.96 -5.60 -3.16 








8.86 -1.85 9.98 1.46 



ﻐﻟا 


-1.43 9.47 -6.31 -7.83 





-6.69 -7.43 -8.46 0.79 



ﻳﻟا 


0.74 0.29 0.19 0.10 -4.79 -2.20 -5.58 -3.15 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



76




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.19 1.12 3.13 0.36 1.45 



















Debt to Assets (%) 11.49 17.38 12.87 20.85 15.65 












Asset Turnover (Times) (تاﻣ) لﺻﻷا نارود لﻌﻣ 

Inventory Turnover (Times) (تاﻣ) نوﻟا نارود لﻌﻣ 



Gross Profit from Sales to Sales (%) (%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 

Operating Income to Assets (%) 27.00 -4.22 16.27 5.28 11.09 




Return on Assets (%) 24.73 -4.96 13.91 -26.40 1.82 


Cash Flow to Assets (%) 24.74 -4.95 13.92 -26.39 1.83 


Return on Equity (%) 32.19 -7.06 17.89 -36.77 1.56 


Cash Flow to Equity (%) 32.19 -7.05 17.90 -36.76 1.57 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) 47.85 316.84 21.25 11.96 99.48 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 28.57 -3.30 14.86 -23.61 4.13 


Dividend Cover (Times) 6.28 4.89 5.59 



Dividend Payout (%) 15.93 0.00 20.43 0.00 9.09 


Internal Growth Rate (%) 44.00 -5.00 17.00 -28.00 7.00 


Earnings Per Share (KD) 0.094 -0.012 0.037 -0.052 0.017 






MP/BV (Times) 1.44 0.98 1.02 0.41 0.96 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 

Bonus Shares (%) 25.00 10.00 17.50 


P/E Ratio (Times) 4.46 5.72 5.09 


D/P Ratio (%) 3.57 0.00 3.57 0.00 1.79 


77

Research Unit 


United Real Estate Company 402 


78 

Million KD 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

120 

100 

80 

60 

40 

20 

0 

1.00 

0.90 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


54.0 

52.0 

50.0 

48.0 

46.0 

44.0 

42.0 

40.0 

Million KD 

30 

25 

20 

15 

10 

5 

0 

Million KD 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


8.0 

7.0 

6.0 

5.0 

4.0 

3.0 

2.0 

1.0 

0.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Sh. Abdulla Nasser Al-Sabah 

حﺎﻟا ﺻﺎﻧ اﻋ ﻟا 




2005 2006 2007 2008 








Bank Deposits (S.T) 5.73 3.00 4.37 1.80 7.38 2.33 (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 

Short Term Investments (Quoted) (ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 



Inventory نوﻣ 









Fixed Assets 19.76 10.34 12.38 6.42 10.91 4.48 10.24 3.23 


Fixed Assets Under Construction 2.93 1.53 0.50 0.20 9.56 3.02 ءﺎﻧا ﺗ ﺑﺎﺛ لﺻأ 



Total Assets 191.00 100.00 192.74 100.00 243.46 100.00 316.81 100.00 




Deposit Liability (S.T) 4.88 2.56 4.90 2.54 

(ﺟﻷا ةﻗ) ﻊادو تﺎﻣاﻟا 





Miscellaneous Liabilities 28.10 11.54 28.34 8.95 

ﻋﻣ مﺧ 



90.72 47.50 90.07 46.73 118.11 48.51 161.45 50.96 










Total Equity 100.28 52.50 102.67 53.27 125.35 51.49 155.36 49.04 




Email: hr@urc.com.kw 

Website: www.urc.com.kw 

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KG 

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79

Research Unit 






2005 2006 2007 2008 













Misc. Operating Income 1.65 0.87 2.50 1.30 




Misc. Income 2.88 1.51 12.76 6.62 6.60 2.71 -0.31 -0.10 


Total Income 19.96 10.45 27.13 14.07 23.92 9.82 18.41 5.81 















Deductions 0.48 0.25 1.10 0.57 0.41 0.17 0.37 0.12 


Net Profit before Minority Interest 12.55 6.57 13.55 7.03 10.16 4.17 6.11 1.93 ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 

Share Of Minority Interest in Net Profit 0.01 0.01 0.03 0.01 -0.06 -0.02 -0.01 0.00 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 


Cash Dividends proposed 8.13 4.26 


Retained Earnings 4.41 2.31 13.52 7.02 10.22 4.20 6.11 1.93 


Cash Flow * 13.69 7.16 15.03 7.80 11.59 4.76 7.49 2.36 














Estate, etc 








3.47 3.53 4.51 14.65 



ﻐﻟا 


-10.51 18.05 -25.93 -25.49 





5.56 -14.64 27.27 9.68 



ﻳﻟا 


-1.49 -0.78 6.94 3.60 5.86 2.41 -1.15 -0.36 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



80




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.36 3.96 3.74 1.56 2.41 



















Debt to Assets (%) 39.78 38.31 31.35 21.39 32.71 




Net Working Capital to Assets (%) -12.70 -1.61 -5.12 -25.56 -11.25 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 



Deposits to Assets (%) 3.00 1.80 2.33 2.38 




















Cash Flow to Equity (%) 14.10 14.69 10.35 5.27 11.10 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 




Dividend Cover (Times) 1.54 





Internal Growth Rate (%) 5.00 14.00 10.00 5.00 8.50 









Bonus Shares (%) 10.00 10.00 10.00 


P/E Ratio (Times) 13.83 9.22 10.39 10.70 11.03 


D/P Ratio (%) 4.69 0.00 0.00 0.00 1.17 


81

Research Unit 


National Real Estate Company 403 


82 

Million KD 

700 

600 

500 

400 

300 

200 

100 

0 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008




Chairman & Managing Director بﻟا ﻀﻌﻟاو ةرادا ﻣ ر 

Jamil Sultan Al-Essa 

ﻰﻌﻟا نﺎﺳ ﺟ 




2005 2006 2007 2008 








Bank Deposits (S.T) 3.46 0.87 10.00 1.88 (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 




Inventory 0.04 0.01 0.01 0.00 0.03 0.01 

نوﻣ 




Quoted Investments (Non Current) (ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 





Fixed Assets 7.25 2.77 0.57 0.20 1.62 0.41 3.05 0.57 



Miscellaneous Assets 1.54 0.59 6.71 1.26 



Total Assets 261.53 100.00 277.60 100.00 396.28 100.00 532.95 100.00 










ﻋﻣ مﺧ 



73.43 28.08 56.65 20.41 146.36 36.93 300.19 56.33 










Total Equity 188.10 71.92 220.95 79.59 249.91 63.07 232.76 43.67 




Email: info@nrec.com.kw 

Website: www.nrec.com.kw 

G 

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JGQG 

 

83

Research Unit 






2005 2006 2007 2008 
















Misc. Income 38.54 14.74 43.28 15.59 40.11 10.12 3.17 0.60 


Total Income 71.86 27.48 68.91 24.82 59.46 15.01 44.80 8.41 















Deductions 0.61 0.23 0.07 0.03 0.16 0.04 



Share Of Minority Interest in Net Profit 1.14 0.43 0.82 0.30 0.81 0.20 1.00 0.19 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 


Cash Dividends proposed 10.73 4.10 22.53 8.12 14.80 3.74 




Cash Flow * 54.22 20.73 34.94 12.59 39.26 9.91 18.73 3.51 














Estate, etc 

-1.68 -0.60 -0.32 -0.08 -0.43 -0.08 








8.63 13.38 -2.52 3.70 



ﻐﻟا 


-40.18 19.63 -63.04 -22.65 





31.01 -25.51 70.50 22.67 



ﻳﻟا 


-0.54 -0.21 7.50 2.70 4.94 1.25 3.72 0.70 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



84




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.20 2.89 2.40 1.25 1.68 



















Debt to Assets (%) 21.34 12.43 29.74 30.65 23.54 







Deposits to Assets (%) 0.87 1.88 1.37 





















Unrealized Profit to Net Profit (%) -4.90 -0.82 -2.35 -2.69 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 




Dividend Cover (Times) 5.00 1.52 2.64 3.05 














Bonus Shares (%) 15.00 10.00 12.50 


P/E Ratio (Times) 12.01 10.52 9.39 10.50 10.61 


D/P Ratio (%) 1.67 6.25 4.04 0.00 2.99 


85

Research Unit 


Salhia Real Estate Company 404 


86 

Million KD 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

200 

150 

100 

50 

0 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

80 

60 

40 

20 

0 

-20 

-40 

-60 

Million KD 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

-20.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Ghazi Fahad Al-Nafisi 

ﻲﻟا ﻬﻓ يزﺎﻏ 




2005 2006 2007 2008 












Inventory 0.43 0.20 0.46 0.19 0.35 0.11 0.37 0.14 

نوﻣ 









Fixed Assets 94.87 43.70 87.15 35.94 91.92 28.31 94.40 35.76 





Total Assets 217.06 100.00 242.45 100.00 324.70 100.00 264.01 100.00 










ﻋﻣ مﺧ 



114.16 52.59 107.42 44.30 172.37 53.09 157.75 59.75 


Minority Interests 0.94 0.43 0.93 0.38 1.21 0.37 -0.03 -0.01 








Total Equity 102.91 47.41 135.04 55.70 152.33 46.91 106.26 40.25 




Email: info@salhia.com 

Website: www.salhia.com 

G 

- G 

KG 

Ih 

JGQG 

 

87

Research Unit 






2005 2006 2007 2008 
















Misc. Income 6.80 3.13 51.04 21.05 29.61 9.12 -0.31 -0.12 


Total Income 38.44 17.71 72.38 29.85 60.10 18.51 34.33 13.00 
















Deductions 1.13 0.52 2.87 1.18 2.98 0.92 0.05 0.02 



Share Of Minority Interest in Net Profit -0.04 -0.02 -0.07 -0.03 0.22 0.07 -1.04 -0.39 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 22.74 10.48 54.23 22.37 36.18 11.14 -30.31 -11.48 














Estate, etc 






-5.51 -2.54 -16.94 -6.99 17.77 5.47 -14.79 -5.60 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


13.08 11.30 18.99 18.90 



ﻐﻟا 


4.89 49.79 -68.96 11.72 





-29.40 -28.62 17.41 -41.10 



ﻳﻟا 


-11.43 -5.26 32.47 13.39 -32.56 -10.03 -10.48 -3.97 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 

-16.94 -7.80 15.53 6.41 -14.79 -4.56 -25.27 -9.57 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


88




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.17 1.01 1.37 2.45 1.50 


Cash Equivalents to Assets (%) -7.80 6.41 -4.56 -9.57 -3.88 

















Debt to Assets (%) 47.63 35.80 44.04 48.31 43.95 









Quoted Investments to Assets (%) (%) لﺻﻷا ﻰﻟا ةﻌﻟا تارﺎﺳا 





































Bonus Shares (%) 15.00 10.00 12.50 


P/E Ratio (Times) 14.00 3.66 6.43 8.03 


D/P Ratio (%) 6.41 8.77 9.09 0.00 6.07 


89

Research Unit 


Pearl of Kuwait Real Estate Company 405 


90 

Million KD 

100 

50 

40 

30 

20 

10 

80 

60 

40 

20 

0 

0 

Million KD 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

-50.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

50.0 

45.0 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

Million KD 

15 

10 

5 

0 

-5 

-10 

Million KD 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

-10.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

-8.0 

-10.0 

-12.0 

-14.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Mohammad Hayat 

تﺎﺣ ﻣ 




2005 2006 2007 2008 








Bank Deposits (S.T) 1.66 2.75 1.14 1.59 3.03 3.47 

(ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 













Fixed Assets 0.59 0.98 0.02 0.03 0.03 0.03 0.03 0.05 





Total Assets 60.37 100.00 72.13 100.00 87.18 100.00 66.88 100.00 










ﻋﻣ مﺧ 



31.24 51.76 43.42 60.19 53.96 61.90 47.54 71.08 






Treasury Shares -0.26 -0.43 -0.12 -0.16 0.00 0.00 -0.03 -0.04 


Reserves & Retained Earnings 6.18 10.24 3.87 5.37 8.14 9.34 -7.06 -10.56 ةﻣ حﺎﺑرأو تﺎﺎﺣا 


Total Equity 29.12 48.24 28.71 39.81 33.22 38.10 19.34 28.92 




Email: mail@pearl.com.kw 

Website: www.pearl.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

91

Research Unit 






2005 2006 2007 2008 







Investment Income 2.71 4.48 0.82 1.14 7.18 8.23 -6.35 -9.49 










Misc. Income 0.96 1.59 1.93 2.67 -0.98 -1.13 -0.68 -1.02 


Total Income 6.12 10.14 4.29 5.94 9.76 11.20 10.07 15.05 







Misc. Operating Expenses 1.45 1.66 14.63 21.88 








Deductions 0.30 0.50 0.30 0.42 0.22 0.25 0.05 0.07 









Cash Flow * 3.49 5.77 0.73 1.02 5.72 6.56 -6.51 -9.73 














Estate, etc 

1.91 3.16 0.06 0.08 5.91 6.77 -9.66 -14.44 








-2.34 -2.33 0.09 -3.79 



ﻐﻟا 


-12.38 -5.45 -5.47 3.79 





14.90 7.86 7.67 -2.68 



ﻳﻟا 


0.18 0.29 0.09 0.12 2.30 2.63 -2.68 -4.01 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



92




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.21 0.37 0.60 0.86 0.76 



















Debt to Assets (%) 47.61 55.73 57.22 61.29 55.46 




Net Working Capital to Assets (%) 25.25 11.86 -3.76 -25.18 2.04 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

















Return on Assets (%) 5.66 0.19 4.90 -11.86 -0.28 




Return on Equity (%) 12.51 0.50 13.77 -43.90 -4.28 


Cash Flow to Equity (%) 12.77 2.75 18.43 -36.00 -0.51 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 










Internal Growth Rate (%) 8.00 0.00 7.00 -26.00 -2.75 









Bonus Shares (%) 7.00 10.00 8.50 


P/E Ratio (Times) 18.47 10.82 14.65 


D/P Ratio (%) 2.37 0.00 4.95 0.00 1.83 


93

Research Unit 


Tamdeen Real Estate Company 406 


94 

Million KD 

500 

400 

300 

200 

100 

0 

Million KD 

120 

100 

80 

60 

40 

20 

0 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

2005 2006 2007 2008 


1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008




Chairman & CEO يﻟا ﻟاو ةرادا ﻣ ر 

Mohammad Jassim Al-Marzouq 

قوزﻟا ﺳﺎﺟ ﻣ 




2005 2006 2007 2008 





















Fixed Assets 0.13 0.05 0.22 0.06 0.70 0.16 0.80 0.18 





Total Assets 264.29 100.00 350.95 100.00 432.08 100.00 445.34 100.00 










ﻋﻣ مﺧ 



90.54 34.26 138.51 39.47 175.02 40.51 226.34 50.82 










Total Equity 173.75 65.74 212.43 60.53 257.07 59.49 219.01 49.18 



P.O.Box: 21816, Safat -13079 - Kuwait - Tel: 1882233, Fax: 22468882 

Email: info@tamdeen.com 

Website: www.tamdeen.com 

G 

- G 

KG 

Ih 

JGQG 

 

95

Research Unit 






2005 2006 2007 2008 









Interest Income 1.00 0.23 0.92 0.21 







Misc. Income 4.84 1.83 2.22 0.63 2.32 0.54 2.66 0.60 


Total Income 16.82 6.36 15.77 4.49 32.65 7.56 32.29 7.25 







Misc. Operating Expenses ﻋﻣ ﻐﺗ ﻳرﺎﻣ 







Deductions 0.18 0.07 0.35 0.10 0.72 0.17 0.85 0.19 









Cash Flow * 8.47 3.20 5.96 1.70 13.97 3.23 16.01 3.59 














Estate, etc 

0.22 0.08 0.00 0.00 -0.04 -0.01 








9.14 7.46 -14.68 -3.89 



ﻐﻟا 


-45.51 -49.83 -18.70 -54.25 





38.38 47.88 31.45 72.51 



ﻳﻟا 


2.00 0.76 5.51 1.57 -1.93 -0.45 14.37 3.23 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



96




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.69 0.36 0.37 1.92 0.83 



















Debt to Assets (%) 28.90 32.68 35.76 45.28 35.65 




























Unrealized Profit to Net Profit (%) 3.16 -0.07 -0.27 0.94 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 6.00 10.00 8.00 


P/E Ratio (Times) 21.21 31.45 12.62 8.78 18.51 


D/P Ratio (%) 2.58 2.86 2.33 4.69 3.11 


97

Research Unit 


International Investment Projects Co. 407 ﻳرﺎﺳﻻا تﺎﻋوﻟ ﻟوﻟا آﻟا 

98 

Million KD 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

200 

150 

100 

50 

0 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

100.00 

50.00 

0.00 

-50.00 

-100.00 

-150.00 


Equity 

2005 2006 2007 



2005 2006 2007 

2005 2006 2007 

Million KD 

80 

60 

40 

20 

0 

-20 

-40 

-60 

-80 

Million KD 

80.00 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 


2005 2006 2007 


2005 2006 2007 


2005 2006 2007 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 

60.0 

40.0 

20.0 

0.0 

-20.0 

-40.0 

-60.0 

-80.0 

2005 2006 2007 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007



Chairperson ةرادا ﻣ ر 

Laila Abdulkareem Al-Ibrahim 

هاﺑا ﻳﻟاﻋ ﻰﻟ 




2005 2006 2007 

Amt. % Amt. % Amt. % 





Cash and Current Account 0.51 0.28 0.69 0.64 1.61 1.76 


Bank Deposits (S.T) 5.00 2.76 


Short Term Investments (Quoted) 130.14 71.75 40.69 38.02 4.65 5.09 

(ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 

Miscellaneous Investments (S.T) 32.76 18.06 55.92 52.25 72.65 79.47 

(ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 

Accounts / Notes Receivables 1.59 0.88 1.70 1.59 0.01 0.01 

ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 


Other Current Assets 0.03 0.01 0.03 0.03 0.10 0.11 


Total Current Assets 170.02 93.74 99.02 92.53 79.02 86.43 

ﻟواﻟا لﺻﻷا ﻲﻟﺎﺟا 

Quoted Investments (Non Current) 9.11 5.02 5.29 4.94 2.69 2.94 


Real Estate Investments ﻳرﺎﻋ تارﺎﺳا 

Other Investments (Non Current) 0.64 0.35 1.09 1.02 7.91 8.65 

(ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets ﺑﺎﺛ لﺻأ 

Fixed Assets Under Construction ءﺎﻧا ﺗ ﺑﺎﺛ لﺻأ 

Miscellaneous Assets 1.61 0.89 1.61 1.51 1.81 1.97 


Total Non Current Assets 11.36 6.26 7.99 7.47 12.40 13.57 

ﻟواﻟا ﻏ لﺻﻷا ﻲﻟﺎﺟا 

Total Assets 181.38 100.00 107.01 100.00 91.43 100.00 


Over Drafts and Loans (S.T) 20.86 11.50 4.91 4.59 5.36 5.86 

ضوﻗو فﻟا ﻰﻋ ﺳ 

Accounts / Notes Payables 0.29 0.16 0.31 0.29 0.85 0.92 

ﻊﻓد قاروأ / اد تﺎﺑﺎﺣ 


Miscellaneous Current Liabilities 4.34 2.39 4.09 3.82 3.64 3.98 


Total Current Liabilities 25.49 14.05 9.31 8.70 9.84 10.77 

ﻟواﻟا مﻟا ﻰﻟﺎﺟا 

Debts / Loans (Non Current) 32.54 17.94 51.64 48.25 15.00 16.41 

(ﻟواﻣ ﻏ) ضوﻗ / نﻳد 

Miscellaneous Liabilities 4.94 2.72 0.37 0.35 0.35 0.39 

ﻋﻣ مﺧ 

Total Non Current Liabilities 37.48 20.66 52.01 48.60 15.35 16.79 



62.97 34.72 61.31 57.29 25.20 27.56 



Paid Up Capital 47.92 26.42 59.90 55.98 59.90 65.52 


Treasury Shares ﻳﻟا ﻬﺳأ 

Reserves & Retained Earnings 70.48 38.86 -14.20 -13.27 6.32 6.92 

ةﻣ حﺎﺑرأو تﺎﺎﺣا 

Total Share Holders' Equity 118.40 65.28 45.70 42.71 66.23 72.44 

هﺎﻟا قﺣ ﻲﻟﺎﺟا 

Total Equity 118.40 65.28 45.70 42.71 66.23 72.44 


Total Liabilities & Equity 181.38 100.00 107.01 100.00 91.43 100.00 

ﻟا قﺣو مﻟا ﻰﻟﺎﺟا 

P.O. Box: 25091, Safat -13111- Kuwait - Tel: 22410624, Fax: 22410798 

Email: iipco@qualitynet.net 

G 

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KG 

Ih 

JGQG 

 

99

Research Unit 





2005 2006 2007 







Investment Income 69.43 38.28 -62.97 -58.84 24.22 26.49 


Interest Income 0.06 0.04 0.26 0.24 0.16 0.18 


Real Estate Income 0.05 0.03 0.06 0.05 0.06 0.07 



Total Operating Income 69.54 38.34 -62.65 -58.55 24.45 26.74 


Misc. Income 2.71 1.49 4.96 4.63 0.75 0.82 


Total Income 72.25 39.83 -57.69 -53.91 25.20 27.56 


Administrative Expenses 1.13 0.62 1.08 1.01 0.94 1.03 



Financing Expenses 2.76 1.52 3.76 3.51 2.57 2.81 



Total Operating Expenses 3.89 2.14 4.83 4.52 3.51 3.84 



Total Expenses 3.89 2.14 4.83 4.52 3.51 3.84 


Profit Before Taxes & Deductions 68.36 37.69 -62.53 -58.43 21.69 23.72 

تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 2.15 1.18 0.55 0.60 


Net Profit before Minority Interest 66.22 36.51 -62.53 -58.43 21.14 23.12 

ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 


Share Holders Net Profit 66.22 36.51 -62.53 -58.43 21.14 23.12 

ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 



Retained Earnings 61.42 33.87 -62.53 -58.43 21.14 23.12 


Cash Flow * 66.22 36.51 -62.53 -58.43 21.14 23.12 



Market Capitalization 287.54 158.53 83.87 78.37 123.40 134.98 


Bonus Shares 11.98 


Par Value of Shares (KD) 0.100 0.100 0.100 


Number of Shares (Million) 479.23 599.04 599.04 


Closing Price of Shares (KD) 0.600 0.140 0.206 



Estate, etc 

59.59 32.86 -66.49 -62.14 10.46 11.45 






4.91 2.71 5.51 5.15 0.69 0.75 

ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


-17.51 -2.18 42.68 



ﻐﻟا 


2.85 1.88 -3.97 





15.26 -4.52 -37.78 



ﻳﻟا 


0.60 0.33 -4.82 -4.51 0.92 1.01 

لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 

5.51 3.04 0.69 0.64 1.61 1.76 

ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


100



2005 2006 2007 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.28 0.64 1.76 0.90 


Cash Equivalents to Assets (%) 3.04 0.64 1.76 1.81 


Current Ratio (Times) 6.67 10.64 8.03 8.45 


Liquidity Ratio (Times) 6.67 10.64 8.03 8.45 


Liquid Assets to Assets (%) 93.74 92.53 86.43 90.90 



Total Liabilities to Assets (%) 34.72 57.29 27.56 39.86 


Equity to Assets (%) 65.28 42.71 72.44 60.14 


Share Holder's Equity to Assets (%) 65.28 42.71 72.44 60.14 


L.T. Liabilities to Equity (Times) 0.32 1.14 0.23 0.56 (تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 

Total Liabilities to Equity (Times) 0.53 1.34 0.38 0.75 (تاﻣ) ﻟا قﺣ ﻰﻟا مﻟا ﻰﻟﺎﺟا 

Debt to Assets (%) 29.44 52.84 22.27 34.85 


Current Assets to Assets (%) 93.74 92.53 86.43 90.90 (%) لﺻﻷا ﻰﻟا ﻟواﻟا لﺻﻷا 

Non Current Assets to Assets (%) 6.26 7.47 13.57 9.10 (%) لﺻﻷا ﻰﻟا ﻟواﻟا ﻏ لﺻﻷا 

Net Working Capital to Assets (%) 79.68 83.83 75.67 79.73 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

Fixed Assets to Assets (%) (%) لﺻﻷا ﻰﻟا ﺑﺎﻟا لﺻﻷا 

Deposits to Assets (%) 2.76 


Quoted Investments to Assets (%) 76.77 42.96 8.03 42.59 (%) لﺻﻷا ﻰﻟا ةﻌﻟا تارﺎﺳا 

Total Investments to Assets (%) 95.18 96.24 96.15 95.86 (%) لﺻﻷا ﻰﻟا تارﺎﺳا ﻰﻟﺎﺟا 







Operating Income to Assets (%) 38.34 -58.55 26.74 2.18 




Return on Assets (%) 36.51 -58.43 23.12 0.40 


Cash Flow to Assets (%) 36.51 -58.43 23.12 0.40 


Return on Equity (%) 55.92 -136.82 31.92 -16.33 


Cash Flow to Equity (%) 55.92 -136.82 31.92 -16.33 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) 90.00 106.34 49.50 81.95 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 25.03 -15.65 9.24 6.21 





Dividend Payout (%) 7.24 0.00 0.00 2.41 


Internal Growth Rate (%) 201.00 -53.00 46.00 64.67 


Earnings Per Share (KD) 0.138 -0.104 0.035 0.023 


Dividends Per Share (KD) 0.010 0.000 0.000 0.003 


Book Value of Shares (KD) 0.247 0.076 0.111 0.145 


MP/BV (Times) 2.43 1.84 1.86 2.04 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 

Bonus Shares (%) 25.00 


P/E Ratio (Times) 4.34 5.84 5.09 


D/P Ratio (%) 1.67 0.00 0.00 0.56 


101

Research Unit 


Ajial Real Estate & Entertainment Company 408 


102 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

60 

50 

40 

30 

20 

10 

0 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

15 

10 

5 

0 

-5 

-10 

-15 

Million KD 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

-8.0 

2005 2006 2007 2008 


1.00 

0.90 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

2005 2006 2007 2008 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Khalid Othman Al-Othman 

نﺎﻌﻟا نﺎﻋ ﻟﺎﺧ 




2005 2006 2007 2008 









Short Term Investments (Quoted) 0.62 0.44 0.28 0.19 (ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 












Fixed Assets 37.87 34.59 0.02 0.02 0.03 0.02 0.02 0.01 



Miscellaneous Assets 1.50 1.37 



Total Assets 109.47 100.00 110.88 100.00 140.07 100.00 150.62 100.00 








Debts / Loans (Non Current) 15.20 10.85 36.25 24.07 (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 


ﻋﻣ مﺧ 



2.32 2.12 5.43 4.89 30.77 21.97 57.09 37.90 










Total Equity 107.15 97.88 105.45 95.11 109.30 78.03 93.53 62.10 




Email: info@ajial-realestate.com 

Website: www.ajial-realestate.com 

G 

- G 

KG 

Ih 

JGQG 

 

103

Research Unit 






2005 2006 2007 2008 













Misc. Operating Income 0.13 0.12 0.13 0.12 0.13 0.09 


Total Operating Income 8.93 8.16 5.82 5.25 8.54 6.10 -6.61 -4.39 


Misc. Income 0.15 0.14 0.28 0.25 0.05 0.04 0.00 0.00 


Total Income 9.08 8.30 6.10 5.50 8.59 6.13 -6.61 -4.39 















Deductions 0.32 0.29 0.20 0.18 0.32 0.23 0.01 0.00 









Cash Flow * 7.64 6.98 4.34 3.91 6.92 4.94 -9.08 -6.03 














Estate, etc 

4.89 3.49 -9.85 -6.54 






6.27 5.73 1.41 1.28 6.04 4.31 -10.20 -6.77 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


0.31 -0.53 0.20 -0.22 



ﻐﻟا 


-6.95 11.92 -28.57 -18.62 





1.78 -6.77 12.14 16.05 



ﻳﻟا 






the Year 

1.41 1.29 6.04 5.45 -10.20 -7.28 -12.99 -8.63 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


104




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.38 0.99 0.06 0.55 0.49 


Cash Equivalents to Assets (%) 1.29 5.45 -7.28 -8.63 -2.29 

















Debt to Assets (%) 0.46 2.85 18.19 33.24 13.68 




Net Working Capital to Assets (%) 42.24 32.62 22.40 8.11 26.34 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 













Operating Income to Assets (%) 8.16 5.25 6.10 -4.39 3.78 











Unrealized Profit to Net Profit (%) 73.53 105.43 89.48 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 5.00 5.00 5.00 


P/E Ratio (Times) 10.19 16.09 10.48 12.25 


D/P Ratio (%) 8.50 4.85 7.19 0.00 5.14 


105

Research Unit 


Al-Massaleh Real Estate Company 409 


106 

Million KD 

140 

120 

100 

60 

50 

40 

30 

20 

10 

80 

60 

40 

20 

Million KD 

0 

0 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

-10.00 

-12.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

14 

12 

10 

8 

6 

4 

2 

0 

-2 

-4 

-6 

Million KD 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

-4.00 

-5.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

3.0 

2.0 

1.0 

0.0 

-1.0 

-2.0 

-3.0 

-4.0 

2005 2006 2007 2008 


1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Najeeb Hamad M. Al Saleh 

ﻟﺎﻟا ﻋﺎﻣ ﺣ ﻧ 




2005 2006 2007 2008 









Short Term Investments (Quoted) 0.40 0.36 




Inventory 0.03 0.04 0.04 0.05 0.03 0.03 0.09 0.07 

نوﻣ 









Fixed Assets 6.73 8.25 7.11 8.46 7.28 6.40 18.07 13.80 






Total Assets 81.61 100.00 83.97 100.00 113.83 100.00 130.91 100.00 










ﻋﻣ مﺧ 



22.19 27.19 25.89 30.83 56.93 50.01 79.04 60.38 










Total Equity 59.42 72.81 58.08 69.17 56.91 49.99 51.87 39.62 



P.O. Box: 719, Safat -13008 - Kuwait -Tel: 1887000, Fax: 22423988 

Email: info@almassaleh.com 

Website: www.almassaleh.com 

G 

- G 

KG 

Ih 

JGQG 

 

107

Research Unit 






2005 2006 2007 2008 

















Misc. Income 1.15 1.40 1.30 1.55 1.22 1.07 0.58 0.44 


Total Income 5.73 7.02 5.76 6.85 12.12 10.65 3.85 2.94 




Marketing Expenses 0.61 0.53 












Deductions 0.10 0.12 0.05 0.06 0.15 0.13 



Share Of Minority Interest in Net Profit 0.22 0.27 -0.42 -0.50 -0.96 -0.84 -2.09 -1.60 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 2.66 3.27 1.22 1.45 4.72 4.15 -2.03 -1.55 














Estate, etc 

0.99 1.21 -1.01 -1.20 1.33 1.16 -0.70 -0.53 








-0.01 0.62 1.35 14.52 



ﻐﻟا 


-10.81 -3.43 -2.92 -23.14 





0.12 -0.69 2.42 8.92 



ﻳﻟا 


-10.70 -13.11 -3.50 -4.17 0.85 0.74 0.31 0.23 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



108




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.95 2.27 2.58 2.61 2.10 



















Debt to Assets (%) 21.74 24.44 34.73 36.75 29.42 




Net Working Capital to Assets (%) 10.56 2.19 -12.90 -31.59 -7.93 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 
























Unrealized Profit to Net Profit (%) 45.34 43.18 17.56 





Dividend Cover (Times) -0.04 














Bonus Shares (%) 20.00 10.00 15.00 


P/E Ratio (Times) 24.54 14.37 19.45 


D/P Ratio (%) 0.00 2.48 0.00 0.00 0.62 


109

Research Unit 


Al-Arabiya Real Estate Company 410 


110 

Million KD 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

100 

80 

60 

40 

20 

0 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

14 

12 

10 

8 

6 

4 

2 

0 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


10.0 

9.0 

8.0 

7.0 

6.0 

5.0 

4.0 

3.0 

2.0 

1.0 

0.0 

2005 2006 2007 2008 


1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Emad Jawad Bukhamseen 

ﺧﺑ داﺟ دﺎﻋ 




2005 2006 2007 2008 








Bank Deposits (S.T) 0.22 0.13 (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 




Inventory 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.01 

نوﻣ 




Quoted Investments (Non Current) 8.21 4.82 (ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 





Fixed Assets 13.01 13.92 13.22 12.16 12.59 10.26 12.14 7.13 






Total Assets 93.47 100.00 108.72 100.00 122.75 100.00 170.31 100.00 










ﻋﻣ مﺧ 



32.63 34.91 37.39 34.39 45.70 37.23 105.12 61.72 


Minority Interests 0.06 0.03 








Total Equity 60.84 65.09 71.33 65.61 77.04 62.77 65.19 38.28 




Email: info@arec-kwt.com 

Website: www.arec-kwt.com 

G 

- G 

KG 

Ih 

JGQG 

 

111

Research Unit 






2005 2006 2007 2008 









Interest Income 0.03 0.04 








Misc. Income 3.86 4.13 -0.51 -0.47 1.56 1.27 -0.12 -0.07 


Total Income 12.33 13.19 8.23 7.57 10.14 8.26 7.15 4.20 















Deductions 0.25 0.27 0.15 0.14 0.17 0.14 



Share Of Minority Interest in Net Profit -0.03 -0.02 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 9.25 9.90 4.62 4.25 6.85 5.58 0.07 0.04 














Estate, etc 

2.47 2.64 








-0.59 6.36 4.98 7.27 



ﻐﻟا 


-3.21 -12.58 -15.13 -52.23 





1.65 6.39 10.54 44.57 



ﻳﻟا 






the Year 



112




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.57 0.65 0.89 0.45 0.64 



















Debt to Assets (%) 31.36 28.42 33.77 54.67 37.06 




























Unrealized Profit to Net Profit (%) 28.71 



















Bonus Shares (%) 5.00 5.00 5.00 


P/E Ratio (Times) 10.86 17.54 11.94 13.45 


D/P Ratio (%) 2.07 0.00 5.14 0.00 1.80 


113

Research Unit 


Union Real Estate Company 411 


114 

Million KD 

60 

50 

40 

30 

20 

10 

0 

Million KD 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

99.0 

98.0 

97.0 

96.0 

95.0 

94.0 

93.0 

92.0 

91.0 

90.0 

89.0 

6 

5 

4 

3 

2 

1 

0 

-1 

-2 

-3 

Million KD 

Million KD 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

-1.00 

-2.00 

-3.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

2005 2006 2007 2008 


1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Faisal Sultan Al-Essa 

ﻰﻌﻟا نﺎﺳ ﻓ 




2005 2006 2007 2008 












Inventory 0.03 0.08 0.04 0.11 0.04 0.11 0.04 0.14 

نوﻣ 









Fixed Assets 0.25 0.58 0.23 0.60 0.21 0.55 0.22 0.74 


Fixed Assets Under Construction 2.51 5.77 3.83 9.78 

ءﺎﻧا ﺗ ﺑﺎﺛ لﺻأ 



Total Assets 43.50 100.00 39.19 100.00 37.98 100.00 29.99 100.00 


Over Drafts and Loans (S.T) 2.06 4.74 2.04 5.21 







Debts / Loans (Non Current) (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 


ﻋﻣ مﺧ 



3.08 7.07 3.04 7.77 0.76 2.00 0.60 2.00 









Total Equity 40.43 92.93 36.15 92.23 37.22 98.00 29.39 98.00 



P.O. Box: 24080, Safat - 13101 - Kuwait - Tel: 22623176, Fax: 22632912 

Email: info@urckw.com 

Website: www.itehad07.com 

G 

- G 

KG 

Ih 

JGQG 

 

115

Research Unit 






2005 2006 2007 2008 

















Misc. Income 0.02 0.04 0.06 0.16 0.04 0.12 0.03 0.09 


Total Income 3.56 8.18 3.52 8.99 4.86 12.78 2.12 7.08 




Marketing Expenses 0.00 0.01 












Deductions 0.09 0.20 0.08 0.20 0.11 0.28 









Cash Flow * 2.99 6.86 2.71 6.91 4.29 11.28 -2.46 -8.20 





Bonus Shares 0.87 0.91 0.96 









Estate, etc 

1.06 2.43 0.27 0.70 0.08 0.20 -0.06 -0.20 








1.39 1.83 1.59 0.74 



ﻐﻟا 


-1.91 -0.01 3.16 0.22 





0.56 -1.53 -3.75 -1.81 



ﻳﻟا 






the Year 



116




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.16 0.91 0.30 0.26 0.41 



















Debt to Assets (%) 4.74 5.21 4.98 




Net Working Capital to Assets (%) -4.96 -4.64 2.76 1.86 -1.25 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 


























Interest Cover (Times) 101.46 16.43 383.39 -594.48 -23.30 
















Bonus Shares (%) 5.00 5.00 5.00 5.00 


P/E Ratio (Times) 17.75 13.78 9.60 13.71 


D/P Ratio (%) 2.47 4.95 4.67 3.21 3.82 


117

Research Unit 


Al-Enma'a Real Estate Company 412 


118 

Million KD 

100 

35 

30 

25 

20 

15 

10 

80 

60 

40 

20 

5 

0 

0 

Million KD 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

90.0 

85.0 

80.0 

75.0 

70.0 

65.0 

60.0 

Million KD 

12 

10 

8 

6 

4 

2 

0 

Million KD 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Emad Abdullah Al-Thaqeb 

ﻗﺎﻟا اﻋ دﺎﻋ 




2005 2006 2007 2008 













Inventory 2.14 3.68 1.00 1.54 1.09 1.49 0.81 0.93 

نوﻣ 









Fixed Assets 3.02 5.20 2.41 3.72 2.51 3.43 2.37 2.72 





Total Assets 58.12 100.00 64.75 100.00 73.24 100.00 86.87 100.00 


Over Drafts and Loans (S.T) 0.25 0.29 ضوﻗو فﻟا ﻰﻋ ﺳ 








ﻋﻣ مﺧ 



8.82 15.18 9.53 14.72 12.37 16.89 24.81 28.56 








Total Equity 49.30 84.82 55.22 85.28 60.87 83.11 62.06 71.44 




Email: enmaa@enmaa.com 

Website: www.enmaa.com 

G 

- G 

KG 

Ih 

JGQG 

 

119

Research Unit 






2005 2006 2007 2008 




Sales 3.60 4.92 5.16 5.95 

تﺎﻌﻟا 

Cost of Sales 3.35 4.58 4.42 5.09 






Interest Income ةﺎﻟا تاداﻳا 



Misc. Operating Income 0.29 0.49 0.18 0.27 0.16 0.22 -0.09 -0.11 




Misc. Income 0.33 0.58 1.93 2.98 1.04 1.42 0.26 0.30 


Total Income 8.65 14.88 9.33 14.41 11.27 15.39 9.10 10.48 






Financing Expenses ﻳﻟا ﻳرﺎﻣ 

Misc. Operating Expenses 0.45 0.52 








Deductions 0.26 0.45 0.30 0.46 0.41 0.56 0.38 0.43 









Cash Flow * 8.27 14.22 8.94 13.81 10.76 14.70 7.24 8.33 





Bonus Shares 2.68 2.89 3.90 2.15 









Estate, etc 

3.49 6.00 2.09 3.23 0.76 1.03 0.18 0.21 








1.00 2.69 6.40 -1.55 



ﻐﻟا 


0.74 1.42 0.80 -12.23 





-1.57 -3.24 -3.65 11.75 



ﻳﻟا 






the Year 



120




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.88 1.36 0.80 0.83 0.97 



















Debt to Assets (%) 0.29 
















Receivables Period (Days) 829.25 






Net Profit (Share Holder's) to Sales (%) 281.10 130.96 206.03 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 298.68 140.15 219.41 











Interest Cover (Times) (تاﻣ) ةﺎﻟا ﻐﺗ 















Bonus Shares (%) 8.00 8.00 10.00 5.00 7.75 


P/E Ratio (Times) 11.89 9.31 7.62 13.20 10.51 


D/P Ratio (%) 3.64 4.72 5.05 2.40 3.95 


121

Research Unit 


Mabanee Company 413 


122 

Million KD 

600 

500 

400 

300 

200 

100 

0 

Million KD 

100 

80 

60 

40 

20 

0 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

Million KD 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

20.00 

15.00 

10.00 

5.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

18.0 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008




Chairman & Managing Director بﻟا ﻀﻌﻟا و ةرادا ﻣ ر 

Mohammed A. Aziz Al-Shaya 

ﻊﻳﺎﻟا ﻳﻌﻟاﻋ ﻣ 




2005 2006 2007 2008 










Miscellaneous Investments (S.T) 1.69 1.87 



Inventory 0.05 0.06 

نوﻣ 









Fixed Assets 0.91 1.01 0.89 0.72 0.39 0.20 0.56 0.24 





Total Assets 90.16 100.00 123.54 100.00 195.24 100.00 230.82 100.00 










ﻋﻣ مﺧ 



31.57 35.02 55.04 44.55 105.69 54.13 133.21 57.71 





Treasury Shares -2.08 -2.31 -1.72 -1.40 -2.30 -1.00 




Total Equity 58.59 64.98 68.50 55.45 89.55 45.87 97.61 42.29 




Email: info@mabanee.com 

Website: www.mabanee.com 

G 

- G 

KG 

Ih 

JGQG 

 

123

Research Unit 






2005 2006 2007 2008 






Gross Profit -0.02 -0.02 











Misc. Income 1.32 1.47 0.09 0.07 0.13 0.07 0.50 0.22 


Total Income 16.74 18.57 12.17 9.85 29.63 15.18 38.27 16.58 





Financing Expenses 2.66 1.36 6.07 2.63 










Deductions 0.52 0.58 0.33 0.27 0.73 0.37 0.35 0.15 





Cash Dividends proposed ﺣﻟا ﻳﻟا تﺎﻌﻳزﻟا 



Cash Flow * 14.03 15.57 10.13 8.20 19.93 10.21 8.83 3.82 





Bonus Shares 3.00 3.30 5.45 4.17 









Estate, etc 






0.10 0.11 -0.12 -0.09 -4.21 -2.16 -2.62 -1.14 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


9.31 -2.56 31.14 15.73 



ﻐﻟا 


-30.45 -20.55 -55.17 -29.54 





20.92 19.01 25.62 36.97 



ﻳﻟا 






the Year 

-0.12 -0.13 -4.21 -3.41 -2.62 -1.34 20.55 8.90 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


124




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.78 0.79 2.01 1.86 1.86 


Cash Equivalents to Assets (%) -0.13 -3.41 -1.34 8.90 1.00 

















Debt to Assets (%) 28.29 38.10 36.24 46.34 37.24 






























Interest Cover (Times) 7.88 2.03 4.96 


Dividend Cover (Times) (تاﻣ) ﻳﻟا تﺎﻋزﻟا ﻐﺗ 













Bonus Shares (%) 10.00 10.00 15.00 10.00 11.25 


P/E Ratio (Times) 16.14 25.99 26.57 13.95 20.66 


D/P Ratio (%) 0.00 0.00 0.00 0.00 0.00 


125

Research Unit 


Injazzat Real Estate Development Co. 414 


126 

Million KD 

250 

200 

150 

100 

50 

0 

Million KD 

100 

80 

60 

40 

20 

0 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

30 

25 

20 

15 

10 

5 

0 

Million KD 

20.00 

15.00 

10.00 

5.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008





Hamad Abdul Aziz Al-Shaya 

ﻊﻳﺎﻟا ﻳﻌﻟا ﻋ ﺣ 




2005 2006 2007 2008 









Short Term Investments (Quoted) 1.49 1.52 7.11 4.26 













Fixed Assets 1.97 2.01 2.04 1.22 1.89 0.93 


Fixed Assets Under Construction 8.66 11.73 




Total Assets 73.84 100.00 98.08 100.00 167.02 100.00 203.03 100.00 









Miscellaneous Liabilities ﻋﻣ مﺧ 



22.65 30.67 39.46 40.23 98.17 58.78 112.61 55.47 










Total Equity 51.19 69.33 58.62 59.77 68.85 41.22 90.41 44.53 




Email: info@injazzat.com 

Website: www.injazzat.com 

G 

- G 

KG 

Ih 

JGQG 

 

127

Research Unit 






2005 2006 2007 2008 

















Misc. Income 1.16 1.57 -0.01 -0.02 3.51 2.10 -0.03 -0.01 


Total Income 18.17 24.60 13.64 13.90 23.77 14.23 27.53 13.56 















Deductions 0.57 0.77 0.44 0.45 0.69 0.42 0.85 0.42 



Share Of Minority Interest in Net Profit 0.48 0.49 -0.06 -0.03 0.08 0.04 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 15.24 20.64 10.22 10.42 16.61 9.95 15.52 7.64 





Bonus Shares 3.56 2.73 4.51 









Estate, etc 

0.05 0.05 -0.33 -0.20 








-1.23 1.58 14.42 -6.19 



ﻐﻟا 


-8.31 -3.65 -46.58 -4.95 





11.23 5.71 40.37 19.77 



ﻳﻟا 


1.69 2.29 3.64 3.71 8.21 4.91 8.64 4.26 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



128




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 3.55 6.71 0.52 1.03 2.95 



















Debt to Assets (%) 25.34 29.06 36.52 40.37 32.82 









Quoted Investments to Assets (%) 1.52 4.26 2.89 (%) لﺻﻷا ﻰﻟا ةﻌﻟا تارﺎﺳا 



















Unrealized Profit to Net Profit (%) 0.47 -2.00 -0.76 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 15.00 10.00 15.00 13.33 


P/E Ratio (Times) 6.31 7.49 6.20 5.55 6.39 


D/P Ratio (%) 2.47 5.36 4.41 10.16 5.60 


129

Research Unit 


Jeezan Holding Company 415 


130 

Million KD 

140 

120 

100 

70 

60 

50 

40 

30 

20 

10 

80 

60 

40 

20 

0 

0 

Million KD 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 

-100.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

98.0 

96.0 

94.0 

92.0 

90.0 

88.0 

86.0 

84.0 

82.0 

Million KD 

40 

30 

20 

10 

0 

-10 

-20 

-30 

-40 

Million KD 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


60.0 

40.0 

20.0 

0.0 

-20.0 

-40.0 

-60.0 

-80.0 

-100.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

4.5 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

2005 2006 2007 2008





Khaled Abdullah Al-Muraikhi 

ﻲﻳﻟا اﻋ ﻟﺎﺧ 




2005 2006 2007 2008 








Bank Deposits (S.T) (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 


Miscellaneous Investments (S.T) 0.11 0.28 0.55 1.11 0.35 1.11 (ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 

Accounts / Notes Receivables 0.00 0.00 0.06 0.12 0.01 0.03 ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 





Quoted Investments (Non Current) 2.42 4.92 11.97 38.22 (ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 




Fixed Assets 0.00 0.00 






Total Assets 71.85 100.00 37.97 100.00 49.23 100.00 31.33 100.00 






Miscellaneous Current Liabilities 1.65 3.35 1.52 4.85 





ﻋﻣ مﺧ 



4.85 6.74 4.56 12.01 2.25 4.57 3.99 12.72 








Total Equity 67.00 93.26 33.41 87.99 46.98 95.43 27.35 87.28 




Email: admin@jeezanholdingco.com 

Website: www.jeezanholdingco.com 

G 

- G 

KG 

Ih 

JGQG 

 

131

Research Unit 






2005 2006 2007 2008 











Real Estate Income تارﺎﻌﻟا تاداﻳا 


Total Operating Income 33.52 46.66 -30.71 -80.88 6.17 12.52 -3.15 -10.05 


Misc. Income 1.08 1.51 0.50 1.31 8.71 17.70 0.66 2.11 


Total Income 34.61 48.17 -30.21 -79.56 14.88 30.22 -2.49 -7.94 















Deductions 1.10 1.53 0.51 1.03 









Cash Flow * 33.16 46.16 -30.59 -80.56 14.00 28.44 -20.74 -66.18 














Estate, etc 








0.07 1.42 -0.29 -0.02 



ﻐﻟا 


0.41 1.30 2.29 -0.25 





-0.25 -2.62 -2.07 0.25 



ﻳﻟا 






the Year 



132




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.39 1.00 0.63 0.92 0.74 



















Debt to Assets (%) 2.78 5.27 4.03 






Deposits to Assets (%) (%) لﺻﻷا ﻰﻟا ﻊادﻟا 









Operating Income to Assets (%) 46.66 -80.88 12.52 -10.05 -7.94 




Return on Assets (%) 46.15 -80.56 28.44 -66.18 -18.04 


Cash Flow to Assets (%) 46.16 -80.56 28.44 -66.18 -18.04 


Return on Equity (%) 49.49 -91.57 29.80 -75.83 -22.03 


Cash Flow to Equity (%) 49.49 -91.56 29.80 -75.83 -22.02 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 



Interest Cover (Times) -142.54 190.98 
















Bonus Shares (%) 35.00 20.00 27.50 


P/E Ratio (Times) 3.63 4.19 3.91 


D/P Ratio (%) 2.08 0.00 0.00 0.00 0.52 


133

Research Unit 


Investors Group Holding Company 416 ﻀﺑﺎﻟا نوﻟا ﻋﻣ آﺷ 

134 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

80 

70 

60 

50 

40 

30 

20 

10 

0 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

95.0 

90.0 

85.0 

80.0 

75.0 

Million KD 

20 

15 

10 

5 

0 

-5 

-10 

-15 

-20 

-25 

-30 

Million KD 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


40.0 

30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

-30.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008

Investors Group Holding Company 416 ﻀﺑﺎﻟا نوﻟا ﻋﻣ آﺷ 



Baraa Abdulaziz Al-Jenaie 

ﻲﻋﺎﻟا ﻳﻌﻟاﻋ ءاﺑ 




2005 2006 2007 2008 












Accounts / Notes Receivables 18.71 15.01 10.98 11.03 ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 


Other Current Assets 38.86 31.17 0.18 0.18 








Fixed Assets 0.04 0.04 


Fixed Assets Under Construction 1.38 1.11 2.59 2.60 ءﺎﻧا ﺗ ﺑﺎﺛ لﺻأ 




Total Assets 25.09 100.00 26.19 100.00 124.69 100.00 99.57 100.00 


Over Drafts and Loans (S.T) ضوﻗو فﻟا ﻰﻋ ﺳ 








Total Non Current Liabilities ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 


2.62 10.46 4.24 16.21 2.10 1.68 5.41 5.43 


Minority Interests 0.03 0.03 0.03 0.03 







Total Equity 22.47 89.54 21.95 83.79 122.59 98.32 94.16 94.57 




Email: grandtouristic@grandq8.com 

G 

- G 

KG 

Ih 

JGQG 

 

135

Research Unit 


Investors Group Holding Company 416 




2005 2006 2007 2008 















Misc. Income -0.03 -0.13 -0.01 -0.03 10.25 8.22 -0.98 -0.98 


Total Income 8.07 32.16 0.69 2.65 14.43 11.57 -12.39 -12.44 


Administrative Expenses ﻳرادإ ﻳرﺎﻣ 


Financing Expenses 0.06 0.23 










Deductions 0.29 1.17 0.00 0.00 0.54 0.43 



Share Of Minority Interest in Net Profit 0.00 0.00 0.00 0.00 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 7.09 28.27 0.10 0.40 13.51 10.84 -24.35 -24.45 














Estate, etc 

4.59 18.27 -0.01 -0.04 0.60 0.48 








1.03 6.63 -14.23 12.38 



ﻐﻟا 


-2.48 -0.99 -47.22 -9.47 





1.17 -2.83 87.32 -4.85 



ﻳﻟا 






the Year 



136

Investors Group Holding Company 416 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.98 1.02 2.79 1.54 1.58 

















L.T. Liabilities to Equity (Times) (تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 


Debt to Assets (%) (%) لﺻﻷا ﻰﻟا نﻳﻟا 




Fixed Assets to Assets (%) 1.11 2.65 1.88 






















Unrealized Profit to Net Profit (%) 64.65 -10.70 4.45 19.47 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 126.06 
















Bonus Shares (%) 25.00 7.00 16.00 


P/E Ratio (Times) 7.20 10.07 8.63 


D/P Ratio (%) 1.82 0.00 3.68 0.00 1.37 


137

Research Unit 


International Resorts Company 417 


25 

20 

15 

10 

138 

Million KD 

50 

40 

30 

20 

10 

0 

Million KD 

5 

0 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

120.0 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 

Million KD 

10 

8 

6 

4 

2 

0 

-2 

-4 

-6 

-8 

Million KD 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

-30.0 

-40.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Nedal Khaled Al Masoud 

دﻌﻟا ﻟﺎﺧ لﺎﻀﻧ 




2005 2006 2007 2008 


















Real Estate Investments 0.27 0.96 2.30 9.83 3.43 10.55 




Fixed Assets 3.84 13.74 3.85 18.70 4.33 18.50 0.02 0.05 





Total Assets 27.96 100.00 20.58 100.00 23.39 100.00 32.45 100.00 










ﻋﻣ مﺧ 



1.17 4.18 0.73 3.55 1.17 5.01 10.64 32.78 





Treasury Shares 0.00 0.00 




Total Equity 26.80 95.82 19.85 96.45 22.22 94.99 21.81 67.22 




Email: international.resorts@yahoo.com 

G 

- G 

KG 

Ih 

JGQG 

 

139

Research Unit 






2005 2006 2007 2008 











Real Estate Income 0.31 1.50 0.79 3.37 -0.68 -2.11 



Total Operating Income 7.58 27.11 -7.04 -34.22 2.71 11.59 -2.07 -6.38 


Misc. Income -0.03 -0.10 0.11 0.55 0.03 0.12 7.37 22.73 


Total Income 7.55 27.01 -6.93 -33.67 2.74 11.71 5.30 16.34 














Profit Before Taxes & Deductions 7.22 25.83 -7.22 -35.06 2.31 9.89 0.59 1.81 تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 0.27 0.97 0.08 0.34 0.02 0.05 


Net Profit before Minority Interest 6.95 24.86 -7.22 -35.06 2.23 9.55 0.57 1.77 ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 


Share Holders Net Profit 6.95 24.86 -7.22 -35.06 2.23 9.55 0.57 1.77 ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 



Retained Earnings 6.28 22.46 -7.22 -35.06 2.23 9.55 0.57 1.77 


Cash Flow * 6.99 25.00 -7.18 -34.86 2.25 9.63 0.58 1.79 














Estate, etc 

3.88 13.88 -6.98 -33.93 -1.62 -6.93 -1.72 -5.30 








0.94 -0.27 0.11 0.91 



ﻐﻟا 


-0.27 2.15 -0.70 -1.96 





-0.61 -0.67 0.00 0.77 



ﻳﻟا 






the Year 



140




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.37 6.37 3.09 1.37 2.80 



































Operating Income to Assets (%) 27.11 -34.22 11.59 -6.38 -0.48 




Return on Assets (%) 24.86 -35.06 9.55 1.77 0.28 


Cash Flow to Assets (%) 25.00 -34.86 9.63 1.79 0.39 


Return on Equity (%) 25.94 -36.35 10.06 2.63 0.57 


Cash Flow to Equity (%) 26.09 -36.14 10.14 2.67 0.69 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) 55.84 96.77 -72.53 -300.09 -55.00 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 









Internal Growth Rate (%) 31.00 -27.00 11.00 3.00 4.50 


Earnings Per Share (KD) 0.052 -0.047 0.014 0.004 0.006 









P/E Ratio (Times) 6.76 14.38 21.03 14.06 


D/P Ratio (%) 1.43 0.00 0.00 0.00 0.36 


141

Research Unit 


The Commercial Real Estate Company 418 


142 

Million KD 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

140 

120 

100 

80 

60 

40 

20 

0 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Abdul Fatah M. R. Marafie 

ﻲﻓﻌﻣ ﻣ حﺎﻟا ﻋ 




2005 2006 2007 2008 













نوﻣ 









Fixed Assets 31.87 11.22 6.97 2.24 6.85 2.03 6.83 1.71 






Total Assets 283.99 100.00 311.29 100.00 337.49 100.00 398.70 100.00 


Over Drafts and Loans (S.T) 23.51 8.28 23.15 7.44 29.73 8.81 










ﻋﻣ مﺧ 



87.16 30.69 112.56 36.16 112.04 33.20 179.96 45.14 










Total Equity 196.84 69.31 198.73 63.84 225.45 66.80 218.74 54.86 




Email: Info@altijaria.com 

Website: www.altijaria.com 

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KG 

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JGQG 

 

143

Research Unit 






2005 2006 2007 2008 
















Misc. Income 4.03 1.42 17.63 5.66 10.97 3.25 -2.07 -0.52 


Total Income 43.35 15.27 44.32 14.24 58.10 17.22 26.00 6.52 















Deductions 1.10 0.39 1.26 0.41 1.55 0.46 0.42 0.11 



Share Of Minority Interest in Net Profit 0.31 0.11 

ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 35.65 12.55 35.78 11.50 44.79 13.27 14.62 3.67 





Bonus Shares 12.19 10.73 14.48 11.22 









Estate, etc 








15.99 18.07 7.22 -15.26 



ﻐﻟا 


-32.12 24.34 -41.88 -18.35 





15.56 -9.01 -3.40 37.36 



ﻳﻟا 


-0.57 -0.20 33.40 10.73 -38.05 -11.28 3.75 0.94 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



144




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.06 9.47 0.16 0.32 2.75 



















Debt to Assets (%) 23.56 23.50 25.25 24.10 













































Bonus Shares (%) 10.00 8.00 10.00 7.00 8.75 


P/E Ratio (Times) 11.77 10.72 8.76 15.07 11.58 


D/P Ratio (%) 3.13 4.21 5.19 0.00 3.13 


145

Research Unit 


Sanam Real Estate Company 419 


146 

Million KD 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

10 

8 

6 

4 

2 

0 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

2.5 

2 

1.5 

1 

0.5 

0 

Million KD 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Manie M. Al Sanea 

ﻊﻧﺎﻟا ﻣ ﻊﻧﺎﻣ 




2005 2006 2007 2008 











Accounts / Notes Receivables 3.56 15.14 ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 









Fixed Assets 0.00 0.02 0.01 0.04 0.01 0.03 0.05 0.22 






Total Assets 6.95 100.00 17.01 100.00 26.80 100.00 23.49 100.00 



Accounts / Notes Payables 4.16 24.46 5.23 19.51 








ﻋﻣ مﺧ 



0.34 4.95 4.29 25.20 5.42 20.20 3.69 15.72 






Treasury Shares -0.16 -0.61 -0.16 -0.70 




Total Equity 6.61 95.05 12.72 74.80 21.39 79.80 19.80 84.28 



P.O. Box: 491, Souk Dakhli -15254 - Kuwait - Tel: 22901644, Fax: 22901622 

Email: sanam@sanamre.com 

Website: www.sanamre.com 

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147

Research Unit 






2005 2006 2007 2008 











Real Estate Income 0.82 3.48 





Misc. Income 0.40 5.72 0.16 0.97 0.51 1.91 0.06 0.25 


Total Income 1.95 28.07 0.56 3.30 1.69 6.31 0.90 3.85 















Deductions 0.07 1.07 0.03 0.19 0.07 0.28 0.00 0.00 



Share Of Minority Interest in Net Profit 0.00 0.00 






Cash Flow * 1.62 23.36 0.38 2.25 1.44 5.36 0.12 0.50 





Bonus Shares 0.87 0.61 1.50 









Estate, etc 








-0.10 -1.56 -0.02 -2.40 



ﻐﻟا 


-0.06 -4.17 -6.29 -2.00 





-0.29 6.88 6.17 3.39 



ﻳﻟا 






the Year 



148




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.91 7.91 4.49 0.80 4.03 























Net Working Capital to Assets (%) 9.17 -6.93 -9.13 17.69 2.70 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

























Interest Cover (Times) 96.69 29.87 1.56 42.71 















Bonus Shares (%) 25.00 10.00 14.00 16.33 


P/E Ratio (Times) 10.46 42.22 21.29 24.66 


D/P Ratio (%) 0.00 0.00 0.00 0.00 0.00 


149

Research Unit 


A'ayan Real Estate Company 420 


150 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

120 

100 

80 

60 

40 

20 

0 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

Million KD 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Million KD 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Sulaiman A. Al-Wagayan 

نﺎﻗﻟا اﻋ نﺎﺳ 




2005 2006 2007 2008 










Miscellaneous Investments (S.T) 0.11 0.23 0.13 0.09 (ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 











Fixed Assets 0.05 0.12 0.05 0.11 0.13 0.28 0.48 0.33 





Total Assets 40.59 100.00 46.69 100.00 47.04 100.00 147.06 100.00 









Miscellaneous Liabilities 0.01 0.03 

ﻋﻣ مﺧ 

Total Non Current Liabilities 0.01 0.03 



20.78 51.20 18.72 40.10 15.90 33.80 78.25 53.21 





Treasury Shares -0.26 -0.18 




Total Equity 19.81 48.80 27.97 59.90 31.15 66.20 68.81 46.79 




Email: info@aayanre.com 

Website: www.aayanre.com 

G 

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KG 

Ih 

JGQG 

 

151

Research Unit 






2005 2006 2007 2008 
















Misc. Income 4.93 12.14 2.90 6.22 2.12 4.50 0.83 0.57 


Total Income 6.37 15.68 6.53 13.99 8.80 18.71 14.01 9.53 





Financing Expenses 1.30 2.76 3.80 2.58 










Deductions 0.16 0.39 0.21 0.46 0.27 0.57 0.21 0.14 









Cash Flow * 4.35 10.73 4.69 10.05 6.19 13.15 6.99 4.76 





Bonus Shares 2.40 1.64 1.80 1.71 









Estate, etc 

2.20 4.67 -0.59 -0.40 








0.22 -1.29 -0.60 -29.67 



ﻐﻟا 


-6.20 2.24 -0.12 -32.29 





8.05 -0.82 0.51 67.41 



ﻳﻟا 






the Year 



152




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 5.50 5.06 4.58 5.17 5.08 

















L.T. Liabilities to Equity (Times) 0.00 

(تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 





Net Working Capital to Assets (%) 4.71 4.67 -8.02 19.54 5.23 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 























Unrealized Profit to Net Profit (%) 35.65 -8.51 13.57 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 5.75 2.81 4.28 
















Bonus Shares (%) 20.00 10.00 10.00 5.00 11.25 


P/E Ratio (Times) 17.16 10.33 8.02 4.97 10.12 


D/P Ratio (%) 1.61 3.39 4.36 10.00 4.84 


153

Research Unit 


Aqar Real Estate Investments Company 421 


154 

Million KD 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

10 

8 

6 

4 

2 

0 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

98.0 

96.0 

94.0 

92.0 

90.0 

88.0 

86.0 

Million KD 

3 

2.5 

2 

1.5 

1 

0.5 

0 

-0.5 

-1 

-1.5 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

2005 2006 2007 2008 


1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Issam Abdulaziz Al-Usaimi 

ﻲﻌﻟا ﻳﻌﻟاﻋ مﺎﻋ 




2005 2006 2007 2008 






















Fixed Assets 0.03 0.14 0.02 0.09 0.02 0.08 0.01 0.04 






Total Assets 23.65 100.00 25.72 100.00 26.73 100.00 27.24 100.00 


Over Drafts and Loans (S.T) 1.45 5.62 2.00 7.34 ضوﻗو فﻟا ﻰﻋ ﺳ 








ﻋﻣ مﺧ 



0.27 1.15 1.67 6.49 0.87 3.24 2.30 8.44 









Total Equity 23.38 98.85 24.05 93.51 25.86 96.76 24.94 91.56 




Email: aqar@qualitynet.net 

Website: www.aqar.com.kw 

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KG 

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JGQG 

 

155

Research Unit 






2005 2006 2007 2008 
















Misc. Income 0.00 0.02 0.49 1.92 -0.05 -0.19 -0.05 -0.18 


Total Income 2.60 10.99 1.25 4.88 2.71 10.15 0.94 3.44 















Deductions 0.10 0.44 0.03 0.10 0.10 0.39 








Cash Flow * 1.98 8.38 0.77 2.99 1.75 6.53 -1.17 -4.30 














Estate, etc 

0.05 0.22 -0.04 -0.16 0.00 0.00 








-5.54 -0.05 0.00 -0.40 



ﻐﻟا 


9.85 -4.92 3.29 -4.02 





1.45 -1.46 1.76 



ﻳﻟا 


4.30 18.20 -3.53 -13.72 1.82 6.83 -2.66 -9.75 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



156




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 4.16 0.72 1.45 0.62 1.74 



















Debt to Assets (%) 5.62 7.34 6.48 




























Unrealized Profit to Net Profit (%) 2.66 -5.44 0.03 -0.92 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 324.70 45.44 -9.27 120.29 















Bonus Shares (%) 7.50 8.00 7.75 


P/E Ratio (Times) 20.27 34.50 19.08 24.62 


D/P Ratio (%) 0.00 0.00 0.00 0.00 0.00 


157

Research Unit 


Kuwait Real Estate Holding Co. 422 


158 

Million KD 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

40 

35 

30 

25 

20 

15 

10 

5 

0 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

10 

8 

6 

4 

2 

0 

-2 

Million KD 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Mohammed Barak Al-Mutair 

ﻟا كاﺑ ﻣ 




2005 2006 2007 2008 













Inventory 0.06 0.12 0.06 0.13 0.05 0.07 0.04 0.05 

نوﻣ 









Fixed Assets 3.21 6.14 2.70 5.74 2.24 3.43 1.84 2.37 






Total Assets 52.35 100.00 47.06 100.00 65.39 100.00 77.49 100.00 










ﻋﻣ مﺧ 



10.52 20.09 7.39 15.71 24.06 36.79 40.67 52.48 










Total Equity 41.83 79.91 39.67 84.29 41.34 63.21 36.82 47.52 




Email: info@alaqaria.com 

Website: www.alaqaria.com 

G 

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KG 

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JGQG 

 

159

Research Unit 






2005 2006 2007 2008 












Misc. Operating Income 0.05 0.09 -0.24 -0.51 -0.36 -0.55 -0.31 -0.40 




Misc. Income 0.32 0.61 0.07 0.14 0.03 0.05 0.11 0.14 


Total Income 8.32 15.89 4.40 9.34 4.25 6.50 5.14 6.63 















Deductions 0.23 0.45 0.13 0.27 0.10 0.16 



Share Of Minority Interest in Net Profit 0.00 0.00 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 7.51 14.35 2.78 5.90 2.83 4.33 -1.01 -1.31 














Estate, etc 

4.45 8.50 1.29 2.75 1.47 2.25 1.03 1.33 








7.55 -1.18 -0.08 -13.11 



ﻐﻟا 


-13.36 13.32 -23.51 0.03 





-0.94 -2.54 16.72 9.95 



ﻳﻟا 






the Year 



160




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.00 27.60 7.81 3.42 10.21 














































Unrealized Profit to Net Profit (%) 62.81 60.31 65.69 -72.10 29.18 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 




















P/E Ratio (Times) 11.65 24.06 27.64 21.12 


D/P Ratio (%) 0.00 0.00 3.40 0.00 0.85 


161

Research Unit 


Al-Mazaya Holding Company 423 


162 

Million KD 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

250 

200 

150 

100 

50 

0 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

50.00 

45.00 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

100 

80 

60 

40 

20 

0 

Million KD 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Rashid Yacoub Al Nafisi 

ﻲﻟا بﻌﻳ ﺷر 




2005 2006 2007 2008 






















Fixed Assets 0.11 0.22 0.27 0.17 0.76 0.29 0.66 0.18 






Total Assets 51.09 100.00 166.17 100.00 267.07 100.00 365.04 100.00 











ﻋﻣ مﺧ 



19.68 38.52 74.54 44.86 151.33 56.66 209.56 57.41 


Minority Interests 3.83 2.30 6.50 2.43 38.46 10.54 








Total Equity 31.41 61.48 91.63 55.14 115.74 43.34 155.48 42.59 




Email: info@mazayarealestate.com 

Website: www.mazayarealestate.com 

G 

- G 

KG 

Ih 

JGQG 

 

163

Research Unit 






2005 2006 2007 2008 

















Misc. Income 0.02 0.04 0.05 0.03 6.10 2.29 28.83 7.90 


Total Income 16.34 31.97 28.59 17.21 40.39 15.12 91.72 25.13 
















Deductions 0.41 0.80 0.98 0.59 1.03 0.39 0.49 0.13 



Share Of Minority Interest in Net Profit 0.39 0.23 0.44 0.16 -6.09 -1.67 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 14.03 27.46 23.49 14.14 31.82 11.92 13.38 3.67 





Bonus Shares 3.79 2.86 6.32 4.54 









Estate, etc 

5.97 11.68 0.52 0.31 0.33 0.12 0.31 0.08 








11.89 44.24 -28.76 7.55 



ﻐﻟا 


-10.25 -42.28 -1.34 -11.83 





-2.49 10.91 41.50 25.54 



ﻳﻟا 






the Year 



164




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 6.32 1.51 5.99 10.90 6.18 



















Debt to Assets (%) 1.62 2.91 20.50 13.71 9.69 














































Bonus Shares (%) 25.00 10.00 20.00 10.00 16.25 


P/E Ratio (Times) 8.44 8.30 6.60 10.96 8.57 


D/P Ratio (%) 3.21 7.35 7.58 0.00 4.53 


165

Research Unit 


Al-Dar National Real Estate Company 424 


166 

Million KD 

120 

100 

60 

50 

40 

30 

20 

10 

80 

60 

40 

20 

0 

0 

Million KD 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 

-100.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

20 

10 

0 

-10 

-20 

-30 

Million KD 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

10.0 

0.0 

-10.0 

-20.0 

-30.0 

-40.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Yousuf Mohammed Al-Sumait 

ﻟا ﻣ ﺳﻳ 




2005 2006 2007 2008 









Short Term Investments (Quoted) 1.51 1.63 (ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 












Fixed Assets 0.06 0.08 0.06 0.08 0.03 0.03 0.01 0.01 






Total Assets 77.27 100.00 79.23 100.00 108.48 100.00 92.85 100.00 




Accounts / Notes Payables 2.89 3.65 0.26 0.24 4.44 4.78 ﻊﻓد قاروأ / اد تﺎﺑﺎﺣ 

Deposit Liability (S.T) 0.52 0.57 (ﺟﻷا ةﻗ) ﻊادو تﺎﻣاﻟا 






ﻋﻣ مﺧ 



25.90 33.53 22.98 29.01 51.23 47.23 63.05 67.91 









Total Equity 51.36 66.47 56.25 70.99 57.25 52.77 29.80 32.09 




Email: info@adnrec.com 

Website: www.adnrec.com 

G 

- G 

KG 

Ih 

JGQG 

 

167

Research Unit 






2005 2006 2007 2008 










Real Estate Income 4.59 5.94 4.12 5.20 3.96 3.65 -5.57 -6.00 


Misc. Operating Income 0.02 0.03 




Misc. Income 0.61 0.78 0.35 0.32 0.32 0.34 


Total Income 14.90 19.28 4.35 5.49 5.13 4.73 -22.64 -24.38 














Deductions 0.36 0.47 0.06 0.07 0.04 0.04 








Cash Flow * 13.62 17.63 1.62 2.05 1.44 1.32 -27.04 -29.12 














Estate, etc 

7.09 9.17 








-13.57 -12.06 -6.67 12.44 



ﻐﻟا 


-6.02 11.19 -19.88 -13.38 





24.95 -4.86 27.55 2.91 



ﻳﻟا 


5.36 6.93 -5.73 -7.24 1.00 0.92 1.97 2.12 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



168




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 8.70 1.25 1.83 4.26 4.01 



















Debt to Assets (%) 24.71 24.55 24.63 








Quoted Investments to Assets (%) 1.63 















Cash Flow to Assets (%) 17.63 2.05 1.32 -29.12 -2.03 
















Earnings Per Share (KD) 0.039 0.004 0.003 -0.064 -0.005 









P/E Ratio (Times) 8.35 46.83 43.28 32.82 


D/P Ratio (%) 0.00 0.00 0.00 0.00 0.00 


169

Research Unit 


Al-Themar International Holding Company 425 


170 

Million KD 

250 

200 

150 

100 

50 

80 

70 

60 

50 

40 

30 

20 

10 

0 

0 

Million KD 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


120.0 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 

Million KD 

25 

20 

15 

10 

5 

0 

Million KD 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

2005 2006 2007 2008 


1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008





Sh. Athbi Salem Al-Ali Al-Sabah 

حﺎﻟا ﻲﻌﻟا ﻟﺎﺳ ﻲﺑﻋ ﻟا 




2005 2006 2007 2008 









Short Term Investments (Quoted) 26.84 17.21 0.37 0.17 0.50 0.30 (ةﻌﻣ) ﺟﻷا ةﻗ تارﺎﺳا 

Miscellaneous Investments (S.T) 0.06 0.03 (ﺟﻷا ةﻗ) ﻋﻣ تارﺎﺳا 


Inventory 1.88 0.88 2.17 1.30 

نوﻣ 




Quoted Investments (Non Current) 51.32 32.91 154.49 72.14 106.00 63.67 (ﻟواﻣ ﻏ) ةﻌﻣ تارﺎﺳا 





Fixed Assets 0.00 0.00 0.01 0.01 8.89 4.15 7.85 4.71 






Total Assets 13.58 100.00 155.93 100.00 214.15 100.00 166.48 100.00 










ﻋﻣ مﺧ 



0.42 3.12 27.00 17.31 36.70 17.14 71.78 43.11 










Total Equity 13.16 96.88 128.94 82.69 177.45 82.86 94.70 56.89 



P.O. Box:1161, Safat -13012 - Kuwait - Tel: 25333114, Fax: 25310510 

Email: althemar@gmail.com 

Website: www.althemar.net 

G 

- G 

KG 

Ih 

JGQG 

 

171

Research Unit 






2005 2006 2007 2008 




Sales 1.54 0.72 10.39 6.24 

تﺎﻌﻟا 



Gross Profit 0.08 0.04 3.17 1.91 


Investment Income 10.14 6.50 18.65 8.71 -1.87 -1.12 









Misc. Income 1.46 0.94 3.05 1.43 2.22 1.34 


Total Income 7.87 57.94 15.66 10.04 23.48 10.97 5.24 3.15 




Marketing Expenses 0.12 0.06 0.78 0.47 












Deductions 0.24 1.77 0.48 0.31 0.44 0.21 



Share Of Minority Interest in Net Profit -0.07 -0.03 0.84 0.50 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 7.45 54.85 14.77 9.47 20.54 9.59 1.60 0.96 














Estate, etc 

4.31 2.77 0.15 0.09 








0.02 4.49 -3.14 -4.98 



ﻐﻟا 


-0.01 -90.20 -37.11 -13.41 





112.94 13.79 19.74 



ﻳﻟا 






the Year 



172




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.15 0.42 0.37 1.22 0.54 



















Debt to Assets (%) 16.78 15.23 38.20 23.40 
















Receivables Period (Days) 490.77 541.45 516.11 






Net Profit (Share Holder's) to Sales (%) 2.77 

(%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 15.40 











Interest Cover (Times) 10.90 1.12 


















P/E Ratio (Times) 2.85 7.27 6.15 5.42 


D/P Ratio (%) 0.00 7.55 9.68 0.00 4.31 


173

Research Unit 


Grand Real Estate Projects Company 426 ﻳرﺎﻌﻟا ىﻟا تﺎﻋوﻟا آﺷ 

174 

Million KD 

250 

200 

150 

100 

50 

0 

Million KD 

120 

100 

80 

60 

40 

20 

0 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

-50.00 

-60.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

40 

30 

20 

10 

0 

-10 

-20 

-30 

-40 

Million KD 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

120.0 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 


2005 2006 2007 2008 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

-30.0 

2005 2006 2007 2008 


4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008

Grand Real Estate Projects Company 426 




Dr. Bader Abdulrazaq Al-Mass 

صﺎﻟا قازﻟاﻋ رﺑ .د 




2005 2006 2007 2008 










Miscellaneous Investments (S.T) 24.02 69.72 25.46 11.72 












Fixed Assets 0.03 0.09 0.09 0.07 0.20 0.09 0.22 0.14 






Total Assets 34.46 100.00 125.20 100.00 217.21 100.00 157.81 100.00 










ﻋﻣ مﺧ 



0.95 2.75 40.63 32.45 92.29 42.49 63.23 40.07 










Total Equity 33.51 97.25 84.57 67.55 124.92 57.51 94.58 59.93 




Email: mail@grandq8.com 

Website: www.grandq8.com 

G 

- G 

KG 

Ih 

JGQG 

 

175

Research Unit 






2005 2006 2007 2008 







Investment Income 15.31 44.42 7.57 6.05 -10.88 -5.01 -20.50 -12.99 



Real Estate Income 15.43 7.10 0.42 0.26 






Misc. Income -0.05 -0.13 16.00 12.78 25.33 11.66 -5.25 -3.33 


Total Income 15.72 45.62 23.58 18.83 30.21 13.91 -25.34 -16.06 















Deductions 0.51 1.47 0.69 0.55 0.95 0.44 



Share Of Minority Interest in Net Profit 0.00 -0.01 0.49 0.39 2.90 1.33 -7.98 -5.06 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 13.82 40.10 19.15 15.30 20.80 9.58 -31.53 -19.98 





Bonus Shares 5.78 6.06 9.10 









Estate, etc 

14.25 6.56 








-2.48 -3.60 -7.49 -19.39 



ﻐﻟا 


2.96 -56.69 -8.05 16.41 





0.00 59.40 41.74 0.25 



ﻳﻟا 






the Year 



176




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 3.25 0.18 1.95 0.95 1.58 
















































Interest Cover (Times) 52.71 12.82 -11.83 17.90 
















Bonus Shares (%) 35.00 20.00 25.00 26.67 


P/E Ratio (Times) 9.68 8.08 5.43 7.73 


D/P Ratio (%) 3.09 1.96 3.23 0.00 2.07 


177

Research Unit 


Tijara & Real Estate Investment Company 427 


178 

Million KD 

120 

100 

25 

20 

15 

10 

80 

60 

40 

20 

5 

0 

0 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

12 

10 

8 

6 

4 

2 

0 

-2 

-4 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Sh. Ali Abdullah Al-Sabah 

حﺎﻟا اﻋ ﻲﻋ ﻟا 




2005 2006 2007 2008 























Fixed Assets 0.04 0.06 0.02 0.03 0.02 0.03 0.02 0.03 





Total Assets 66.80 100.00 69.69 100.00 78.84 100.00 85.33 100.00 










ﻋﻣ مﺧ 



15.62 23.38 15.73 22.56 24.01 30.45 36.93 43.28 









Total Equity 51.18 76.62 53.96 77.44 54.84 69.55 48.40 56.72 




Email: general@tijara.com.kw 

Website: www.tijara.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

179

Research Unit 






2005 2006 2007 2008 










Real Estate Income 3.56 5.33 8.22 11.79 1.92 2.44 -0.10 -0.12 






Misc. Income 0.09 0.14 1.89 2.71 1.80 2.28 -0.14 -0.16 


Total Income 9.48 14.19 9.90 14.20 7.81 9.90 -0.49 -0.58 















Deductions 0.15 0.22 0.29 0.41 0.23 0.29 









Cash Flow * 7.69 11.52 7.71 11.06 5.72 7.26 -3.13 -3.67 





Bonus Shares ﻟا ﻬﺳأ 








Estate, etc 

4.80 7.19 4.07 5.84 0.83 1.05 -5.34 -6.26 








-5.08 1.33 -3.92 -15.24 



ﻐﻟا 


0.00 0.27 4.12 3.03 





6.68 -4.50 6.21 6.91 



ﻳﻟا 






the Year 



180




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 5.78 1.76 10.72 4.15 5.60 






















Net Working Capital to Assets (%) 4.69 -4.36 12.84 -11.55 0.41 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 










































Bonus Shares (%) (%) ﻟا ﻬﺳأ 

P/E Ratio (Times) 14.53 9.91 11.05 11.83 


D/P Ratio (%) 4.14 6.06 6.10 0.00 4.07 


181

Research Unit 


Tameer Real Estate Investment Company 428 


182 

Million KD 

60 

50 

40 

30 

20 

10 

0 

Million KD 

16 

14 

12 

10 

8 

6 

4 

2 

0 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 

-20.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

10 

8 

6 

4 

2 

0 

-2 

-4 

-6 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

2005 2006 2007 2008 


1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008





Abdul Wahab R. Al-Haroon 

نورﺎﻬﻟا ﺷار بﺎهﻟاﻋ 




2005 2006 2007 2008 













Inventory 0.03 0.08 0.03 0.08 0.03 0.07 0.09 0.17 

نوﻣ 









Fixed Assets 6.69 15.16 6.75 15.96 7.10 15.20 17.89 35.69 






Total Assets 44.14 100.00 42.27 100.00 46.69 100.00 50.13 100.00 










ﻋﻣ مﺧ 



5.92 13.41 5.33 12.62 10.17 21.77 19.24 38.38 










Total Equity 38.22 86.59 36.94 87.38 36.52 78.23 30.89 61.62 




Email: info@altaameer.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

183

Research Unit 






2005 2006 2007 2008 
















Misc. Income 0.01 0.01 0.99 2.35 0.11 0.23 0.27 0.53 


Total Income 8.55 19.37 1.60 3.78 4.30 9.20 -1.18 -2.35 















Deductions 0.28 0.63 0.03 0.07 0.06 0.12 0.01 0.02 



Share Of Minority Interest in Net Profit -0.09 -0.20 -0.21 -0.49 -0.13 -0.27 -0.08 -0.16 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 7.82 17.72 0.57 1.35 1.43 3.06 -3.96 -7.89 














Estate, etc 

0.77 1.73 -0.52 -1.24 0.87 1.86 -0.73 -1.46 








-3.08 2.59 -0.13 2.40 



ﻐﻟا 


-9.01 -4.51 -2.11 -7.65 





1.06 -2.80 3.01 5.66 



ﻳﻟا 






the Year 



184




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.27 0.95 0.89 1.26 0.84 



















Debt to Assets (%) 10.64 9.00 16.09 28.21 15.98 
































Dividend Cover (Times) -0.10 
















P/E Ratio (Times) 5.90 50.33 28.12 


D/P Ratio (%) 0.00 3.73 0.00 0.00 0.93 


185

Research Unit 


Arkan Al-Kuwait Real Estate Company 429 


186 

Million KD 

50 

40 

30 

20 

10 

0 

Million KD 

20 

15 

10 

5 

0 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

6 

5 

4 

3 

2 

1 

0 

Million KD 

Million KD 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Waleed Ahmed Al-Mannaei 

ﻲﻋﺎﻟا ﺣأ ﻟو 




2005 2006 2007 2008 






















Fixed Assets 0.06 0.26 0.05 0.20 0.04 0.09 0.02 0.06 





Total Assets 21.99 100.00 25.71 100.00 44.18 100.00 40.72 100.00 











ﻋﻣ مﺧ 



1.46 6.64 2.02 7.87 17.69 40.03 12.55 30.81 








Total Equity 20.53 93.36 23.69 92.13 26.49 59.97 28.17 69.19 




Email: realestate@arkanalkuwait.com 

Website: www.arkanalkuwait.com 

G 

- G 

KG 

Ih 

JGQG 

 

187

Research Unit 






2005 2006 2007 2008 
















Misc. Income 0.11 0.42 -0.06 -0.13 0.02 0.05 


Total Income 2.84 12.91 3.75 14.58 4.85 10.98 4.81 11.82 















Deductions 0.05 0.22 0.06 0.24 0.17 0.38 0.15 0.38 









Cash Flow * 2.22 10.09 3.03 11.79 3.55 8.04 2.96 7.26 














Estate, etc 

0.70 3.17 0.36 1.42 0.86 1.95 0.31 0.75 








0.37 -0.64 4.39 -7.26 



ﻐﻟا 


0.24 0.40 -14.56 9.11 





-0.56 0.02 10.65 -1.55 



ﻳﻟا 






the Year 



188




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.62 0.52 1.40 2.27 1.45 































































Bonus Shares (%) 7.00 5.00 6.00 


P/E Ratio (Times) 11.33 11.72 7.68 10.24 


D/P Ratio (%) 2.84 3.54 0.00 2.13 


189

Research Unit 


Al Safat Global Holding Company 430 


190 

Million KD 

15 

10 

25 

20 

15 

10 

5 

0 

5 

0 

-5 

-10 

-15 

Million KD 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

140.00 

120.00 

100.00 

80.00 

60.00 

40.00 

20.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

50.0 

0.0 

-50.0 

-100.0 

-150.0 

Million KD 

5 

0 

-5 

-10 

-15 

-20 

Million KD 

5.00 

0.00 

-5.00 

-10.00 

-15.00 

-20.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


50.0 

0.0 

-50.0 

-100.0 

-150.0 

-200.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

2005 2006 2007 2008 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Mohamed Ali Al-Naqi 

ﻲﻟا ﻲﻋ ﻣ 




2005 2006 2007 2008 



No. of Employees ﻟا دﻋ 




















Fixed Assets 0.00 0.04 0.00 0.04 0.00 0.03 0.00 0.01 


Fixed Assets Under Construction 1.15 15.23 0.45 4.91 1.39 12.18 




Total Assets 7.57 100.00 9.07 100.00 11.41 100.00 9.93 100.00 




Deposit Liability (S.T) 0.04 0.54 0.02 0.27 0.03 0.25 

(ﺟﻷا ةﻗ) ﻊادو تﺎﻣاﻟا 






ﻋﻣ مﺧ 



2.66 35.12 3.75 41.38 5.02 43.98 23.52 236.94 








Total Share Holders' Equity 3.60 47.57 3.78 41.72 4.60 40.26 -13.59 -136.94 هﺎﻟا قﺣ ﻲﻟﺎﺟا 

Total Equity 4.91 64.88 5.32 58.62 6.39 56.02 -13.59 -136.94 




G 

- G 

KG 

Ih 

JGQG 

 

191

Research Unit 






2005 2006 2007 2008 
















Misc. Income 0.12 1.57 0.04 0.44 0.05 0.40 0.06 0.63 


Total Income 1.58 20.81 1.07 11.76 1.75 15.34 -1.42 -14.28 















Deductions 0.04 0.32 



Share Of Minority Interest in Net Profit 0.26 3.46 0.28 3.11 0.33 2.91 







Cash Flow * 0.84 11.13 0.31 3.44 0.82 7.18 -17.74 -178.69 










Closing Price of Shares (KD) 0.345 0.190 



Estate, etc 

0.27 3.54 0.66 7.29 0.81 7.11 -0.17 -1.75 








0.07 -0.31 -1.09 6.65 



ﻐﻟا 


-0.19 -0.66 0.11 -14.27 





-0.25 0.81 1.02 8.40 



ﻳﻟا 






the Year 



192




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.35 0.16 0.43 8.39 2.84 













Equity to Assets (%) 64.88 58.62 56.02 -136.94 10.65 


Share Holder's Equity to Assets (%) 47.57 41.72 40.26 -136.94 -1.85 


L.T. Liabilities to Equity (Times) 0.01 0.07 0.06 -0.03 0.03 (تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 

Total Liabilities to Equity (Times) 0.54 0.71 0.79 -1.73 0.08 (تاﻣ) ﻟا قﺣ ﻰﻟا مﻟا ﻰﻟﺎﺟا 

Debt to Assets (%) 23.91 9.24 6.30 3.60 10.76 




Net Working Capital to Assets (%) 2.69 -10.26 -19.35 -213.65 -60.14 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

Fixed Assets to Assets (%) 15.27 4.95 12.21 


















Cash Flow to Assets (%) 11.13 3.44 7.18 -178.69 -39.23 














Internal Growth Rate (%) 27.00 9.00 10.00 


Earnings Per Share (KD) 0.010 0.027 -0.591 




Book Value of Shares (KD) 0.126 0.153 -0.453 


MP/BV (Times) 2.25 -0.42 0.92 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 


P/E Ratio (Times) 12.67 


D/P Ratio (%) 4.35 0.00 2.17 


193

Research Unit 


AlArgan International Real Estate Co. 431 


194 

Million KD 

120 

100 

30 

25 

20 

15 

10 

80 

60 

40 

20 

Million KD 

5 

0 

0 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

Million KD 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Million KD 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Khaled K. Al-Mashaan 

نﺎﻌﻟا ﻀﺧ ﻟﺎﺧ 




2005 2006 2007 2008 













Inventory 0.13 0.19 0.19 0.27 0.25 0.28 0.34 0.35 

نوﻣ 









Fixed Assets 0.56 0.83 1.82 2.63 4.14 4.58 4.20 4.39 






Total Assets 68.21 100.00 69.11 100.00 90.34 100.00 95.69 100.00 








Debts / Loans (Non Current) 7.08 10.24 11.06 12.24 8.08 8.44 (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 


ﻋﻣ مﺧ 



25.59 37.51 20.17 29.18 35.70 39.51 41.36 43.22 










Total Equity 42.62 62.49 48.95 70.82 54.65 60.49 54.33 56.78 



P.O. Box: 8904, Salmiya - 22060 - Kuwait - Tel: 24820440, Fax: 24823298 

Email: hr@alargan.com 

Website: www.alargan.com 

G 

- G 

KG 

Ih 

JGQG 

 

195

Research Unit 






2005 2006 2007 2008 

















Misc. Income 0.21 0.31 0.67 0.97 5.57 6.17 0.05 0.06 


Total Income 3.23 4.74 7.59 10.98 13.91 15.39 15.63 16.33 















Deductions 0.02 0.03 0.08 0.12 0.36 0.39 0.48 0.50 









Cash Flow * 2.73 4.00 5.92 8.57 9.71 10.75 10.32 10.79 














Estate, etc 

2.24 3.28 1.93 2.79 1.65 1.83 2.16 2.26 








-5.30 4.59 -5.41 -4.61 



ﻐﻟا 


-12.27 -3.61 -11.68 8.70 





28.16 -7.03 12.83 -4.53 



ﻳﻟا 


10.60 15.54 -6.05 -8.76 -4.25 -4.71 -0.44 -0.46 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



196




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.61 3.52 1.15 0.88 2.04 



















Debt to Assets (%) 13.67 12.14 18.49 17.12 15.36 














































MP/BV (Times) 1.77 1.15 1.46 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 



P/E Ratio (Times) 10.58 6.41 8.49 


D/P Ratio (%) 6.85 0.00 3.42 


197

Research Unit 


Abyar Real Estate Development Company 432 


198 

Million KD 

350 

300 

250 

200 

150 

100 

50 

0 

Million KD 

140 

120 

100 

80 

60 

40 

20 

0 

0.90 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

Million KD 

30 

25 

20 

15 

10 

5 

0 

Million KD 

20.00 

15.00 

10.00 

5.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Hesham Abdul Wahab Al-Obaid 

ﻌﻟا بﺎهﻟاﻋ مﺎه 




2005 2006 2007 2008 








Bank Deposits (S.T) 0.47 0.56 0.48 0.37 












Other Investments (Non Current) 3.72 2.86 36.54 12.76 (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets 0.12 0.14 1.71 1.32 2.16 0.75 





Total Assets 68.13 100.00 85.17 100.00 129.94 100.00 286.40 100.00 










ﻋﻣ مﺧ 

Total Non Current Liabilities 10.59 12.44 18.57 14.29 83.15 29.03 ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 


33.11 48.60 38.14 44.78 65.88 50.70 203.53 71.06 









Total Equity 35.02 51.40 47.03 55.22 64.07 49.30 82.87 28.94 




Email: info@abyaar.com 

Website: www.abyaar.com 

G 

- G 

KG 

Ih 

JGQG 

 

199

Research Unit 






2005 2006 2007 2008 







Investment Income -0.02 -0.01 






Total Operating Income 14.26 16.75 24.05 18.51 15.19 5.30 


Misc. Income 0.01 0.02 0.06 0.07 0.12 0.10 0.27 0.10 


Total Income 0.01 0.02 14.33 16.82 24.18 18.61 15.46 5.40 




Marketing Expenses 0.48 0.57 2.03 1.56 2.59 0.90 












Deductions 0.11 0.13 0.64 0.49 0.27 0.10 









Cash Flow * 0.01 0.01 12.02 14.11 16.87 12.98 6.11 2.13 














Estate, etc 








9.24 1.51 35.92 85.48 



ﻐﻟا 


-43.60 -5.93 -48.03 -158.38 





34.93 4.37 13.47 72.83 



ﻳﻟا 






the Year 



200




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.84 0.06 1.07 0.63 0.65 























Fixed Assets to Assets (%) 82.75 61.54 69.51 71.27 












Operating Income to Assets (%) 16.75 18.51 5.30 13.52 






















Earnings Per Share (KD) 0.034 0.044 0.011 0.030 







Bonus Shares (%) 10.00 20.00 15.00 


P/E Ratio (Times) 8.83 11.65 10.24 


D/P Ratio (%) 1.30 0.00 0.65 


201

Research Unit 


Munshaat Real Estate Projects Co. 433 


202 

Million KD 

300 

250 

200 

150 

100 

50 

0 

Million KD 

200 

150 

100 

50 

0 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

2005 2006 2007 2008 


1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008





Ibrahim Abdullah AlKhuzam 

ماﻟا اﻋ هاﺑإ 




2005 2006 2007 2008 





















Fixed Assets 0.06 0.23 0.07 0.04 0.38 0.15 0.43 0.15 






Total Assets 24.67 100.00 176.67 100.00 257.27 100.00 277.45 100.00 










ﻋﻣ مﺧ 



2.28 9.25 100.05 56.63 158.03 61.43 172.47 62.16 









Total Equity 22.39 90.75 76.62 43.37 99.24 38.57 104.98 37.84 



P.O. Box:1393, Dasman -15464 - Kuwait - Tel: 22467188, Fax: 22467190 

Email: Info@munshaat.com 

Website: www.munshaat.com 

G 

- G 

KG 

Ih 

JGQG 

 

203

Research Unit 






2005 2006 2007 2008 







Investment Income 0.94 3.81 6.56 3.71 -0.46 -0.18 -2.42 -0.87 










Misc. Income 1.56 6.30 1.23 0.70 -1.75 -0.68 -1.26 -0.45 


Total Income 13.07 52.99 39.97 22.62 41.82 16.26 32.63 11.76 















Deductions 0.17 0.69 0.40 0.23 0.31 0.12 0.40 0.14 



Share Of Minority Interest in Net Profit 0.17 0.07 0.38 0.14 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 11.83 47.98 36.97 20.93 27.34 10.63 9.93 3.58 





Bonus Shares 1.00 8.00 4.20 









Estate, etc 

0.92 3.73 2.70 1.53 -1.33 -0.52 -2.39 -0.86 








4.38 -9.29 -20.96 8.45 



ﻐﻟا 


-0.68 -68.05 -10.68 6.47 





2.50 79.42 25.81 -2.13 



ﻳﻟا 






the Year 



204




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 14.06 0.28 1.38 4.96 5.17 













































Unrealized Profit to Net Profit (%) 7.80 7.30 -4.88 -24.70 -3.62 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 10.00 40.00 15.00 21.67 


P/E Ratio (Times) 5.35 2.93 4.14 


D/P Ratio (%) 1.92 0.00 0.96 


205

Research Unit 


First Dubai Real Estate Development Co. 434 


206 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

50 

40 

30 

20 

10 

0 

9.00 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

50 

40 

30 

20 

10 

0 

Million KD 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Seraj Saleh Al-Baker 

ﻟا ﻟﺎﺻ جاﺳ 




2005 2006 2007 2008 
















Quoted Investments (Non Current) 8.36 34.06 8.72 18.07 5.04 6.67 


Real Estate Investments 6.78 14.06 13.69 18.14 




Fixed Assets 0.04 0.15 0.03 0.06 0.03 0.04 0.05 0.03 





Total Assets 24.54 100.00 48.23 100.00 75.47 100.00 135.59 100.00 








Debts / Loans (Non Current) 8.00 10.60 



Total Non Current Liabilities 8.00 10.60 



1.32 5.38 21.59 44.77 44.30 58.70 42.05 31.01 










Total Equity 23.22 94.62 26.64 55.23 31.17 41.30 93.54 68.99 




Email: info@1stdubai.com 

Website: www.1stdubai.com 

G 

- G 

KG 

Ih 

JGQG 

 

207

Research Unit 






2005 2006 2007 2008 







Investment Income 1.91 7.79 -0.71 -1.47 1.43 1.90 0.03 0.02 










Misc. Income 0.06 0.24 2.08 4.31 4.88 6.46 0.89 0.65 


Total Income 3.80 15.46 3.96 8.20 6.33 8.39 45.87 33.83 




Marketing Expenses 0.57 2.33 0.06 0.13 0.09 0.12 












Deductions 0.05 0.21 0.06 0.11 0.26 0.34 0.05 0.04 



Share Of Minority Interest in Net Profit -5.44 -4.01 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 3.01 12.25 3.29 6.83 4.54 6.01 0.64 0.47 














Estate, etc 

1.57 6.41 0.05 0.10 0.72 0.95 








-2.80 -11.41 -9.67 6.71 



ﻐﻟا 


-7.00 0.97 -0.01 -80.83 





4.07 17.28 75.94 



ﻳﻟا 






the Year 



208




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 12.21 0.76 9.95 1.12 6.01 

















L.T. Liabilities to Equity (Times) 0.26 

(تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 


Debt to Assets (%) 4.15 21.05 11.06 12.09 




Net Working Capital to Assets (%) 40.14 -35.96 -32.99 -0.06 -7.22 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 














































D/P Ratio (%) 0.91 0.00 0.45 


209

Research Unit 


Kuwait Business Town Real Estate Co. 435 ﻳرﺎﻌﻟا ﻳﻟا لﺎﻋﻷا ﻳﻣ آﺷ 

210 

Million KD 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

50 

40 

30 

20 

10 

0 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


100.0 

98.0 

96.0 

94.0 

92.0 

90.0 

88.0 

86.0 

84.0 

82.0 

Million KD 

10 

8 

6 

4 

2 

0 

-2 

-4 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

2005 2006 2007 2008 


16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

Return on Equity (%) MP/BV (Times) 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

2005 2006 2007 2008 

2005 2006 2007 2008




Ahmed Aqeel Al Aqeel 

ﻌﻟا ﻋ ﺣأ 




2005 2006 2007 2008 













Other Current Assets 2.73 4.15 






Other Investments (Non Current) 2.44 3.71 (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets 0.01 0.02 0.01 0.02 0.02 0.03 0.01 0.02 





Total Assets 61.55 100.00 71.48 100.00 72.13 100.00 65.72 100.00 











ﻋﻣ مﺧ 

Total Non Current Liabilities 0.00 0.00 0.00 0.01 0.00 0.00 



0.74 1.20 8.01 11.20 6.28 8.70 4.25 6.46 








Total Equity 60.81 98.80 63.47 88.80 65.86 91.30 61.47 93.54 



P.O. Box: 831, Souk Al Dakhili - 1525 - Kuwait - Tel: 22916555, Fax: 22916559 

Email: info@kbt.com.kw 

Website: www.kbt.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

211

Research Unit 





2005 2006 2007 2008 
















Misc. Income 7.90 12.84 0.01 0.01 0.00 0.01 0.02 0.03 


Total Income 8.54 13.87 5.55 7.76 5.76 7.99 -1.11 -1.68 















Deductions 0.11 0.17 0.10 0.14 0.19 0.26 









Cash Flow * 8.35 13.57 5.27 7.37 5.12 7.10 -1.65 -2.51 



Market Capitalization 40.40 61.48 








Closing Price of Shares (KD) 0.074 



Estate, etc 

0.41 0.67 1.13 1.58 0.77 1.07 -2.11 -3.22 








-35.35 9.80 2.59 -5.68 



ﻐﻟا 


-12.50 -7.85 8.08 3.77 





50.95 -1.50 -2.73 -3.83 



ﻳﻟا 






the Year 



212

Kuwait Business Town Real Estate Co. 435 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 5.04 1.12 7.61 1.58 3.84 



















Debt to Assets (%) 1.54 1.52 1.53 






























Interest Cover (Times) -10.33 















MP/BV (Times) 0.66 




P/E Ratio (Times) (تاﻣ) ﺑﻟا / ﻌﻟا 

D/P Ratio (%) 0.00 


213

Industrial Sector ﻋﺎﻟا عﺎﻗ 

RepRankAssetsSector 

Ranking by Assets 2008 2007 


Company Name 





G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 

























































219

Research Unit 





Company Name 





آﻟا ﺳا 

























































220


Ranking by Net Profit (Share Holder's) 2008 2007 (هﺎﻟا) ﺑﻟا ﻲﻓﺎﻟ ﺎﻓو ﺗﻟا 

Company Name 





G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 









Gulf Cable & Electrical Industries Co. 3.24 5 26.91 5 ﺎﺑﻬﻟا تﺎﻋﺎﻟاو تﻼﺑﺎﻟ ﻟا آﺷ 













Heavy Engineering Ind.& Shipbuilding Co. 0.68 11 4.84 14 ﻟا ءﺎﺑو ﻟا ﺳﻬﻟا تﺎﻋﺎﻟا آﺷ 



























Kuwait Pipe Industries & Oil Services Co. -44.52 25 14.41 8 ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 





221

Research Unit 




Company Name 





آﻟا ﺳا 














Ikarus Petroleum Industries Company 100.50 8 188.28 * 6 













Kuwait Pipe Industries & Oil Services Co. 26.14 15 113.74 9 ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 



























Note : * Indicates Market Capitalization is substituted by Share Holders' Equity 

222




Company Name 


Times Rank 


Times Rank 

G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 

























































223

Research Unit 



Ranking by Share Holder's Equity to 

Assets 

Company Name 

2008 2007 



لﺻﻷا ﻰﻟا هﺎﻟا قﻟ ﺎﻓو ﺗﻟا 

آﻟا ﺳا 


















































Kuwait Pipe Industries & Oil Services Co. 18.72 26 44.12 25 ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 




224



Company Name 



G 

- G 

KG 

Ih 

JGQG 

 

آﻟا ﺳا 



































Qurain Petrochemical Industries Company -4.04 19 9.22 21 ﻟوﻟا تﺎﻳوﺎﻟا ﻋﺎﻟ ﻳﻟا آﺷ 

















Kuwait Pipe Industries & Oil Services Co. -119.99 28 16.58 12 ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 

225

Research Unit 


226 


Million KD 

6000 

5000 

4000 

3000 

2000 

1000 

0 

Million KD 

2500 

2000 

1500 

1000 

500 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

30 

20 

10 

0 

-10 

-20 

-30 

0 


Equity 

2005 2006 2007 2008 




2005 2006 2007 2008 

Million KD 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

2.5 

2.0 

1.5 

1.0 

0.5 

0.0 

800 

600 

400 

200 

0 

-200 

-400 

-600 

Million KD 

600.0 

400.0 

200.0 

0.0 

-200.0 

-400.0 

2005 2006 2007 2008 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

-10 

20 

15 

10 

5 

0 

-5 

-10 

15 

10 

5 

0 

-5 

2005 2006 2007 2008 

2005 2006 2007 2008





2005 2006 2007 2008 








Inventory 138.69 5.22 147.81 4.16 149.01 3.02 222.53 4.98 

نوﻣ 









Fixed Assets 216.71 8.15 214.28 6.03 193.12 3.92 278.78 6.23 






Total Assets 2657.85 100.00 3556.13 100.00 4929.50 100.00 4471.68 100.00 









ﻋﻣ مﺧ 



G 

- G 

KG 

Ih 

JGQG 

 

872.91 32.84 1161.25 32.65 1781.75 36.14 2597.41 58.09 










Total Equity 1784.94 67.16 2394.88 67.35 3147.75 63.86 1874.26 41.91 



227

Research Unit 





2005 2006 2007 2008 




Sales 597.60 22.48 664.32 18.68 687.75 13.95 813.54 18.19 

تﺎﻌﻟا 















Misc. Income 115.49 4.35 109.63 3.08 87.90 1.78 0.91 0.02 


Total Income 617.65 23.24 501.73 14.11 743.28 15.08 307.82 6.88 












Misc. Expenses 3.68 0.14 0.00 0.00 0.00 0.00 0.00 0.00 





Deductions 17.39 0.65 11.61 0.33 19.02 0.39 4.18 0.09 









Cash Flow * 468.28 * 17.62 360.64 * 10.14 538.10 * 10.92 -315.27 -7.05 





Bonus Shares 29.02 26.40 47.24 10.12 





Estate, etc 

18.72 0.70 32.16 0.90 224.05 4.55 -177.65 -3.97 










ﻐﻟا 

Cash generated from (used in) -181.27 -302.84 -591.33 -451.69 







ﻳﻟا 

Increase(Decrease) in Cash/Cash 32.94 1.24 282.98 7.96 -72.02 -1.46 -58.43 -1.31 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



228



2005 2006 2007 2008 

Average 


Cash to Assets (%) 2.21 1.70 1.30 1.95 1.79 















Share Holder's Equity to Assets (%) 63.50 61.45 59.20 37.79 55.48 (%) لﺻﻷا ﻰﻟا هﺎﻟا قﺣ 



Debt to Assets (%) 24.79 26.61 29.91 45.45 31.69 






















Net Profit (Share Holder's) to Sales (%) 65.70 46.09 72.75 -43.63 35.23 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 71.78 51.03 78.24 -38.75 40.58 













Dividend Cover (Times) 3.14 1.74 2.27 -9.24 -0.52 













MP/BV (Times) 2.16 * 1.79 * 1.90 * 1.42 1.80 (تاﻣ) ﻳﻓﻟا ﻟا / ﻲﻗﻟا ﻌﻟا 

Bonus Shares (%) 8.98 5.44 7.50 1.44 5.84 


P/E Ratio (Times) 9.07 * 12.26 * 11.09 * 

10.45 


D/P Ratio (%) 3.52 * 4.69 * 3.97 * 1.61 3.39 



G 

- G 

KG 

Ih 

JGQG 

 

229

Research Unit 


National Industries Group (Holding) 501 ﻀﺑﺎﻟا ﻟا تﺎﻋﺎﻟا ﻋﻣ 

230 

Million KD 

2500 

2000 

1500 

1000 

500 

0 

Million KD 

1200 

1000 

800 

600 

400 

200 

0 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 

-100.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

400 

300 

200 

100 

0 

-100 

-200 

-300 

-400 

Million KD 

300.00 

200.00 

100.00 

0.00 

-100.00 

-200.00 

-300.00 

-400.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

-20.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008

National Industries Group (Holding) 501 ﻀﺑﺎﻟا ﻟا تﺎﻋﺎﻟا ﻋﻣ 



Saad Mohammed Al-Saad 

ﻌﻟا ﻣ ﻌﺳ 




2005 2006 2007 2008 












Inventory 22.32 2.01 23.35 1.60 22.43 1.02 21.90 1.26 

نوﻣ 









Fixed Assets 25.20 2.27 30.59 2.10 28.29 1.29 29.40 1.70 






Total Assets 1108.96 100.00 1457.14 100.00 2195.67 100.00 1733.15 100.00 










ﻋﻣ مﺧ 



435.45 39.27 624.30 42.84 1029.18 46.87 1247.35 71.97 










Total Equity 673.51 60.73 832.84 57.16 1166.49 53.13 485.80 28.03 




Email: nigroup@nig.com.kw 

Website: www.nig.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

231

Research Unit 


National Industries Group (Holding) 501 




2005 2006 2007 2008 




Sales 104.74 9.44 99.74 6.84 117.46 5.35 112.82 6.51 

تﺎﻌﻟا 














Misc. Income 85.45 7.71 82.84 5.69 41.74 1.90 -3.72 -0.21 


Total Income 281.43 25.38 202.28 13.88 339.35 15.46 88.27 5.09 












Misc. Expenses 3.68 0.33 





Deductions 9.58 0.86 4.67 0.32 7.67 0.35 0.31 0.02 









Cash Flow * 194.04 17.50 139.63 9.58 214.39 9.76 -277.11 -15.99 





Bonus Shares 7.47 10.70 11.77 









Estate, etc 

18.85 1.29 100.92 4.60 -35.38 -2.04 








-17.72 64.76 -57.16 48.36 



ﻐﻟا 


-97.17 -44.63 -363.32 -163.97 





134.55 209.26 336.31 88.79 



ﻳﻟا 






the Year 



232

National Industries Group (Holding) 501 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.79 1.12 0.81 1.69 1.10 



















Debt to Assets (%) 31.10 38.46 43.02 66.81 44.85 






















Net Profit (Share Holder's) to Sales (%) 180.94 135.34 178.25 





























Bonus Shares (%) 10.00 10.00 10.00 10.00 


P/E Ratio (Times) 6.38 10.15 9.34 8.62 


D/P Ratio (%) 3.70 5.47 4.52 0.00 3.42 


233

Research Unit 


Kuwait Pipe Industries & Oil Services Co. 502 ﻟا تﺎﻣﻟاو ﺑﺎﻧﻷا تﺎﻋﺎﻟ ﻳﻟا 

234 

Million KD 

250 

200 

150 

100 

50 

0 

Million KD 

200 

150 

100 

50 

0 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 

-100.00 

-120.00 

-140.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

50 

40 

30 

20 

10 

0 

-10 

-20 

-30 

-40 

-50 

Million KD 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

-50.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

-20.0 

-25.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008




Adel Moh’d Reda Y. Behbehani 

ﻲﻧﺎﻬﻬﺑ ﺎر ﻣ لدﺎﻋ 




2005 2006 2007 2008 












Inventory 18.76 14.39 26.44 18.21 26.48 13.45 50.58 25.52 

نوﻣ 








Fixed Assets 2.35 1.80 2.02 1.39 2.16 1.10 17.33 8.74 






Total Assets 130.37 100.00 145.19 100.00 196.96 100.00 198.19 100.00 










ﻋﻣ مﺧ 



55.48 42.56 74.44 51.27 110.06 55.88 154.40 77.90 










Total Equity 74.89 57.44 70.75 48.73 86.90 44.12 43.79 22.10 




Email: kpios@kpios.com 

Website: www.kpios.com 

G 

- G 

KG 

Ih 

JGQG 

 

235

Research Unit 





2005 2006 2007 2008 




Sales 9.18 7.04 16.45 11.33 39.03 19.82 51.74 26.11 

تﺎﻌﻟا 














Misc. Income 2.35 1.80 0.14 0.09 -0.53 -0.27 0.17 0.08 


Total Income 36.57 28.05 3.35 2.31 22.11 11.22 -25.93 -13.08 
















Deductions 0.92 0.70 0.65 0.33 









Cash Flow * 25.37 19.46 -2.65 -1.83 14.82 7.53 -43.15 -21.77 














Estate, etc 








-16.07 -8.59 -37.63 -3.80 



ﻐﻟا 


-1.88 -1.22 -2.75 -15.08 





14.77 14.09 36.94 19.21 



ﻳﻟا 






the Year 



236



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.20 3.12 0.56 0.72 1.15 



















Debt to Assets (%) 39.08 46.58 52.19 74.83 53.17 





















Net Profit (Share Holder's) to Sales (%) 267.13 -18.71 36.91 -86.05 49.82 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 276.45 -16.14 37.97 -83.39 53.72 




Cash Flow to Assets (%) 19.46 -1.83 7.53 -21.77 0.85 


Return on Equity (%) 32.73 -4.35 16.58 -119.99 -18.76 


Cash Flow to Equity (%) 33.87 -3.75 17.06 -116.29 -17.28 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 












Earnings Per Share (KD) 0.128 -0.014 0.067 -0.198 -0.004 







Bonus Shares (%) 12.00 5.00 8.50 


P/E Ratio (Times) 6.25 7.89 7.07 


D/P Ratio (%) 1.19 0.00 5.66 0.00 1.71 


237

Research Unit 


Kuwait Cement Company 503 


238 

Million KD 

700 

600 

500 

400 

300 

200 

100 

0 

Million KD 

160 

140 

120 

100 

80 

60 

40 

20 

0 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.60 

2.50 

2.40 

2.30 

2.20 

2.10 

2.00 

2005 2006 2007 2008 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008





Rashed Abdulaziz Al-Rashed 

ﺷاﻟا ﻳﻌﻟاﻋ ﺷار 




2005 2006 2007 2008 












Inventory 23.14 9.07 14.21 4.96 12.80 3.51 30.82 12.87 

نوﻣ 









Fixed Assets 21.97 8.62 20.74 7.24 6.40 1.75 2.24 0.94 





Total Assets 255.04 100.00 286.33 100.00 365.12 100.00 239.38 100.00 










ﻋﻣ مﺧ 



51.34 20.13 63.86 22.30 62.41 17.09 106.04 44.30 









Total Equity 203.70 79.87 222.46 77.70 302.71 82.91 133.34 55.70 




Email: alcement@kuwait-cement.com 

Website: www.kuwait-cement.com 

G 

- G 

KG 

Ih 

JGQG 

 

239

Research Unit 






2005 2006 2007 2008 




Sales 63.48 24.89 72.30 25.25 82.43 22.58 86.40 36.09 

تﺎﻌﻟا 















Misc. Income 1.20 0.47 3.19 1.11 2.21 0.61 -0.98 -0.41 


Total Income 49.93 19.58 46.89 16.38 75.79 20.76 20.98 8.76 















Deductions 1.41 0.55 1.32 0.46 1.90 0.52 0.18 0.08 









Cash Flow * 45.17 17.71 41.59 14.53 61.87 16.94 9.21 3.85 





Bonus Shares 3.96 4.35 7.18 2.75 









Estate, etc 

8.73 3.05 18.17 4.98 -15.36 -6.42 








17.87 34.30 43.22 25.62 



ﻐﻟا 


-5.27 -25.80 0.31 -10.28 





-10.55 -6.73 -34.75 9.03 



ﻳﻟا 


2.06 0.81 1.78 0.62 8.78 2.41 24.37 10.18 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



240




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.58 1.34 1.69 2.62 2.06 



















Debt to Assets (%) 15.93 19.10 14.23 40.58 22.46 
















Receivables Period (Days) 49.93 47.21 51.43 49.52 
















Unrealized Profit to Net Profit (%) 21.69 33.15 -356.29 -100.48 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 10.00 10.00 15.00 5.00 10.00 


P/E Ratio (Times) 12.37 14.06 12.06 75.37 28.46 


D/P Ratio (%) 4.24 4.62 3.70 1.30 3.46 


241

Research Unit 


Refrigeration Industries & Storage Co. 504 


20 

15 

10 

242 

Million KD 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

5 

0 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

8 

7 

6 

5 

4 

3 

2 

1 

0 

Million KD 

Million KD 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

92.0 

90.0 

88.0 

86.0 

84.0 

82.0 

80.0 

78.0 

76.0 

74.0 

72.0 


2005 2006 2007 2008 

18.0 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008




Chairperson & Managing Director بﻟا ﻀﻌﻟا و ةرادا ﻣ ر 

Sheikha Intesaar Salem A. Al-Sabah 

حﺎﻟا ﻲﻌﻟا ﻟﺎﺳ رﺎﻧا ﻟا 




2005 2006 2007 2008 












Inventory 7.69 27.87 5.47 21.59 5.59 22.28 8.38 31.35 

نوﻣ 








Fixed Assets 11.38 41.24 10.83 42.77 10.60 42.28 9.69 36.26 






Total Assets 27.59 100.00 25.32 100.00 25.07 100.00 26.73 100.00 










ﻋﻣ مﺧ 



4.84 17.53 2.51 9.90 2.47 9.87 5.62 21.04 









Total Equity 22.75 82.47 22.81 90.10 22.60 90.13 21.11 78.96 



P.O. Box: 22261, Safat -13083 - Kuwait - Tel:1833380, Fax: 24673562 

Email: risco@ricoolex.com 

Website: www.ricoolex.com 

G 

- G 

KG 

Ih 

JGQG 

 

243

Research Unit 






2005 2006 2007 2008 




Sales 14.61 52.96 16.25 64.19 14.59 58.20 13.92 52.06 

تﺎﻌﻟا 














Misc. Income 3.72 13.48 2.64 10.43 0.43 1.70 0.13 0.48 


Total Income 6.90 25.02 5.27 20.81 2.94 11.72 1.35 5.07 















Deductions 0.13 0.49 0.10 0.41 0.08 0.30 0.03 0.12 







Retained Earnings 0.79 2.85 2.60 10.28 -0.09 -0.36 0.22 0.82 


Cash Flow * 5.37 19.48 4.67 18.44 1.98 7.91 1.10 4.11 














Estate, etc 

0.00 -0.01 0.01 0.03 








1.24 4.46 2.64 1.16 



ﻐﻟا 


4.79 0.01 0.64 -0.28 





-6.08 -3.80 -1.09 -1.50 



ﻳﻟا 






the Year 



244




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.76 4.55 13.31 1.52 5.29 



















Debt to Assets (%) 0.23 0.67 0.45 































Unrealized Profit to Net Profit (%) -0.05 0.76 0.36 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 5.00 10.00 7.50 


P/E Ratio (Times) 14.67 11.53 32.54 89.68 37.11 


D/P Ratio (%) 5.62 2.59 3.33 0.00 2.88 


245

Research Unit 


Gulf Cable & Electrical Industries Co. 505 ﺎﺑﻬﻟا تﺎﻋﺎﻟاو تﻼﺑﺎﻟ ﻟا آﺷ 

246 

Million KD 

600 

500 

400 

300 

200 

100 

0 

Million KD 

100 

80 

60 

40 

20 

0 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008




Bader Naser Al-Kharafi 

ﻲﻓاﻟا ﺻﺎﻧ رﺑ 




2005 2006 2007 2008 












Inventory 12.21 7.85 23.73 11.69 29.80 9.07 45.71 19.28 

نوﻣ 








Fixed Assets 4.89 3.14 5.60 2.76 4.45 1.35 9.68 4.08 






Total Assets 155.53 100.00 203.01 100.00 328.56 100.00 237.03 100.00 










ﻋﻣ مﺧ 



23.57 15.15 10.89 5.36 43.26 13.17 85.30 35.99 









Total Equity 131.96 84.85 192.12 94.64 285.30 86.83 151.73 64.01 




Email: info@gulfcable.com 

Website: www.gulfcable.com 

G 

- G 

KG 

Ih 

JGQG 

 

247

Research Unit 





2005 2006 2007 2008 




Sales 46.92 30.17 65.91 32.47 83.98 25.56 109.86 46.35 

تﺎﻌﻟا 













Misc. Income 0.20 0.13 0.34 0.17 -0.10 -0.03 1.76 0.74 


Total Income 16.99 10.92 25.20 12.42 33.55 10.21 32.07 13.53 















Deductions 0.71 0.46 0.91 0.45 1.23 0.37 0.35 0.15 



Share Of Minority Interest in Net Profit -0.02 -0.01 -0.04 -0.01 -0.01 0.00 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 15.31 9.85 21.20 10.44 27.83 8.47 4.52 1.91 





Bonus Shares 1.45 2.09 4.84 









Estate, etc 

-0.02 -0.01 73.13 22.26 -128.79 -54.33 






2.73 1.76 3.79 1.87 2.96 0.90 -1.50 -0.63 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


14.20 -3.15 1.80 -4.43 



ﻐﻟا 


-16.77 -7.73 -26.13 -26.46 





3.63 10.05 19.87 31.86 



ﻳﻟا 


1.06 0.68 -0.83 -0.41 -4.46 -1.36 0.97 0.41 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 

3.79 2.44 2.96 1.46 -1.50 -0.46 -0.53 -0.23 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


248



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.45 0.50 0.91 1.01 1.22 


Cash Equivalents to Assets (%) 2.44 1.46 -0.46 -0.23 0.80 

















Debt to Assets (%) 10.68 2.11 10.72 32.57 14.02 
































Unrealized Profit to Net Profit (%) -0.13 271.72 



















Bonus Shares (%) 15.00 15.00 30.00 20.00 


P/E Ratio (Times) 22.53 16.92 20.16 64.21 30.96 


D/P Ratio (%) 1.48 2.66 1.49 7.07 3.18 


249

Research Unit 


Heavy Engineering Ind.& Shipbuilding Co. 506 ﻟا ءﺎﺑو ﻟا ﺳﻬﻟا تﺎﻋﺎﻟا آﺷ 

250 

Million KD 

120 

100 

80 

60 

40 

20 

80 

70 

60 

50 

40 

30 

20 

10 

0 

0 

Million KD 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 

-40.00 

-50.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

50.0 

45.0 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

Million KD 

15 

10 

5 

0 

-5 

-10 

Million KD 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008




Juhail Mohammed Juhail 

ﺟ ﺣﻟاﻋ ﻣ ﺟ 




2005 2006 2007 2008 













Inventory 1.13 1.99 0.87 1.46 1.52 2.35 4.63 4.77 

نوﻣ 




Quoted Investments (Non Current) 5.42 9.59 6.10 10.24 





Fixed Assets 14.27 25.26 13.02 21.87 12.74 19.64 25.91 26.70 






Total Assets 56.50 100.00 59.55 100.00 64.85 100.00 97.06 100.00 










ﻋﻣ مﺧ 



29.81 52.76 43.56 73.15 43.86 67.64 79.36 81.76 








Total Equity 26.69 47.24 15.99 26.85 20.99 32.36 17.70 18.24 




Email: heisco@heisco.com 

Website: www.heisco.com 

G 

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KG 

Ih 

JGQG 

 

251

Research Unit 





2005 2006 2007 2008 




Sales 55.59 98.38 63.78 107.09 57.83 89.18 91.69 94.47 

تﺎﻌﻟا 














Misc. Income 2.45 4.34 1.12 1.89 


Total Income 6.90 12.22 2.50 4.19 9.23 14.23 5.92 6.10 















Deductions 0.16 0.29 0.23 0.35 0.03 0.03 









Cash Flow * 8.33 14.74 -3.93 -6.60 7.56 11.66 4.04 4.16 














Estate, etc 

0.32 0.57 0.53 0.89 2.64 4.08 






-5.04 -8.92 -3.17 -5.32 -11.40 -17.58 2.28 2.35 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


10.26 -2.50 5.00 -1.17 



ﻐﻟا 


-2.77 -1.94 -4.20 -16.40 





-5.62 -3.79 -0.14 17.80 



ﻳﻟا 






the Year 



252



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.99 2.80 3.52 2.59 2.98 


Cash Equivalents to Assets (%) -5.61 -19.15 -16.57 2.59 -9.68 

















Debt to Assets (%) 11.30 23.58 21.33 33.95 22.54 




Net Working Capital to Assets (%) 9.33 -7.05 12.67 -9.00 1.49 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

















Net Profit (Share Holder's) to Sales (%) 9.02 -11.40 8.37 0.75 1.68 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 14.98 -6.16 13.08 4.40 6.58 









Unrealized Profit to Net Profit (%) 6.40 -7.27 54.63 17.92 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


Interest Cover (Times) 12.01 -8.32 6.34 1.38 2.85 


















P/E Ratio (Times) 11.46 13.95 92.34 39.25 


D/P Ratio (%) 5.88 0.00 2.00 0.00 1.97 


253

Research Unit 


Contracting & Marine Services Co. 507 ﻳﻟا تﺎﻣﻟاو تﻻوﺎﻟا آﺷ 

35 

30 

25 

20 

15 

10 

254 

Million KD 

140 

120 

100 

80 

60 

40 

20 

5 

0 

0 

Million KD 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

45.0 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

Million KD 

25 

20 

15 

10 

5 

0 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008

Contracting & Marine Services Co. 507 




Hisham S. Al-Otaibi 

ﻲﻌﻟا مﺎه 




2005 2006 2007 2008 












Inventory 1.47 3.05 1.73 2.85 1.86 2.41 2.58 2.05 

نوﻣ 








Fixed Assets 28.61 59.37 25.85 42.71 24.61 31.93 50.73 40.38 






Total Assets 48.19 100.00 60.51 100.00 77.07 100.00 125.64 100.00 










ﻋﻣ مﺧ 



18.36 38.10 20.04 33.11 33.84 43.91 69.04 54.96 










Total Equity 29.83 61.90 40.47 66.89 43.23 56.09 56.59 45.04 




Email: cms@qualitynet.net 

G 

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KG 

Ih 

JGQG 

 

255

Research Unit 






2005 2006 2007 2008 




Sales 23.31 48.36 22.95 37.93 26.07 33.83 28.08 22.35 

تﺎﻌﻟا 













Misc. Income 3.03 6.29 12.68 20.96 1.15 1.49 1.51 1.20 


Total Income 10.78 22.37 19.15 31.64 10.63 13.79 7.49 5.96 















Deductions 0.18 0.37 0.14 0.23 0.20 0.25 0.02 0.01 









Cash Flow * 9.13 18.94 12.00 19.83 8.21 10.65 6.24 4.97 





Bonus Shares 1.28 1.47 2.25 









Estate, etc 

2.11 4.38 0.23 0.38 1.13 1.47 -0.84 -0.67 








10.95 20.79 20.24 8.55 



ﻐﻟا 


-2.22 -4.88 -18.13 -58.84 





-5.08 -4.61 -5.77 45.80 



ﻳﻟا 






the Year 



256




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.32 2.47 3.01 2.29 2.27 



















Debt to Assets (%) 31.03 22.19 16.75 37.41 26.85 
































Unrealized Profit to Net Profit (%) 42.43 2.92 27.82 -97.27 -6.03 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 15.00 15.00 20.00 16.67 


P/E Ratio (Times) 9.57 9.37 20.49 13.14 


D/P Ratio (%) 2.68 3.95 1.35 0.00 1.99 


257

Research Unit 


Kuwait Portland Cement Company 508 


258 

Million KD 

100 

50 

40 

30 

20 

10 

80 

60 

40 

20 

0 

0 

Million KD 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

94.0 

92.0 

90.0 

88.0 

86.0 

84.0 

82.0 

80.0 

Million KD 

25 

20 

15 

10 

5 

0 

-5 

-10 

-15 

Million KD 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


40.0 

30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

2005 2006 2007 2008 


1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Khalid Abdulla Al Sagar 

ﻟا اﻋ ﻟﺎﺧ 




2005 2006 2007 2008 













Inventory 2.22 3.73 1.22 1.75 1.30 1.54 1.01 1.87 

نوﻣ 

Other Current Assets 0.00 0.00 0.03 0.04 







Fixed Assets 2.93 4.92 5.34 7.64 4.84 5.75 3.80 7.03 






Total Assets 59.55 100.00 69.92 100.00 84.13 100.00 54.13 100.00 










ﻋﻣ مﺧ 



6.44 10.82 4.84 6.92 5.97 7.09 7.77 14.36 








Total Equity 53.11 89.18 65.08 93.08 78.16 92.91 46.36 85.64 



P.O.Box: 42191, Shuwaikh -70652 - Kuwait - Tel:1884455, Fax: 24846152 

Email: portlandkw@yahoo.com 

G 

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KG 

Ih 

JGQG 

 

259

Research Unit 






2005 2006 2007 2008 




Sales 46.66 78.36 56.48 80.77 29.53 35.10 42.07 77.72 

تﺎﻌﻟا 













Misc. Income 0.95 1.59 1.51 2.16 1.95 2.32 1.13 2.09 


Total Income 21.86 36.71 12.61 18.03 15.43 18.34 -6.08 -11.24 















Deductions 0.60 1.01 0.44 0.63 0.51 0.60 0.13 0.24 









Cash Flow * 19.06 32.01 9.72 13.90 11.92 14.17 -7.63 -14.09 














Estate, etc 

4.33 7.27 7.80 9.28 -13.16 -24.32 








4.33 5.49 2.84 3.48 



ﻐﻟا 


-0.16 -0.30 -0.41 3.14 





-5.29 -3.30 -7.21 -4.96 



ﻳﻟا 






the Year 



260




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 8.56 4.24 2.19 11.64 6.66 



















Debt to Assets (%) 2.93 2.90 2.77 4.40 3.25 

















































Bonus Shares (%) 5.00 10.00 7.50 


P/E Ratio (Times) 4.28 10.57 8.19 7.68 


D/P Ratio (%) 4.55 8.06 5.08 7.94 6.41 


261

Research Unit 


Shuaiba Industrial Company 509 


262 

Million KD 

20 

15 

10 

5 

0 

Million KD 

12 

10 

8 

6 

4 

2 

0 

5.00 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

-1 

-2 

Million KD 

4 

3 

2 

1 

0 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

-1.00 

-1.50 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

-8.0 

2005 2006 2007 2008 


1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008





Khaled Abdul Ghani Al-Abdul Ghani 

ﻲﻐﻟاﻌﻟا ﻲﻐﻟاﻋ ﻟﺎﺧ 




2005 2006 2007 2008 












Inventory 2.90 15.93 2.49 13.72 2.51 15.97 1.96 13.26 

نوﻣ 








Fixed Assets 5.93 32.59 5.77 31.85 4.50 28.59 4.85 32.89 






Total Assets 18.18 100.00 18.12 100.00 15.75 100.00 14.75 100.00 










ﻋﻣ مﺧ 



5.02 27.61 6.27 34.62 3.25 20.65 2.33 15.81 









Total Equity 13.16 72.39 11.85 65.38 12.49 79.35 12.42 84.19 



P.O. Box: 10088, Shuaiba - 65451, Kuwait - Tel: 24711350, Fax: 24738667 

Email: info@sic-kwt.com 

Website: www.sic-kwt.com 

G 

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KG 

Ih 

JGQG 

 

263

Research Unit 






2005 2006 2007 2008 




Sales 5.71 31.42 5.86 32.35 4.92 31.25 6.71 45.48 

تﺎﻌﻟا 





Investment Income 2.41 13.27 -1.25 -6.88 0.73 4.65 0.54 3.63 






Total Operating Income 3.42 18.83 -0.35 -1.92 1.40 8.89 1.71 11.58 


Misc. Income 0.01 0.06 0.15 0.85 0.30 1.89 0.13 0.86 


Total Income 3.44 18.89 -0.19 -1.06 1.70 10.78 1.83 12.44 
















Deductions 0.08 0.44 0.03 0.19 0.01 0.06 









Cash Flow * 2.25 12.40 -0.99 -5.45 0.77 4.89 0.44 2.98 














Estate, etc 

1.92 10.56 -1.15 -6.35 0.38 2.38 -1.29 -8.72 






1.12 6.18 -1.33 -7.32 -0.13 -0.81 0.73 4.94 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


-0.23 1.48 3.43 3.49 



ﻐﻟا 


-0.79 -1.96 0.16 -1.96 





0.03 0.28 -2.74 -1.25 



ﻳﻟا 






the Year 

0.13 0.73 -1.51 -8.35 0.73 4.63 1.01 6.83 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


264




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.73 3.29 2.90 5.14 3.01 


Cash Equivalents to Assets (%) 0.73 -8.35 4.63 6.83 0.96 

















Debt to Assets (%) 19.23 29.14 14.43 6.44 17.31 




















Operating Income to Assets (%) 18.83 -1.92 8.89 11.58 9.35 


Net Profit (Share Holder's) to Sales (%) 34.93 -21.75 10.65 3.02 6.71 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 39.45 -16.84 15.63 6.55 11.20 









Unrealized Profit to Net Profit (%) 96.25 90.27 71.61 -634.97 -94.21 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 10.00 10.00 10.00 


P/E Ratio (Times) 8.64 25.60 75.59 36.61 


D/P Ratio (%) 0.00 0.00 0.00 3.64 0.91 


265

Research Unit 


Metal & Recycling Company 510 ﻳﻟا تﺎﻋﺎﻟاو ندﺎﻌﻟا آﺷ 

30 

25 

20 

15 

10 

266 

Million KD 

60 

50 

40 

30 

20 

10 

0 

Million KD 

5 

0 

10.00 

9.00 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

70.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

-30.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

12 

10 

8 

6 

4 

2 

0 

-2 

-4 

-6 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

-10.0 

-20.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008

Metal & Recycling Company 510 ﻳﻟا تﺎﻋﺎﻟاو ندﺎﻌﻟا آﺷ 



Tarek Ibrahim Al-Mousa 

ﻰﺳﻟا هاﺑا قرﺎ 




2005 2006 2007 2008 












Inventory 1.99 13.21 1.77 11.22 2.75 8.01 2.09 6.35 

نوﻣ 








Fixed Assets 0.76 5.03 0.95 6.01 0.92 2.69 4.09 12.45 





Total Assets 15.04 100.00 15.81 100.00 34.34 100.00 32.84 100.00 








Debts / Loans (Non Current) 0.15 0.46 (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 


ﻋﻣ مﺧ 



1.57 10.41 1.02 6.48 4.16 12.13 6.96 21.19 










Total Equity 13.48 89.59 14.78 93.52 30.18 87.87 25.88 78.81 




Email: mrc@mrc.com.kw 

Website: www.mrckw.com 

G 

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KG 

Ih 

JGQG 

 

267

Research Unit 


Metal & Recycling Company 510 




2005 2006 2007 2008 




Sales 6.10 40.58 6.30 39.89 8.96 26.09 15.51 47.23 

تﺎﻌﻟا 














Misc. Income 6.89 45.81 0.04 0.27 -0.08 -0.24 0.05 0.16 


Total Income 9.72 64.59 2.85 18.04 2.93 8.53 1.16 3.54 
















Deductions 0.33 2.18 0.08 0.49 0.08 0.22 0.01 0.02 








Cash Flow * 8.48 56.36 1.65 10.45 1.63 4.76 -4.47 -13.62 





Bonus Shares 2.34 0.47 0.54 









Estate, etc 

0.71 4.72 -0.13 -0.84 0.53 1.54 -0.24 -0.72 








-0.78 -1.10 -4.09 0.09 



ﻐﻟا 


-0.63 2.15 -7.86 -1.45 





0.72 -0.72 16.84 1.16 



ﻳﻟا 






the Year 



268

Metal & Recycling Company 510 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.59 3.62 1.35 0.79 1.84 



















Debt to Assets (%) 5.60 2.50 9.02 11.19 7.08 
































Unrealized Profit to Net Profit (%) 8.52 -8.90 37.04 4.66 10.33 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 

















Bonus Shares (%) 100.00 10.00 7.00 39.00 


P/E Ratio (Times) 6.12 18.57 35.16 19.95 


D/P Ratio (%) 0.00 0.00 0.00 0.00 0.00 


269

Research Unit 


Kuwait Foundry Company 511 


270 

Million KD 

140 

120 

100 

10 

80 

60 

40 

20 

Million KD 

8 

6 

4 

2 

0 

0 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

99.0 

98.0 

97.0 

96.0 

95.0 

94.0 

93.0 

92.0 

91.0 

90.0 

89.0 

Million KD 

14 

12 

10 

8 

6 

4 

2 

0 

-2 

-4 

-6 

Million KD 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008




Chairman & General Manager مﺎﻌﻟا ﻳﻟاو ةرادا ﻣ ر 

Adel Abdul Rahman R. Al-Bader 

رﻟا ﺣﻟا ﻋ لدﺎﻋ 




2005 2006 2007 2008 












Inventory 0.71 1.86 1.17 2.27 1.54 2.15 2.82 5.99 

نوﻣ 








Fixed Assets 0.48 1.25 0.47 0.91 0.49 0.68 0.46 0.97 






Total Assets 38.47 100.00 51.34 100.00 71.71 100.00 47.02 100.00 










ﻋﻣ مﺧ 



2.68 6.97 4.00 7.79 1.61 2.25 3.38 7.19 









Total Equity 35.79 93.03 47.34 92.21 70.09 97.75 43.64 92.81 



P.O. Box:1393, Safat -13014 - Kuwait - Tel: 24766691, Fax: 24763033 

Email: srp737@hotmail.com 

G 

- G 

KG 

Ih 

JGQG 

 

271

Research Unit 






2005 2006 2007 2008 




Sales 2.44 6.34 2.47 4.80 2.87 4.00 2.81 5.99 

تﺎﻌﻟا 














Misc. Income ﻋﻣ تاداﻳا 

Total Income 6.69 17.38 6.82 13.29 10.31 14.37 11.35 24.13 















Deductions 0.23 0.59 0.20 0.40 0.32 0.45 









Cash Flow * 6.17 16.04 6.16 12.01 9.36 13.05 -3.79 -8.06 














Estate, etc 

2.49 5.30 








0.58 0.15 0.08 -0.34 



ﻐﻟا 


-4.77 -15.23 6.87 0.89 





4.50 14.12 -4.90 -2.49 



ﻳﻟا 






the Year 



272




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.71 0.16 2.97 0.41 1.56 



















Debt to Assets (%) 3.91 5.11 4.43 4.48 




Net Working Capital to Assets (%) -0.74 -3.60 4.65 11.04 2.84 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

















Net Profit (Share Holder's) to Sales (%) 250.48 247.83 324.31 











Unrealized Profit to Net Profit (%) -64.68 


















Bonus Shares (%) 10.00 10.00 10.00 


P/E Ratio (Times) 11.23 21.44 13.78 15.48 


D/P Ratio (%) 7.58 1.74 3.52 0.00 3.21 


273

Research Unit 


ACICO For Industries 512 


274 

Million KD 

250 

200 

150 

100 

50 

0 

Million KD 

120 

100 

80 

60 

40 

20 

0 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Abdulaziz Ahmed Al-Ayoub 

بﻳﻷا ﺣأ ﻳﻌﻟاﻋ 




2005 2006 2007 2008 














Inventory 2.63 3.27 2.51 2.30 3.50 1.87 6.76 3.33 

نوﻣ 









Fixed Assets 17.35 21.60 15.31 14.05 20.29 10.83 31.68 15.62 






Total Assets 80.32 100.00 109.00 100.00 187.45 100.00 202.81 100.00 










ﻋﻣ مﺧ 



37.14 46.24 54.35 49.86 111.14 59.29 128.07 63.15 










Total Equity 43.18 53.76 54.65 50.14 76.30 40.71 74.74 36.85 




Email: info@acico.com.kw 

Website: www.acico.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

275

Research Unit 






2005 2006 2007 2008 




Sales 34.03 42.37 54.49 49.99 42.68 22.77 67.63 33.35 

تﺎﻌﻟا 














Misc. Income 0.61 0.76 0.47 0.43 1.76 0.94 1.35 0.67 


Total Income 13.72 17.08 19.98 18.33 30.87 16.47 16.33 8.05 
















Deductions 0.34 0.42 0.57 0.52 0.88 0.47 0.29 0.14 



Share Of Minority Interest in Net Profit 0.47 0.58 0.74 0.68 -0.08 -0.04 0.07 0.04 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 9.57 11.91 14.98 13.74 23.84 12.72 8.98 4.43 





Bonus Shares 0.62 0.73 0.97 1.02 









Estate, etc 

0.49 0.61 








12.91 11.89 10.77 11.71 



ﻐﻟا 


-8.01 -12.17 -33.51 -37.04 





-4.60 2.95 50.93 -5.42 



ﻳﻟا 






the Year 



276




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.62 0.83 0.43 0.30 0.55 



















Debt to Assets (%) 36.72 31.73 51.71 50.40 42.64 




Net Working Capital to Assets (%) -2.17 5.03 -13.25 -32.10 -10.62 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 















































Bonus Shares (%) 5.00 5.00 5.00 5.00 5.00 


P/E Ratio (Times) 10.59 5.12 4.86 14.57 8.78 


D/P Ratio (%) 7.46 10.31 10.00 1.08 7.21 


277

Research Unit 


United Industries Company 513 


278 

Million KD 

250 

200 

150 

100 

50 

0 

Million KD 

140 

120 

100 

80 

60 

40 

20 

0 

5.00 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

40 

30 

20 

10 

0 

-10 

-20 

Million KD 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

2005 2006 2007 2008 


2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

10 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2005 2006 2007 2008





Sh. Khalifa Abdullah J. Al-Sabah 

حﺎﻟا ﺑﺎﻟا اﻋ ﺧ ﻟا 




2005 2006 2007 2008 











Miscellaneous Investments (S.T) 12.58 11.15 



Inventory 2.72 2.41 2.91 2.12 

نوﻣ 









Fixed Assets 5.57 4.93 5.67 4.12 0.08 0.04 0.11 0.05 






Total Assets 112.87 100.00 137.46 100.00 187.20 100.00 197.93 100.00 











ﻋﻣ مﺧ 



40.26 35.67 42.87 31.19 84.64 45.21 117.74 59.49 










Total Equity 72.61 64.33 94.59 68.81 102.56 54.79 80.19 40.51 




Email: uic@uickw.com 

Website: www.uickw.com 

G 

- G 

KG 

Ih 

JGQG 

 

279

Research Unit 






2005 2006 2007 2008 




Sales 9.70 8.59 10.00 7.28 

تﺎﻌﻟا 



Gross Profit 1.80 1.59 3.27 2.38 











Misc. Income 2.99 2.65 -0.52 -0.37 22.91 12.24 0.12 0.06 


Total Income 31.96 28.32 25.81 18.78 36.58 19.54 3.09 1.56 




Marketing Expenses 0.53 0.47 1.85 1.34 












Deductions 0.33 0.30 0.16 0.11 1.08 0.57 



Share Of Minority Interest in Net Profit 7.60 6.74 4.70 3.42 -0.40 -0.22 -4.60 -2.32 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 14.78 13.09 7.58 5.52 28.03 14.97 -11.20 -5.66 














Estate, etc 

1.65 1.46 0.04 0.03 5.87 3.14 -4.40 -2.22 








-1.83 -6.65 7.27 -2.72 



ﻐﻟا 


37.33 -3.77 -76.08 -21.02 





-17.14 7.43 59.88 18.96 



ﻳﻟا 


18.36 16.27 -2.99 -2.18 -8.93 -4.77 -4.78 -2.42 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



280




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 16.70 10.84 2.60 3.50 8.41 



















Debt to Assets (%) 30.12 25.76 39.43 54.44 37.44 






















Net Profit (Share Holder's) to Sales (%) 141.62 68.16 104.89 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 




























Bonus Shares (%) 25.00 5.00 15.00 


P/E Ratio (Times) 6.82 9.52 3.12 6.49 


D/P Ratio (%) 0.00 10.91 9.46 0.00 5.09 


281

Research Unit 


Boubyan Petrochemical Company 514 


282 

Million KD 

600 

500 

400 

300 

200 

100 

70 

60 

50 

40 

30 

20 

10 

0 

0 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

100 

80 

60 

40 

20 

0 

Million KD 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Marzouq A. Al-Ghanim 

ﻧﺎﻐﻟا ﻲﻋ قوزﻣ 




2005 2006 2007 2008 












Inventory 2.01 0.81 1.68 0.52 2.08 0.52 2.34 0.59 

نوﻣ 








Fixed Assets 5.85 2.34 4.70 1.46 8.97 2.23 8.52 2.14 






Total Assets 249.75 100.00 321.23 100.00 403.02 100.00 398.51 100.00 












57.82 23.15 83.92 26.13 124.89 30.99 173.93 43.65 










Total Equity 191.93 76.85 237.31 73.87 278.13 69.01 224.58 56.35 




Email: boubyan@boubyan.com 

Website: www.boubyan.com 

G 

- G 

KG 

Ih 

JGQG 

 

283

Research Unit 






2005 2006 2007 2008 




Sales 9.71 3.89 11.07 3.45 16.78 4.16 25.19 6.32 

تﺎﻌﻟا 













Misc. Income 0.06 0.02 0.52 0.16 5.84 1.45 -0.02 -0.01 


Total Income 26.71 10.69 50.43 15.70 65.92 16.36 85.91 21.56 















Deductions 0.74 0.30 1.46 0.45 2.11 0.52 0.94 0.23 



Share Of Minority Interest in Net Profit 0.09 0.03 -0.50 -0.16 0.38 0.09 0.61 0.15 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 22.55 9.03 42.25 13.15 53.09 13.17 21.01 5.27 





Bonus Shares 2.00 4.20 2.31 









Estate, etc 

6.57 2.63 6.76 2.11 3.14 0.78 21.71 5.45 








10.91 17.67 28.80 12.58 



ﻐﻟا 


-45.29 -22.13 -25.96 -19.48 





24.24 5.02 11.56 -3.31 



ﻳﻟا 






the Year 



284




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.13 0.13 0.19 1.43 0.47 



















Debt to Assets (%) 20.93 23.53 27.74 40.23 28.11 


















































Bonus Shares (%) 5.00 10.00 5.00 6.67 


P/E Ratio (Times) 19.27 7.75 9.83 8.71 11.39 


D/P Ratio (%) 4.23 6.64 6.23 6.81 5.98 


285

Research Unit 


Gulf Glass Manufacturing Company 515 


8 

7 

6 

5 

4 

3 

2 

1 

0 

286 

Million KD 

30 

25 

20 

15 

10 

5 

0 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

Million KD 

2.00 

1.50 

1.00 

0.50 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Hussain Saleh Al-Shaikh 

ﻟا ﻟﺎﺻ ﺣ 




2005 2006 2007 2008 












Inventory 2.23 13.98 1.98 12.44 1.88 13.06 2.17 14.26 

نوﻣ 






Other Investments (Non Current) (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets 10.36 65.05 9.73 61.06 8.88 61.66 7.84 51.64 





Total Assets 15.92 100.00 15.93 100.00 14.40 100.00 15.19 100.00 










ﻋﻣ مﺧ 



7.98 50.10 8.12 50.99 6.52 45.28 5.95 39.16 





Treasury Shares 0.00 -0.01 0.00 -0.01 0.00 -0.02 0.00 -0.01 




Total Equity 7.95 49.90 7.81 49.01 7.88 54.72 9.24 60.84 




Email: info@ggmc.com.kw 

Website: www.ggmc.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

287

Research Unit 






2005 2006 2007 2008 




Sales 5.75 36.12 8.76 55.01 8.99 62.43 10.39 68.42 

تﺎﻌﻟا 














Misc. Income 0.06 0.38 0.03 0.21 -0.02 -0.13 0.03 0.21 


Total Income 2.66 16.69 2.46 15.47 2.51 17.46 3.37 22.16 
















Deductions 0.09 0.57 0.08 0.50 0.08 0.53 0.12 0.82 









Cash Flow * 2.44 15.30 2.60 16.32 2.63 18.29 3.20 21.05 














Estate, etc 

-0.05 -0.33 0.15 1.01 








2.35 1.62 3.70 3.02 



ﻐﻟا 


-3.54 -0.66 -0.70 -0.37 





2.28 -1.43 -3.00 -1.49 



ﻳﻟا 


1.09 6.85 -0.47 -2.95 0.00 -0.02 1.17 7.68 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 



288




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 7.17 4.22 4.64 12.08 7.03 



















Debt to Assets (%) 41.57 43.42 36.70 30.09 37.95 



















































P/E Ratio (Times) 13.73 18.42 19.98 7.52 14.91 


D/P Ratio (%) 6.00 4.29 2.34 5.41 4.51 


289

Research Unit 


Hilal Cement Company 516 


290 

Million KD 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

14 

12 

10 

8 

6 

4 

2 

0 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

50.00 

45.00 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

10 

8 

6 

4 

2 

0 

Million KD 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

40.0 

35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Salah Sayed Hashem Al-Tabtabaei 

ﻲﺎﻟا ﺷﺎه ﺳ حﻼﺻ 




2005 2006 2007 2008 












Inventory 3.09 19.06 3.22 17.15 1.14 6.05 2.32 10.23 

نوﻣ 








Fixed Assets 6.77 41.75 6.72 35.80 5.82 30.85 7.03 31.03 


Fixed Assets Under Construction 0.22 1.38 0.01 0.05 0.02 0.11 





Total Assets 16.21 100.00 18.77 100.00 18.88 100.00 22.67 100.00 










ﻋﻣ مﺧ 



7.15 44.12 7.23 38.50 3.59 19.01 5.36 23.64 









Total Equity 9.06 55.88 11.54 61.50 15.29 80.99 17.31 76.36 



P.O. Box: 20732, Safat -13068 - Kuwait - Tel: 22257720, Fax : 22257727 

Email: info@hilalcement.com 

G 

- G 

KG 

Ih 

JGQG 

 

291

Research Unit 






2005 2006 2007 2008 




Sales 21.60 133.22 25.34 135.00 14.54 77.02 16.18 71.34 

تﺎﻌﻟا 





Investment Income رﺎﺳا تاداﻳا 








Misc. Income 0.16 0.98 5.19 27.48 0.36 1.61 


Total Income 4.13 25.46 6.53 34.79 9.34 49.50 3.27 14.44 
















Deductions 0.06 0.39 0.14 0.76 0.29 1.51 0.05 0.21 



Share Of Minority Interest in Net Profit 0.27 1.65 0.27 1.43 -0.15 -0.66 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 2.14 13.21 3.98 21.20 7.15 37.85 1.46 6.43 














Estate, etc 








0.06 2.22 3.51 0.65 



ﻐﻟا 


-0.25 -0.27 5.99 -3.78 





0.53 -2.15 -3.50 -0.27 



ﻳﻟا 






the Year 



292




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 6.15 4.26 3.27 9.66 5.84 



















Debt to Assets (%) 40.80 32.44 15.07 17.44 26.44 










Total Investments to Assets (%) (%) لﺻﻷا ﻰﻟا تارﺎﺳا ﻰﻟﺎﺟا 








































Bonus Shares (%) 75.00 10.00 42.50 


P/E Ratio (Times) 15.00 7.20 4.77 30.80 14.44 


D/P Ratio (%) 4.05 8.00 2.60 0.00 3.66 


293

Research Unit 


Al Kout Industrial Projects Company 517 


294 

Million KD 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Million KD 

12 

10 

8 

6 

4 

2 

0 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

7 

6 

5 

4 

3 

2 

1 

0 

Million KD 

Million KD 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


20.0 

18.0 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

2005 2006 2007 2008 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Fahad Yacoub Al-Jouan 

نﺎﻋﻟا بﻌﻳ ﻬﻓ 




2005 2006 2007 2008 













Inventory 2.70 13.18 2.42 11.72 2.04 9.47 2.29 6.89 

نوﻣ 






Other Investments (Non Current) 0.14 0.70 0.02 0.09 15.81 47.68 (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets 10.02 48.99 10.23 49.59 9.94 46.28 9.16 27.63 






Total Assets 20.45 100.00 20.62 100.00 21.48 100.00 33.15 100.00 










ﻋﻣ مﺧ 



5.85 28.62 5.33 25.84 4.12 19.17 16.13 48.64 








Total Equity 14.60 71.38 15.29 74.16 17.36 80.83 17.03 51.36 



P.O. Box: 10277, Shuaiba - 65453 - Kuwait - Tel: 23263795, Fax: 23261158 

Email: mktg@alkoutprojects.com.kw 

Website: www.alkoutprojects.com 

G 

- G 

KG 

Ih 

JGQG 

 

295

Research Unit 






2005 2006 2007 2008 




Sales 10.05 49.12 9.56 46.37 10.73 49.96 10.93 32.96 

تﺎﻌﻟا 












Misc. Income 0.00 0.02 -0.04 -0.17 0.16 0.75 0.24 0.72 


Total Income 6.06 29.61 4.79 23.25 6.21 28.91 4.71 14.22 
















Deductions 0.14 0.69 0.12 0.60 0.18 0.82 0.17 0.51 









Cash Flow * 5.04 24.64 4.08 19.78 5.73 26.66 4.70 14.18 














Estate, etc 

0.67 3.26 -0.72 -3.50 -0.06 -0.29 -0.45 -1.37 








4.91 4.39 5.87 6.55 



ﻐﻟا 


-1.02 -1.72 -2.27 -16.64 





-2.86 -1.85 -3.27 6.14 



ﻳﻟا 






the Year 

1.19 5.80 2.17 10.53 2.52 11.74 -1.43 -4.30 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


296




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 5.80 3.22 4.23 1.77 3.75 


Cash Equivalents to Assets (%) 5.80 10.53 11.74 -4.30 5.94 

















Debt to Assets (%) 19.07 17.70 10.71 37.47 21.23 
































Unrealized Profit to Net Profit (%) 20.09 -31.42 -1.67 -17.44 -7.61 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 5.00 5.00 5.00 


P/E Ratio (Times) 21.24 32.21 11.76 17.33 20.64 


D/P Ratio (%) 2.27 2.27 7.00 0.00 2.89 


297

Research Unit 


Kuwait Packing Mat. Manufacturing Co. 518 ﻐﻟا داﻣ ﻋﺎﻟ ﻳﻟا آﻟا 

6 

5 

4 

3 

2 

1 

0 

298 

Million KD 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

6.00 

5.80 

5.60 

5.40 

5.20 

5.00 

4.80 

4.60 

4.40 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

90.0 

89.5 

89.0 

88.5 

88.0 

87.5 

87.0 

86.5 

Million KD 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

Million KD 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

2005 2006 2007 2008 


4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008




Abdulaziz Fahad Al Serri 

يﻟا ﻬﻓ ﻳﻌﻟاﻋ 




2005 2006 2007 2008 














Inventory 0.70 8.88 0.51 5.48 0.75 7.55 1.18 11.30 

نوﻣ 








Fixed Assets 4.09 51.79 3.94 42.09 5.14 51.93 5.24 50.29 





Total Assets 7.91 100.00 9.37 100.00 9.89 100.00 10.41 100.00 










ﻋﻣ مﺧ 



0.95 12.05 1.16 12.40 1.03 10.39 1.23 11.78 








Total Equity 6.95 87.95 8.20 87.60 8.87 89.61 9.19 88.22 



P.O Box: 26522, Safat - 13126 - Kuwait - Tel: 24721124, Fax: 24767060 

Email: kpak@kuwaitpack.com 

Website: www.kuwaitpack.com 

G 

- G 

KG 

Ih 

JGQG 

 

299

Research Unit 





2005 2006 2007 2008 




Sales 5.55 70.24 6.41 68.46 6.85 69.28 6.99 67.12 

تﺎﻌﻟا 





Investment Income 0.00 -0.04 0.06 0.57 0.01 0.09 








Misc. Income 0.00 0.02 0.01 0.08 0.13 1.32 0.00 -0.03 


Total Income 2.86 36.23 3.40 36.27 3.36 33.98 2.91 27.94 
















Deductions 0.09 1.12 0.11 1.18 0.08 0.85 0.08 0.74 









Cash Flow * 2.40 30.40 2.67 28.50 2.57 26.00 2.10 20.15 





Bonus Shares 0.32 0.35 0.38 









Estate, etc 

-0.02 -0.19 0.02 0.24 








2.10 1.69 2.74 2.52 



ﻐﻟا 


-0.77 -1.42 -1.36 -0.87 





-0.64 -0.88 -1.34 -1.01 



ﻳﻟا 






the Year 



300

Kuwait Packing Mat. Manufacturing Co. 518 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 3.78 3.16 3.39 9.29 4.90 



















Debt to Assets (%) 3.60 3.50 2.54 3.75 3.35 


















































Bonus Shares (%) 10.00 10.00 10.00 10.00 


P/E Ratio (Times) 14.49 11.96 16.91 17.57 15.23 


D/P Ratio (%) 3.45 4.00 3.33 4.17 3.74 


301

Research Unit 


Kuwait Building Material Industry 519 ءﺎﻟا داﻣ ﻋﺎﻟ ﻳﻟا آﻟا 

302 

Million KD 

10 

8 

6 

4 

2 

0 

Million KD 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 

20.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

1.4 

1.2 

1 

0.8 

0.6 

0.4 

0.2 

0 

Million KD 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

92.0 

90.0 

88.0 

86.0 

84.0 

82.0 

80.0 

78.0 

76.0 

74.0 

72.0 

70.0 


2005 2006 2007 2008 

16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008

Kuwait Building Material Industry 519 ءﺎﻟا داﻣ ﻋﺎﻟ ﻳﻟا آﻟا 



Mohammed Abdulmohsin Al-Asfoor 

رﻌﻟا ﻟاﻋ ﻣ 




2005 2006 2007 2008 













Inventory 0.33 7.73 0.38 7.45 0.27 4.68 0.35 6.30 

نوﻣ 








Fixed Assets 0.72 17.12 0.68 13.37 1.76 31.10 1.82 32.70 







Total Assets 4.23 100.00 5.09 100.00 5.67 100.00 5.56 100.00 










ﻋﻣ مﺧ 



0.43 10.11 1.15 22.53 1.28 22.49 1.01 18.08 








Total Equity 3.80 89.89 3.95 77.47 4.40 77.51 4.55 81.92 




Email: kbmmco@hotmail.com 

G 

- G 

KG 

Ih 

JGQG 

 

303

Research Unit 


Kuwait Building Material Industry 519 




2005 2006 2007 2008 




Sales 2.76 65.28 2.58 50.71 2.81 49.57 3.66 65.83 

تﺎﻌﻟا 













Misc. Income 0.01 0.22 0.00 0.09 0.00 0.01 0.01 0.18 


Total Income 0.67 15.88 0.77 15.03 1.22 21.50 1.05 18.90 















Deductions 0.03 0.61 0.04 0.69 0.07 1.22 0.06 1.09 









Cash Flow * 0.53 12.43 0.52 10.22 0.93 16.32 0.74 13.37 













Estate, etc 

0.00 0.08 -0.04 -0.74 0.04 0.64 








0.87 0.57 0.70 0.76 



ﻐﻟا 


-0.40 -1.46 -0.44 0.57 





-0.43 0.30 -0.24 -0.89 



ﻳﻟا 






the Year 



304

Kuwait Building Material Industry 519 



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.50 0.90 1.16 1.71 1.57 



















Debt to Assets (%) 10.78 11.27 3.34 8.47 
































Unrealized Profit to Net Profit (%) 1.18 -9.92 4.70 -1.35 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 



















P/E Ratio (Times) 25.35 15.82 11.97 12.66 16.45 


D/P Ratio (%) 3.05 5.22 4.29 5.66 4.55 


305

Research Unit 


National Industries Company 520 


306 

Million KD 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Million KD 

50 

40 

30 

20 

10 

0 

9.00 

8.00 

7.00 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 

-20.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

20 

15 

10 

5 

0 

-5 

-10 

-15 

Million KD 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

-15.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008





Dr. Adel Khaled Al Sabeeh 

ﻟا ﻟﺎﺧ لدﺎﻋ .د 




2005 2006 2007 2008 












Inventory 7.73 11.85 8.58 6.82 8.22 6.17 9.61 7.64 

نوﻣ 








Fixed Assets 7.54 11.56 8.09 6.42 8.01 6.01 8.13 6.46 





Total Assets 65.27 100.00 125.90 100.00 133.11 100.00 125.86 100.00 








Debts / Loans (Non Current) 5.00 3.97 (ﻟواﻣ ﻏ) ضوﻗ / نﻳد 


ﻋﻣ مﺧ 



20.21 30.96 37.79 30.01 37.98 28.53 55.23 43.88 









Total Equity 45.06 69.04 88.12 69.99 95.14 71.47 70.64 56.12 




Email: ho@nicbm.com 

Website: www.nicbm.com 

G 

- G 

KG 

Ih 

JGQG 

 

307

Research Unit 






2005 2006 2007 2008 




Sales 31.06 47.59 30.14 23.94 33.35 25.05 35.78 28.43 

تﺎﻌﻟا 














Misc. Income 0.22 0.34 -0.21 -0.17 2.80 2.10 -0.18 -0.14 


Total Income 15.41 23.61 13.67 10.86 17.48 13.13 10.05 7.99 
















Deductions 0.44 0.68 0.50 0.40 0.49 0.37 









Cash Flow * 13.87 21.24 11.62 9.23 14.48 10.88 -7.33 -5.82 














Estate, etc 

4.00 3.00 -7.44 -5.91 








5.59 11.34 0.77 9.08 



ﻐﻟا 


-14.96 -40.75 -6.66 -17.39 





9.60 51.01 -11.53 7.19 



ﻳﻟا 






the Year 



308




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.58 1.06 1.01 3.27 1.73 



















Debt to Assets (%) 17.97 13.10 15.53 

















































Bonus Shares (%) 5.00 5.00 5.00 


P/E Ratio (Times) 12.42 14.35 12.16 12.98 


D/P Ratio (%) 4.17 6.98 5.38 0.00 4.13 


309

Research Unit 


Gulf Rocks Company 521 


310 

Million KD 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

20 

15 

10 

5 

0 

5.00 

4.50 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


6 

5 

4 

3 

2 

1 

0 

Million KD 

Million KD 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

35 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008





Shaheen K. S. Al-Ghanim 

ﻧﺎﻐﻟا ﻟﺎﺧ هﺎﺷ 




2005 2006 2007 2008 













Inventory 4.57 17.75 4.15 16.22 6.67 26.68 6.06 24.43 

نوﻣ 








Fixed Assets 13.17 51.19 11.93 46.67 9.01 36.03 7.61 30.67 





Total Assets 25.73 100.00 25.56 100.00 25.02 100.00 24.82 100.00 





Miscellaneous Current Liabilities ﻋﻣ ﻟواﻣ مﺧ 




ﻋﻣ مﺧ 



10.42 40.51 9.76 38.17 7.29 29.14 4.18 16.85 









Total Equity 15.30 59.49 15.81 61.83 17.73 70.86 20.64 83.15 




Email: info@gulfrocks.com 

Website: www.gulfrocks.com 

G 

- G 

KG 

Ih 

JGQG 

 

311

Research Unit 






2005 2006 2007 2008 




Sales 23.95 93.09 22.68 88.74 29.62 118.39 32.23 129.87 

تﺎﻌﻟا 













Misc. Income 0.11 0.41 0.32 1.24 0.16 0.64 -0.12 -0.48 


Total Income 4.78 18.57 2.16 8.44 3.63 14.50 5.59 22.54 















Deductions 0.13 0.51 0.04 0.17 0.10 0.40 0.17 0.67 









Cash Flow * 5.62 21.84 3.29 12.89 5.21 20.82 5.82 23.44 





Bonus Shares 0.60 0.18 3.78 0.76 









Estate, etc 

0.03 0.11 0.00 0.00 0.00 0.00 0.00 0.00 






2.08 8.10 -1.42 -5.57 -2.73 -10.92 -1.56 -6.29 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


2.64 2.16 3.68 6.08 



ﻐﻟا 


-1.87 -1.59 -0.53 -1.30 





-4.27 -1.88 -1.98 -0.95 



ﻳﻟا 






the Year 



312




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.74 1.19 0.96 9.10 3.00 


Cash Equivalents to Assets (%) -5.54 -10.68 -6.24 9.10 -3.34 

















Debt to Assets (%) 28.73 27.12 15.35 4.87 19.02 































Unrealized Profit to Net Profit (%) 0.83 0.24 0.01 -0.01 0.27 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 


















Bonus Shares (%) 20.00 5.00 100.00 10.00 33.75 


P/E Ratio (Times) 12.14 32.64 10.33 12.08 16.80 


D/P Ratio (%) 0.00 0.00 0.00 3.09 0.77 


313

Research Unit 


Equipment Holding Company 522 


314 

Million KD 

50 

40 

30 

20 

10 

0 

Million KD 

30 

25 

20 

15 

10 

5 

0 

2.00 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

10 

5 

0 

-5 

-10 

-15 

Million KD 

6.00 

4.00 

2.00 

0.00 

-2.00 

-4.00 

-6.00 

-8.00 

-10.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 


2005 2006 2007 2008 

20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

-10.0 

-15.0 

-20.0 

-25.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008





Ahmed Hmoud Al-Khadda 

ةﻟا دﺣ ﺣأ 




2005 2006 2007 2008 












Inventory 2.40 9.62 3.83 10.16 3.90 8.23 4.84 11.86 

نوﻣ 








Fixed Assets 5.31 21.33 6.30 16.71 6.16 13.01 5.12 12.54 






Total Assets 24.91 100.00 37.69 100.00 47.36 100.00 40.82 100.00 











ﻋﻣ مﺧ 



9.57 38.41 12.27 32.55 23.37 49.34 26.44 64.78 









Total Equity 15.34 61.59 25.42 67.45 23.99 50.66 14.38 35.22 




Email: mc@equipcokuwait.com 

Website: www.equipcokuwait.com 

G 

- G 

KG 

Ih 

JGQG 

 

315

Research Unit 






2005 2006 2007 2008 




Sales 20.71 83.13 28.30 75.09 25.46 53.75 20.45 50.11 

تﺎﻌﻟا 



Gross Profit 4.10 16.46 3.57 9.46 1.52 3.21 -2.80 -6.85 


Investment Income -0.05 -0.18 -0.05 -0.12 0.01 0.02 -0.07 -0.16 









Misc. Income 4.63 18.58 0.31 0.83 2.03 4.29 0.71 1.74 


Total Income 9.03 36.26 4.26 11.30 3.99 8.42 -1.11 -2.73 
















Deductions 0.15 0.61 0.03 0.08 0.01 0.01 



Share Of Minority Interest in Net Profit 0.12 0.49 0.11 0.29 -0.06 -0.12 -0.15 -0.36 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 






Cash Flow * 5.59 22.45 1.66 4.41 1.48 3.13 -8.18 -20.05 














Estate, etc 

-0.03 -0.06 -0.05 -0.13 








4.72 -4.56 1.06 -2.32 



ﻐﻟا 


1.46 -4.38 -4.77 -5.82 





-3.75 8.18 9.01 1.20 



ﻳﻟا 






the Year 



316




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 10.70 5.07 15.24 0.57 7.90 



















Debt to Assets (%) 1.10 0.84 3.50 4.91 2.59 



















Gross Profit from Sales to Sales (%) 19.80 12.60 5.98 -13.68 6.18 (%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 



Net Profit (Share Holder's) to Sales (%) 21.26 1.29 0.83 -45.48 -5.53 (%) تﺎﻌﻟا ﻰﻟا (هﺎﻟا) ﺑﻟا ﻰﻓﺎﺻ 

Cash Flow to Sales (%) 27.00 5.87 5.82 -40.01 -0.33 









Unrealized Profit to Net Profit (%) -12.59 0.55 -6.02 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 









Internal Growth Rate (%) 39.00 -2.00 1.00 -40.00 -0.50 


Earnings Per Share (KD) 0.055 0.003 0.002 -0.068 -0.002 







Bonus Shares (%) 5.00 10.00 7.50 


P/E Ratio (Times) 8.18 86.43 47.31 


D/P Ratio (%) 1.67 1.96 0.00 0.00 0.91 


317

Research Unit 


Mena Holding Company 523 


318 

Million KD 

300 

250 

200 

150 

100 

50 

0 

Million KD 

250 

200 

150 

100 

50 

0 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

70.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

-10.00 

-20.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Million KD 

35 

30 

25 

20 

15 

10 

5 

0 

-5 

Million KD 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

-2.0 

-4.0 

-6.0 

2005 2006 2007 2008 


3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2005 2006 2007 2008




Chairperson ةرادا ﻣ ر 

Sameha Saoud Al-Hamaidi 

ﻲﻀﻟا دﻌﺳ ﺳ 




2005 2006 2007 2008 



No. of Employees ﻟا دﻋ 









Inventory 1.03 14.99 0.98 14.24 0.63 9.28 1.08 0.38 

نوﻣ 






Other Investments (Non Current) 1.57 23.08 53.31 18.89 (ﻟواﻣ ﻏ) ىﺧأ تارﺎﺳا 


Fixed Assets 2.52 36.68 2.31 33.66 2.06 30.24 19.82 7.03 






Total Assets 6.88 100.00 6.87 100.00 6.80 100.00 282.12 100.00 











ﻋﻣ مﺧ 



2.77 40.22 3.15 45.77 2.56 37.60 234.95 83.28 










Total Equity 4.11 59.78 3.73 54.23 4.24 62.40 47.17 16.72 




Email: info@mena-holding.com 

Website: www.mena-holding.com 

G 

- G 

KG 

Ih 

JGQG 

 

319

Research Unit 






2005 2006 2007 2008 




Sales 3.15 45.78 3.21 46.66 2.80 41.11 1.75 0.62 

تﺎﻌﻟا 



Gross Profit 1.00 14.47 0.41 5.99 0.54 7.97 -0.06 -0.02 


Investment Income 0.00 0.06 -0.01 -0.12 25.88 9.17 








Misc. Income 0.23 3.32 0.16 2.34 -0.22 -0.08 


Total Income 1.23 17.83 0.42 6.05 0.69 10.19 30.05 10.65 















Deductions 0.02 0.28 0.03 0.47 0.00 0.03 1.19 0.42 









Cash Flow * 0.87 12.61 -0.06 -0.87 0.35 5.12 26.79 9.50 





Bonus Shares 0.24 0.16 5.01 









Estate, etc 

20.35 7.21 








0.57 -0.07 0.84 -9.78 



ﻐﻟا 


-0.10 -0.19 0.01 2.16 





-0.41 0.18 -0.44 7.23 



ﻳﻟا 






the Year 



320




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 1.46 0.32 6.49 0.02 2.07 



















Debt to Assets (%) 4.31 4.26 3.16 0.01 2.93 


















Gross Profit from Sales to Sales (%) 31.61 12.83 19.38 -3.16 15.16 (%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 



Net Profit (Share Holder's) to Sales (%) 18.71 -10.80 2.03 


Cash Flow to Sales (%) 27.55 -1.86 12.46 




























Bonus Shares (%) 8.00 5.00 50.00 21.00 


P/E Ratio (Times) 18.54 0.98 9.76 


D/P Ratio (%) 1.35 0.00 0.00 0.00 0.34 


321

Research Unit 


National Company for Consumer Industries 524 آﻼﻬﺳﻻا تﺎﻋﺎﻟ ﻟا آﻟا 

8 

7 

6 

5 

4 

3 

2 

1 

0 

322 

Million KD 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Million KD 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

40.00 

35.00 

30.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

120.0 

100.0 

80.0 

60.0 

40.0 

20.0 

0.0 

Million KD 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

-0.5 

Million KD 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

-0.50 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


35.0 

30.0 

25.0 

20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

2005 2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008




Abdullah M. Al Abbar 

رﺎﻌﻟا ﻣ اﻋ 




2005 2006 2007 2008 













نوﻣ 





Real Estate Investments 3.70 44.92 




Fixed Assets 0.08 1.03 0.08 0.70 0.00 0.06 0.17 1.74 


Fixed Assets Under Construction 3.86 46.81 10.92 95.76 





Total Assets 8.24 100.00 11.41 100.00 7.21 100.00 9.91 100.00 










ﻋﻣ مﺧ 



3.45 41.85 5.83 51.15 0.22 3.00 0.40 4.05 









Total Equity 4.79 58.15 5.57 48.85 6.99 97.00 9.51 95.95 




Email: info@nccikw.com 

Website: nccikw.com 

G 

- G 

KG 

Ih 

JGQG 

 

323

Research Unit 





2005 2006 2007 2008 




Sales 0.38 3.81 

تﺎﻌﻟا 

Cost of Sales 0.30 3.06 


Gross Profit 0.07 0.75 


Investment Income 1.43 19.78 0.06 0.62 










Misc. Income 0.01 0.10 0.10 0.84 0.06 0.90 0.01 0.13 


Total Income 1.02 12.38 1.61 14.09 3.52 48.84 0.50 5.03 















Deductions 0.00 0.04 0.02 0.21 0.09 1.19 



Share Of Minority Interest in Net Profit 0.06 0.67 0.11 0.93 0.07 0.92 0.00 -0.02 ﺑﻟا ﻲﻓﺎﺻ ﻲﻓ ﻗﻷا قﺣ ﺣ 




Retained Earnings 0.41 4.92 0.68 5.92 -0.93 -12.96 -0.16 -1.61 


Cash Flow * 0.43 5.28 0.71 6.22 2.40 33.31 -0.15 -1.50 













Estate, etc 








3.41 1.33 -0.16 6.62 



ﻐﻟا 


-3.29 -3.46 2.10 -8.65 





2.17 -2.13 2.68 



ﻳﻟا 






the Year 



324



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.03 1.74 0.07 6.55 2.60 



















Debt to Assets (%) 34.60 43.05 0.57 26.07 




Net Working Capital to Assets (%) 0.12 -31.03 95.95 44.39 27.36 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 







Asset Turnover (Times) 0.04 


Inventory Turnover (Times) 3.39 


Receivables Period (Days) 288.31 



Gross Profit from Sales to Sales (%) 19.75 

(%) تﺎﻌﻟا ﻰﻟا تﺎﻌﻟا ﻣ ﺑﻟا ﻲﻟﺎﺟا 



Net Profit (Share Holder's) to Sales (%) -42.25 


Cash Flow to Sales (%) -39.37 


















Internal Growth Rate (%) 10.00 15.00 -18.00 -2.00 1.25 










P/E Ratio (Times) 23.10 6.41 14.75 


D/P Ratio (%) 0.00 21.71 0.00 7.24 


325

Research Unit 


Kuwait Gypsum Manufacturing & Trading 525 ﻟا ةرﺎﺗو ﻋﺎﻟ ﻳﻟا آﻟا 

326 

Million KD 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Million KD 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

18.00 

16.00 

14.00 

12.00 

10.00 

8.00 

6.00 

4.00 

2.00 

0.00 


Equity 

2005 2006 2007 2008 



2005 2006 2007 2008 

2005 2006 2007 2008 

95.0 

94.5 

94.0 

93.5 

93.0 

92.5 

92.0 

91.5 

91.0 

90.5 

Million KD 

1.2 

1 

0.8 

0.6 

0.4 

0.2 

0 

Million KD 

0.80 

0.70 

0.60 

0.50 

0.40 

0.30 

0.20 

0.10 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


16.0 

14.0 

12.0 

10.0 

8.0 

6.0 

4.0 

2.0 

0.0 

2005 2006 2007 2008 


4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

30 

25 

20 

15 

10 

5 

0 

2005 2006 2007 2008




Moosa Bahman 

ﻬﺑ ﻰﺳﻣ 




2005 2006 2007 2008 












Inventory 0.64 22.28 0.68 14.13 0.83 16.10 0.79 15.92 

نوﻣ 








Fixed Assets 1.20 42.05 1.16 24.14 1.49 28.71 2.65 53.23 






Total Assets 2.85 100.00 4.81 100.00 5.17 100.00 4.98 100.00 










ﻋﻣ مﺧ 



0.16 5.61 0.30 6.27 0.41 8.00 0.30 6.03 









Total Equity 2.69 94.39 4.51 93.73 4.76 92.00 4.68 93.97 



P.O Box: 10013, Shuaiba - 65451- Kuwait - Tel: 23260227, Fax: 23261700 

Email: info@kuwaitgypsum.com 

Website: www.kuwaitgypsum.com 

G 

- G 

KG 

Ih 

JGQG 

 

327

Research Unit 





2005 2006 2007 2008 




Sales 1.66 58.24 1.91 39.72 2.23 43.10 2.23 44.81 

تﺎﻌﻟا 





Investment Income رﺎﺳا تاداﻳا 







Misc. Income 0.00 0.03 0.06 1.30 0.05 0.99 0.00 0.07 


Total Income 0.67 23.52 0.84 17.40 1.05 20.32 0.87 17.54 














Deductions 0.03 0.95 0.03 0.72 0.06 1.09 0.05 1.06 









Cash Flow * 0.46 16.06 0.65 13.57 0.82 15.93 0.70 14.05 














Estate, etc 








0.39 0.48 0.36 0.59 



ﻐﻟا 


-0.55 0.02 -0.31 -1.27 





-0.38 1.25 -0.45 -0.63 



ﻳﻟا 






the Year 



328



2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 3.83 4.42 41.21 4.61 13.52 




























Total Investments to Assets (%) (%) لﺻﻷا ﻰﻟا تارﺎﺳا ﻰﻟﺎﺟا 








































P/E Ratio (Times) 27.87 18.16 8.83 18.29 


D/P Ratio (%) 2.83 4.94 8.82 5.53 


329

Research Unit 


Qurain Petrochemical Industries Company 526 ﻟوﻟا تﺎﻳوﺎﻟا ﻋﺎﻟ ﻳﻟا آﺷ 

330 

Million KD 

600 

500 

400 

300 

200 

100 

60 

50 

40 

30 

20 

10 

0 

0 

Million KD 

90.00 

80.00 

70.00 

60.00 

50.00 

40.00 

30.00 

20.00 

10.00 

0.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 


Equity 


2006 2007 2008 

2006 2007 2008 

2006 2007 2008 


100.0 

99.5 

99.0 

98.5 

98.0 

97.5 

Million KD 

25 

20 

15 

10 

5 

0 

-5 

-10 

Million KD 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 

-5.00 

-10.00 

2006 2007 2008 


2006 2007 2008 


2006 2007 2008 


2006 2007 2008 


20.0 

15.0 

10.0 

5.0 

0.0 

-5.0 

2006 2007 2008 


3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2006 2007 2008 

35 

30 

25 

20 

15 

10 

5 

0 

2006 2007 2008




Sh. Mubarak A. AlMubarak Al Sabah 

حﺎﻟا كرﺎﻟا اﻋ كرﺎﻣ ﻟا 




2006 2007 2008 






Cash and Current Account 0.80 0.57 1.57 0.97 3.95 2.79 








Accounts / Notes Receivables ﻗ قاروأ / ﻳﻣ تﺎﺑﺎﺣ 




Total Current Assets 35.96 25.37 51.71 32.04 4.00 2.83 ﻟواﻟا لﺻﻷا ﻲﻟﺎﺟا 





Fixed Assets 0.04 0.03 0.03 0.02 0.04 0.03 




Total Non Current Assets 105.77 74.63 109.67 67.96 137.44 97.17 ﻟواﻟا ﻏ لﺻﻷا ﻲﻟﺎﺟا 

Total Assets 141.73 100.00 161.37 100.00 141.45 100.00 



Accounts / Notes Payables 0.17 0.12 0.35 0.21 0.16 0.11 ﻊﻓد قاروأ / اد تﺎﺑﺎﺣ 




Total Current Liabilities 0.44 0.31 0.76 0.47 2.33 1.65 ﻟواﻟا مﻟا ﻰﻟﺎﺟا 



ﻋﻣ مﺧ 

Total Non Current Liabilities 0.04 0.03 0.07 0.04 0.04 0.03 ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 


0.48 0.34 0.82 0.51 2.37 1.68 



Paid Up Capital 110.00 77.61 110.00 68.16 110.00 77.77 




Reserves & Retained Earnings 31.25 22.05 50.55 31.33 29.31 20.72 ةﻣ حﺎﺑرأو تﺎﺎﺣا 

Total Share Holders' Equity 141.25 99.66 160.55 99.49 139.07 98.32 هﺎﻟا قﺣ ﻲﻟﺎﺟا 

Total Equity 141.25 99.66 160.55 99.49 139.07 98.32 


Total Liabilities & Equity 141.73 100.00 161.37 100.00 141.45 100.00 ﻟا قﺣو مﻟا ﻰﻟﺎﺟا 


Email: info@qpic-kw.com 

Website: www.qpic-kw.com 

G 

- G 

KG 

Ih 

JGQG 

 

331

Research Unit 





2006 2007 2008 







Investment Income 18.69 13.19 14.82 9.18 -3.56 -2.52 






Total Operating Income 21.94 15.48 16.93 10.49 -2.09 -1.48 


Misc. Income 0.68 0.48 -0.61 -0.38 -0.21 -0.15 


Total Income 22.62 15.96 16.33 10.12 -2.30 -1.63 


Administrative Expenses 0.75 0.53 1.11 0.69 1.36 0.96 






Total Operating Expenses 0.75 0.53 1.11 0.69 3.34 2.36 



Total Expenses 0.75 0.53 1.11 0.69 3.34 2.36 


Profit Before Taxes & Deductions 21.87 15.43 15.22 9.43 -5.64 -3.99 تﺎﻋﺎﺳﻻا و اﻀﻟا ﻗ ﺑﻟا 

Deductions 0.27 0.19 0.42 0.26 -0.02 -0.01 


Net Profit before Minority Interest 21.60 15.24 14.80 9.17 -5.62 -3.98 ﻗﻷا قﺣ ﻗ ﺑﻟا ﻲﻓﺎﺻ 


Share Holders Net Profit 21.60 15.24 14.80 9.17 -5.62 -3.98 ﺑﻟا ﻲﻓﺎﺻ ﻣ هﺎﻟا ﺣ 



Retained Earnings 21.60 15.24 3.80 2.36 -5.62 -3.98 


Cash Flow * 21.61 15.25 14.81 9.18 -5.61 -3.97 













Estate, etc 

-0.93 -0.66 6.36 3.94 -13.69 -9.68 






0.80 0.50 1.57 1.11 ﻟا ﻳاﺑ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


21.19 9.74 11.82 



ﻐﻟا 


-130.51 -8.98 -2.54 





110.12 -9.07 



ﻳﻟا 


0.80 0.57 0.76 0.47 0.21 0.15 لدﺎﻌﻟا ﻟاو ﻟا ﻲﻓ (نﺎﻟا) ةدﺎﻳﻟا 




the Year 

0.80 0.57 1.57 0.97 1.78 1.26 ﻟا ﻳﺎﻬﻧ ﻲﻓ لدﺎﻌﻟا ﻟاو ﻟا 


332



2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.57 0.97 2.79 1.44 


Cash Equivalents to Assets (%) 0.57 0.97 1.26 0.93 


Current Ratio (Times) 80.86 68.32 1.72 50.30 


Liquidity Ratio (Times) 80.86 68.32 1.72 50.30 


Liquid Assets to Assets (%) 25.37 32.04 2.83 20.08 



Total Liabilities to Assets (%) 0.34 0.51 1.68 0.84 


Equity to Assets (%) 99.66 99.49 98.32 99.16 


Share Holder's Equity to Assets (%) 99.66 99.49 98.32 99.16 



Total Liabilities to Equity (Times) 0.00 0.01 0.02 0.01 (تاﻣ) ﻟا قﺣ ﻰﻟا مﻟا ﻰﻟﺎﺟا 


Current Assets to Assets (%) 25.37 32.04 2.83 20.08 (%) لﺻﻷا ﻰﻟا ﻟواﻟا لﺻﻷا 

Non Current Assets to Assets (%) 74.63 67.96 97.17 79.92 (%) لﺻﻷا ﻰﻟا ﻟواﻟا ﻏ لﺻﻷا 

Net Working Capital to Assets (%) 25.06 31.57 1.18 19.27 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 

Fixed Assets to Assets (%) 0.03 0.02 0.03 0.03 












Operating Income to Assets (%) 15.48 10.49 -1.48 8.17 




Return on Assets (%) 15.24 9.17 -3.98 6.81 


Cash Flow to Assets (%) 15.25 9.18 -3.97 6.82 


Return on Equity (%) 15.29 9.22 -4.04 6.82 


Cash Flow to Equity (%) 15.30 9.23 -4.04 6.83 (%) ﻟا قﺣ ﻰﻟا ﻳﻟا تﺎﻓﻟا 

Unrealized Profit to Net Profit (%) -4.32 42.95 243.39 94.01 (%) ﺑﻟا ﻲﻓﺎﺻ ﻰﻟإ ﻟا ﻏ ﺎﻌﻟا 






Dividend Payout (%) 0.00 74.31 0.00 24.77 


Internal Growth Rate (%) 0.00 3.00 -4.00 -0.33 


Earnings Per Share (KD) 0.020 0.013 -0.005 0.009 


Dividends Per Share (KD) 0.000 0.010 0.000 0.003 








D/P Ratio (%) 2.25 0.00 1.12 


333

Research Unit 


Al-Salbookh Trading Company 527 


334 

Million KD 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Million KD 

25 

20 

15 

10 

5 

0 

4.00 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

25.00 

20.00 

15.00 

10.00 

5.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

7 

6 

5 

4 

3 

2 

1 

0 

Million KD 

Million KD 

3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


2005 2006 2007 2008 


10.0 

9.0 

8.0 

7.0 

6.0 

5.0 

4.0 

3.0 

2.0 

1.0 

0.0 

2005 2006 2007 2008 


2.50 

2.00 

1.50 

1.00 

0.50 

0.00 

2005 2006 2007 2008 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

2005 2006 2007 2008





Falah Faleh Al-Rashidi 

يﺷﻟا ﻟﺎﻓ حﻼﻓ 




2005 2006 2007 2008 








Bank Deposits (S.T) 0.05 0.13 (ﺟﻷا ةﻗ) كﻟا ﻲﻓ ﻊادو 




Inventory 11.38 32.45 11.55 31.69 8.51 27.58 10.18 26.72 

نوﻣ 








Fixed Assets 7.37 21.01 6.22 17.08 5.48 17.76 5.64 14.80 







Total Assets 35.08 100.00 36.44 100.00 30.87 100.00 38.10 100.00 










ﻋﻣ مﺧ 



20.94 59.70 20.91 57.37 14.74 47.75 7.58 19.88 









Total Equity 14.14 40.30 15.54 42.63 16.13 52.25 30.52 80.12 




Email: info@salbookh-group.com 

Website: www.salbookh.com 

G 

- G 

KG 

Ih 

JGQG 

 

335

Research Unit 






2005 2006 2007 2008 




Sales 39.17 111.66 21.37 58.65 23.22 75.24 18.15 47.65 

تﺎﻌﻟا 





Investment Income 0.61 1.68 1.01 3.27 







Misc. Income 0.14 0.41 3.24 8.88 0.20 0.65 0.22 0.59 


Total Income 5.76 16.42 4.04 11.08 4.50 14.58 3.32 8.71 















Deductions 0.06 0.16 0.01 0.03 0.05 0.17 0.02 0.05 








Cash Flow * 3.99 11.37 2.45 6.73 2.63 8.53 1.52 3.98 














Estate, etc 








-0.26 -1.04 2.12 -3.05 



ﻐﻟا 


-14.06 0.45 2.11 -0.97 





14.13 0.62 -3.84 6.90 



ﻳﻟا 






the Year 



336




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 2.61 1.30 1.67 8.77 3.59 



















Debt to Assets (%) 12.27 22.74 18.73 6.86 15.15 




Net Working Capital to Assets (%) -2.42 2.72 8.22 43.68 13.05 (%) لﺻﻷا ﻰﻟا ﻣﺎﻌﻟا لﺎﻟا سأر ﻰﻓﺎﺻ 















































P/E Ratio (Times) 21.83 83.17 52.50 


D/P Ratio (%) 0.00 0.00 0.00 


337

Research Unit 


Ikarus Petroleum Industries Company 528 


338 

Million KD 

250 

200 

150 

100 

50 

80 

70 

60 

50 

40 

30 

20 

10 

0 

0 

Million KD 

6.00 

5.00 

4.00 

3.00 

2.00 

1.00 

0.00 


Equity 


2005 2006 2007 2008 

2005 2006 2007 2008 

2005 2006 2007 2008 


Million KD 

60 

40 

20 

0 

-20 

-40 

-60 

Million KD 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 


2005 2006 2007 2008 


2005 2006 2007 2008 


80.00 

60.00 

40.00 

20.00 

0.00 

-20.00 

-40.00 

-60.00 

-80.00 

-100.00 

100.0 

90.0 

80.0 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

2005 2006 2007 2008 


2005 2006 2007 2008 

80.0 

60.0 

40.0 

20.0 

0.0 

-20.0 

-40.0 

-60.0 

Return on Equity (%) MP/BV (Times) 

1.80 

1.60 

1.40 

1.20 

1.00 

0.80 

0.60 

0.40 

0.20 

0.00 

2005 2006 2007 2008 

2005 2006 2007 2008





Nader Hamad Sultan 

نﺎﺳ ﺣ ردﺎﻧ 




2005 2006 2007 2008 













Other Current Assets 0.01 0.01 







Fixed Assets ﺑﺎﺛ لﺻأ 




Total Assets 67.79 100.00 136.00 100.00 205.37 100.00 111.46 100.00 











Total Non Current Liabilities ﻟواﻟا ﻏ مﻟا ﻲﻟﺎﺟا 


13.26 19.55 10.90 8.02 17.09 8.32 48.99 43.95 









Total Equity 54.53 80.45 125.10 91.98 188.28 91.68 62.48 56.05 



P.O. Box: 551, Yarmouk -72656 - Kuwait - Tel: 24965885, Fax: 24965886 

Email: info@ikarus.com.kw 

Website: www.ikarus.com.kw 

G 

- G 

KG 

Ih 

JGQG 

 

339

Research Unit 






2005 2006 2007 2008 









Interest Income 0.00 0.00 0.14 0.10 0.45 0.22 -0.15 -0.14 






Misc. Income -1.57 -1.41 


Total Income 39.80 58.71 11.22 8.25 12.13 5.91 1.78 1.60 


Administrative Expenses 0.13 0.06 0.42 0.38 













Deductions 0.40 0.59 0.13 0.10 0.16 0.08 








Cash Flow * 39.33 58.01 10.97 8.07 11.61 5.66 -49.21 -44.15 



Market Capitalization 100.50 90.16 







Closing Price of Shares (KD) 0.134 



Estate, etc 

-1.27 -1.14 








-1.65 -0.41 4.14 -17.29 



ﻐﻟا 


1.67 22.70 -25.18 -26.56 





-0.02 44.71 



ﻳﻟا 






the Year 



340




2005 2006 2007 2008 

Average 

G 

- G 

KG 

Ih 

JGQG 

 


Cash to Assets (%) 0.06 0.45 0.23 0.49 0.31 

















L.T. Liabilities to Equity (Times) (تاﻣ) ﻟا قﺣ ﻰﻟا ﺟﻷا ﻳ مﻟا 
































Interest Cover (Times) -25.94 














MP/BV (Times) 1.61 



P/E Ratio (Times) (تاﻣ) ﺑﻟا / ﻌﻟا 

D/P Ratio (%) 0.00 


341

Research Unit 


Latest Net Profit Data (KD) 

( ك.د ) ﺑﻟا ﻲﻓﺎﻟ ةﻓﻟا تﺎﻧﺎﻟا 

344 

KSE 

2008 

2009 

Sector Company 2005 2006 2007 2008 

number 

(9 Months) (9 Months) 

401 Real Estate Kuwait Real Estate Company 62,108,141 -9,775,792 30,253,178 -46,843,626 8,585,682 3,959,686 

402 Real Estate United Real Estate Company 12,540,066 13,524,671 10,215,153 6,113,664 7,368,560 1,854,803 

403 Real Estate National Real Estate Company 53,607,733 34,251,191 39,021,108 18,291,821 14,966,266 13,365,534 

404 Real Estate Salhia Real Estate Company 17,543,488 49,030,836 30,976,727 -35,494,609 8,096,556 2,963,350 

405 Real Estate Pearl of Kuwait Real Estate Company 3,414,655 133,908 4,270,985 -7,935,133 

406 Real Estate Tamdeen Real Estate Company 7,015,000 4,530,000 11,562,000 13,593,000 

407 Real Estate International Investment Projects Company 66,216,000 -62,528,000 21,139,000 

408 Real Estate Ajial Real Estate Entertainment Company 7,382,712 4,076,263 6,655,027 -9,339,660 4,943,696 -4,068,338 

409 Real Estate Al-Massaleh Real Estate Company 2,182,881 -41,523 3,070,329 -3,968,215 1,874,877 101,300 

410 Real Estate Al-Arabiya Real Estate Company 8,589,188 3,585,162 5,654,837 70,100 2,143,279 5,882,494 

411 Real Estate Union Real Estate Company 2,934,235 2,673,609 4,267,112 -2,486,119 1,394,840 994,853 

412 Real Estate Al-Enma'a Real Estate Company 7,732,103 8,221,358 10,131,191 6,763,295 

413 Real Estate Mabanee Company 13,938,420 10,031,185 18,305,687 6,225,269 21,078,274 15,169,979 

414 Real Estate Injazzat Real Estate Development Company 15,238,321 10,212,136 16,479,014 15,325,871 14,475,795 2,817,816 

415 Real Estate Jeezan Holding Company 33,159,478 -30,590,404 14,002,349 -20,737,590 -2,379,896 -267,056 

416 Real Estate Investors Group Holding Company 7,092,187 104,474 13,505,765 -2,457,791 1,690,251 721,581 

417 Real Estate International Resorts Company 6,952,267 -7,217,014 2,234,339 573,028 

418 Real Estate The Commercial Real Estate Company 33,127,153 35,627,668 44,469,904 14,465,476 25,545,265 9,527,696 

419 Real Estate Sanam Real Estate Company 1,623,740 380,640 1,434,536 115,305 2,025,658 865,100 

420 Real Estate A'ayan Real Estate Company 4,336,715 4,673,874 6,169,227 6,877,517 4,305,621 1,652,648 

421 Real Estate Aqar Real Estate Investments Company 1,973,307 760,379 1,734,959 -1,180,345 258,539 -49,226 

422 Real Estate Kuwait Real Estate Holding Company 7,082,241 2,144,251 2,235,660 -1,431,850 3,134,751 -853,725 

423 Real Estate Al Mazaya Holding Company 14,008,429 23,431,021 31,602,151 13,046,148 24,485,012 9,903,078 

424 Real Estate Al-Dar National Real Estate Company 13,618,841 1,578,483 1,397,555 -27,066,946 -4,216,697 -10,169,263 

425 Real Estate Al-Themar International Holding Company 7,450,042 14,770,164 20,409,288 288,170 3,106,032 -3,159,572 3 months 

426 Real Estate Grand Real Estate Projects Company 13,801,368 19,137,214 20,756,112 -31,534,271 

427 Real Estate Tijara & Real Estate Investment Company 7,674,016 7,680,751 5,705,928 -3,158,976 4,267,003 -699,879 

428 Real Estate Tameer Real Estate Investment Company 7,722,398 -123,049 648,536 -5,139,398 -793,833 -1,212,810 

429 Real Estate Arkan Al-Kuwait Real Estate Company 2,199,191 3,010,442 3,530,558 2,935,903 

430 Real Estate Al- Safat Global Holding Company 832,011 310,271 817,081 -17,738,452 

431 Real Estate AlArgan International Real Estate Company 2,627,621 5,533,918 9,140,143 9,760,416 7,215,511 3,350,686 

432 Real Estate Abyar Real Estate Development Company 7,493 1,202,026 16,840,063 5,957,203 17,293,737 4,895,182 

433 Real Estate Munshaat Real Estate Projects Company 11,813,355 36,939,387 27,216,571 9,675,209 627,767 1,474,003 

434 Real Estate First Dubai Real Estate Development Company 3,002,569 3,283,356 4,525,026 619,831 7,427,873 7,181,471 

435 Real Estate Kuwait Business Town Real Estate Company 8,349,951 5,264,436 5,114,946 -1,656,347 1,509,816 -1,572,353



2009 

(9 Months) 

2008 

(9 Months) 


KSE 

number 

501 Industrial National Industries Group (Holding) 189,517,000 134,991,000 209,364,000 -281,963,000 

502 Industrial Kuwait Pipe Industries & Oil Services Company 24,512,373 -3,077,299 14,408,578 -44,522,567 -10,563,273 1,254,445 

503 Industrial Kuwait Cement Company 37,759,062 40,268,329 54,803,369 4,311,940 20,156,112 14,935,512 

504 Industrial Refrigeration Industries & Storage Company 4,472,194 3,707,364 1,070,350 218,356 

505 Industrial Gulf Cable & Electrical Industries Company 14,528,577 20,076,316 26,911,812 3,236,779 16,599,772 7,589,565 

506 Industrial Heavy Engineering Industries & Shipbuilding Company 5,011,837 -7,269,545 4,841,776 684,046 

507 Industrial Contracting & Marine Services Company 4,978,030 7,934,501 4,062,336 860,816 1,191,912 2,199,364 

508 Industrial Kuwait Portland Cement Company 18,401,816 8,814,959 10,827,530 -8,754,941 -3,543,046 14,081,832 

509 Industrial Shuaiba Industrial Company 1,995,807 -1,274,735 523,826 202,529 1,370,888 957,549 

510 Industrial Metal & Recycling Company 8,333,765 1,485,585 1,426,550 -5,108,167 1,272,302 -304,603 

511 Industrial Kuwait Foundry Company 6,110,871 6,111,944 9,299,417 -3,849,629 7,802,107 6,773,842 

512 Industrial ACICO For Industries 7,907,054 13,345,415 22,080,409 6,530,622 8,250,416 5,798,697 

513 Industrial United Industries Company 13,731,468 6,817,951 27,936,836 -11,230,180 1,760,841 -3,958,040 

514 Industrial Boubyan Petrochemical Company 22,001,276 40,632,639 52,629,580 20,335,484 14,869,654 4,927,465 3 months 

515 Industrial Gulf Glass Manufacturing Company 1,778,771 1,326,145 1,117,794 1,887,065 1,218,789 3,161,247 

516 Industrial Hilal Cement Company 1,628,433 3,436,784 6,635,532 684,321 

517 Industrial Al Kout Industrial Projects Company 3,314,503 2,295,024 3,749,128 2,595,543 2,811,581 2,424,263 

518 Industrial Kuwait Packing Materials Manufacturing Company 1,907,358 2,191,775 2,046,083 1,444,073 827,988 808,265 

519 Industrial Kuwait Building Materials Industry 305,518 381,561 767,381 549,396 516,069 538,449 

520 Industrial National Industries Company 12,265,933 9,846,139 12,577,307 -9,315,137 7,091,306 -429,650 

521 Industrial Gulf Rocks Company 3,258,918 501,517 2,047,581 3,033,818 3,248,683 861,363 

522 Industrial Equipment Holding Company 4,401,714 365,827 212,038 -9,303,230 

523 Industrial Mena Holding Company 589,291 -346,415 56,826 26,502,021 

524 Industrial National Company for Consumer Industries 405,529 675,426 2,388,309 -159,519 73,170 -24,618 

525 Industrial Kuwait Gypsum Manufacturing & Trading Company 419,065 570,584 701,917 577,446 496,195 511,515 

526 Industrial Qurain Petrochemical Industries Company 21,600,191 14,802,123 -5,662,953 3,634,967 7,791,664 

G 

- G 

527 Industrial Al-Salbookh Trading Company 3,101,145 1,397,649 1,465,401 398,823 917,316 -1,014,945 

528 Industrial Ikarus Petrolum Industries Company 39,326,424 10,973,482 11,614,780 -49,210,124 5,141,456 -157,001 

601 Services Kuwait National Cinema Company 10,527,666 8,256,120 9,081,457 4,706,798 10,572,579 2,195,126 

602 Services Kuwait Hotels Company -49,996 1,295,566 1,909,630 1,083,420 1,043,536 1,588,948 

KG 

Ih 

JGQG 

 

603 Services The Public Warehousing Company (Agility) 141,850,000 166,517,000 153,941,000 141,373 72,661,000 74,995,000 

604 Services Kuwait Commercial Markets Complex Company 5,068,907 5,006,559 13,700,382 7,443,793 13,802,662 -2,012,785 

605 Services Mobile Telecommunications Company (Zain) 185,921,000 305,298,000 320,455 322,002 147,969,943 154,499,162 

606 Services Safat Energy Holding Company 1,577,139 363,448 474,889 1,508,265 5,208,005 206,236 

345

Research Unit 




346 

2009 

(9 Months) 

2008 

(9 Months) 


KSE 

number 

607 Services Education Holding Group 9,200,534 4,955,317 4,074,310 6,458,137 

608 Services Independent Petroleum Group Company 7,284,468 6,089,940 6,724,584 5,599,789 4,630,716 4,236,753 

609 Services National Cleaning Company 2,207,324 353,045 445,540 -1,690,171 1,052,600 333,245 

610 Services Sultan Center Food Products Company 39,200,368 22,724,327 16,890,792 -5,426,149 

611 Services Arabi Holding Group Company 2,110,533 2,133,581 1,694,460 -4,333,008 

612 Services The Transport & Warehousing Group Company 87,221,558 4,724,305 3,555,632 2,927,680 1,820,222 4,164,001 

613 Services National Mobile Telecommunications Company 52,833,000 73,164,000 80,749,000 82,429 68,180,000 97,322,000 

614 Services Kuwait & Gulf Link Transport Company 22,623,311 26,206,583 10,551,804 -8,337,746 5,166,895 915,600 

615 Services Kuwait Cable Vision Company 1,923,891 -1,948,664 1,357,258 -3,622,008 -991,513 -532,423 

616 Services Automated Systems Company 3,887,281 2,354,750 2,989,295 -510,586 1,931,118 1,451,199 

617 Services National Petroleum Services Company 736,868 717,668 1,547,037 192,774 928,635 2,076,473 

618 Services The Kuwait Co. for Process Plant Construction & Contracting 1,824,618 451,611 1,506,842 1,761,103 2,180,701 1,369,023 

619 Services Kuwait Slaughter House Company 273,136 151,028 305,566 144,916 311,052 222,040 

620 Services Eyas for Higher & Technical Education 1,911,293 3,067,310 2,373,344 1,187,107 1,667,240 -428,792 9 months 

621 Services Hits Telecom Holding Company 1,219,561 644,347 1,722,250 

622 Services AlSafwa Group Holding Company 368,813 12,051,311 20,295,733 -69,952,408 38,342,337 1,555,212 

623 Services HumanSoft Holding Company 2,012,989 -2,998,212 4,600,973 341,893 287,242 166,907 

624 Services Privatization Holding Company 3,896,910 358,096 8,583,262 -13,737,325 7,301,778 4,348,904 

625 Services Nafais Holding Company 925,440 924,831 757,514 1,219,714 

626 Services National Slaughterhouses Company 257,487 33,153 2,990 234 148,926 100,564 

627 Services Aref Energy Holding Company 535,193 849,242 1,037,580 -3,641,044 7,418,025 -32,309 

628 Services Safwan Trading & Contracting Company 1,367,947 1,419,719 1,636,471 1,893,491 

629 Services Gulf Petroleum Investment Company 2,853,772 7,016,188 6,528,256 -5,402,129 5,727,533 -2,186,599 

630 Services Gulf Franchising Holding Company 3,250,322 3,917,419 1,221,271 -5,004,846 2,153,224 -2,366,636 

631 Services Credit Rating and Collecting Company 2,521,266 1,476,034 1,333,196 -1,115,323 1,762,025 484,302 

632 Services National Ranges Company (Mayadeen) 221,159 325,759 9,003,143 -27,061,588 13,837,633 1,732,601 

633 Services Burgan Co. for Well Drilling, Tranding & Maintenance 4,827,643 8,393,730 9,508,644 6,860,647 

634 Services IFA Hotels & Resorts Company 31,993,353 6,796,212 22,821,309 37,463,501 37,463,501 30,847,102 Annual 

635 Services Combined Group Contracting Company 5,854,052 10,044,044 8,693,257 8,495,784 4,994,290 4,827,587 

636 Services Jeeran Holding Company 13,022,368 4,660,041 4,563,335 -949,305 151,061 206,261 

637 Services Palms AGRO-Prodction Company 411,715 371,055 1,102,053 308,630 569,696 1,039,527 

638 Services Al-Safat TEC Holding Company 933,256 1,173,407 3,007,678 -8,051,581 4,645,936 1,732,465 

639 Services Mushrif Trading & Contracting Company 1,831,858 530,400 -13,793,494 -9,758,336 

640 Services United Projects Co. For Aviation Services 2,065,237 2,582,400 8,219,955 1,749,133 3,896,827 3,164,194 

641 Services Al-Abraj Holding Company 978,277 2,034,782 3,812,758 2,725,202 6,088,147 -9,388,032



KSE 

2008 

2009 


number 

(9 Months) (9 Months) 

642 Services ALAFCO Aviation Lease & Finance Company 2,124,001 8,222,381 9,130,460 -12,124,375 7,678,388 8,310,677 9 months 

643 Services Al-Mowasat Holding Company 1,136,659 1,064,463 1,097,046 -273,482 

644 Services Haj & Umrah Services Consortium Company (Mashaer) 2,650,336 4,904,569 8,823,689 -19,909,657 -2,819,631 3,849,223 

645 Services Oula Fuel Marketing Company 1,317,386 3,481,193 4,040,294 3,194,515 3,864,106 2,625,528 

646 Services Villa Moda Lifestyle Company 1,117,987 922,890 723,009 

647 Services Future Communications Company Global 2,557,224 2,211,151 2,936,138 3,276,495 2,362,400 2,468,091 

648 Services Network Holding Company 1,557,687 1,537,126 1,177,116 -28,583,572 

649 Services Hayat Communications Company 3,054,839 2,748,761 685,450 2,471,597 

650 Services Mubarrad Transport Company 2,562,566 1,423,452 558,181 3,400,291 

651 Services Kuwait Resorts Company 3,710,279 1,900,391 4,894,122 481,491 3,372,794 -1,462,994 

652 Services Advanced Technology Company 4,010,483 4,030,410 4,440,542 4,918,074 1,316,045 228,937 

653 Services YIACO Medical Company 1,419,989 2,432,526 2,277,366 778,786 1,877,381 2,372,416 

654 Services Jazeera Airways Company -1,467,515 2,502,911 2,287,994 4,448,460 

655 Services Soor Fuel Marketing Company 3,118,983 3,360,807 1,567,624 2,324,525 

656 Services Kuwait National Airways Company 3,348,380 -1,564,281 -5,931,404 

657 Services Future Kid Entertainment and Real Estate Company 988,619 964,176 974,102 764,572 652,248 490,314 

701 Food Livestock Transport & Trading Company 8,012,170 6,448,017 3,296,021 -2,618,042 1,754,533 6,925,312 

702 Food Danah Al Safat Foodstuff Company 14,050,605 8,283,848 14,649,062 -5,219,244 5,008,421 13,633 

703 Food Kuwait United Poultry Company -504,812 1,327,483 -1,432,940 -1,718,437 -2,669,221 -309,211 

704 Food Kuwait Food Company (Americana) 53,601,000 33,599,000 54,964,000 35,223,000 

705 Food United Foodstuff Industries Group Company 1,017,060 990,809 1,402,208 486,032 438,559 340,161 

706 Food Kout Food Group 1,953,662 5,615,396 5,828,255 5,107,263 2,647,220 157,727 

* For 6 Months 

Note : Source of data - Kuwait Stock Exchange. 

G 

- G 

KG 

Ih 

JGQG 

 

347

Research Unit 


Additional Closing Share Price Data (KD) 

348 

( ك.د ) ﻬﻟا قﻼﻏإ ﻌﻟ ةﻓﻟا تﺎﻧﺎﻟا 

Sector Company 2005 2006 2007 2008 May / 2008 May / 2009 

KSE 

number 

401 Real Estate Kuwait Real Estate Company 0.420 0.164 0.210 0.058 0.184 0.108 

402 Real Estate United Real Estate Company 0.320 0.230 0.178 0.083 0.162 0.104 

403 Real Estate National Real Estate Company 1.200 0.560 0.495 0.236 0.510 0.280 

404 Real Estate Salhia Real Estate Company 0.780 0.570 0.550 0.224 0.520 0.226 

405 Real Estate Pearl of Kuwait Real Estate Company 0.295 0.142 0.202 0.234 0.270 0.234 

406 Real Estate Tamdeen Real Estate Company 0.465 0.420 0.430 0.320 0.530 0.285 

407 Real Estate International Investment Projects Company 0.600 0.140 0.206 0.031 0.178 

408 Real Estate Ajial Real Estate Entertainment Company 0.470 0.410 0.415 0.188 0.395 0.204 

409 Real Estate Al-Massaleh Real Estate Company 0.300 0.202 0.206 0.120 0.180 0.099 

410 Real Estate Al-Arabiya Real Estate Company 0.242 0.136 0.146 0.052 0.180 0.074 

411 Real Estate Union Real Estate Company 0.300 0.202 0.214 0.156 0.192 0.108 

412 Real Estate Al-Enma'a Real Estate Company 0.275 0.212 0.198 0.208 0.285 0.154 

413 Real Estate Mabanee Company 0.750 0.790 1.340 0.590 1.380 0.780 

414 Real Estate Injazzat Real Estate Development Company 0.405 0.280 0.340 0.246 0.500 0.250 

415 Real Estate Jeezan Holding Company 0.720 0.184 0.260 0.048 0.218 0.089 

416 Real Estate Investors Group Holding Company 0.550 0.200 0.136 0.033 0.142 0.066 

417 Real Estate International Resorts Company 0.350 0.138 0.208 0.078 0.240 0.095 

418 Real Estate The Commercial Real Estate Company 0.320 0.285 0.270 0.136 0.224 0.134 

419 Real Estate Sanam Real Estate Company 0.490 0.265 0.285 0.140 0.355 0.148 

420 Real Estate A'ayan Real Estate Company 0.620 0.295 0.275 0.100 0.290 0.130 

421 Real Estate Aqar Real Estate Investments Company 0.200 0.122 0.154 0.112 0.148 0.096 

422 Real Estate Kuwait Real Estate Holding Company 0.275 0.172 0.206 0.059 0.168 0.077 

423 Real Estate Al Mazaya Holding Company 0.780 0.680 0.660 0.315 0.930 0.224 

424 Real Estate Al-Dar National Real Estate Company 0.325 0.176 0.144 0.056 0.156 0.063 

425 Real Estate Al-Themar International Holding Company 0.425 0.106 0.124 0.130 0.164 0.110 

426 Real Estate Grand Real Estate Projects Company 0.810 0.510 0.310 0.045 0.310 0.067 

427 Real Estate Tijara & Real Estate Investment Company 0.290 0.198 0.164 0.120 0.162 0.084 

428 Real Estate Tameer Real Estate Investment Company 0.228 0.134 0.136 0.096 0.176 0.065 

429 Real Estate Arkan Al-Kuwait Real Estate Company 0.176 0.198 0.102 0.168 0.090 

430 Real Estate Al- Safat Global Holding Company 0.345 0.190 0.480 0.049 

431 Real Estate AlArgan International Real Estate Company 0.365 0.236 0.640 0.154 

432 Real Estate Abyar Real Estate Development Company 0.385 0.130 0.720 0.104 

433 Real Estate Munshaat Real Estate Projects Company 0.520 0.088 0.410 0.130 

434 Real Estate First Dubai Real Estate Development Company 0.520 0.138 0.980 0.102 

435 Real Estate Kuwait Business Town Real Estate Company 0.074 0.087




KSE 

number 

501 Industrial National Industries Group (Holding) 1.620 1.280 1.660 0.415 1.280 0.435 

502 Industrial Kuwait Pipe Industries & Oil Services Company 0.800 0.345 0.530 0.116 0.430 0.204 

503 Industrial Kuwait Cement Company 1.180 1.300 1.380 0.590 1.300 0.560 

504 Industrial Refrigeration Industries & Storage Company 0.890 0.580 0.450 0.230 0.400 0.216 

505 Industrial Gulf Cable & Electrical Industries Company 3.380 2.440 3.360 0.990 2.600 1.280 

506 Industrial Heavy Engineering Industries & Shipbuilding Company 0.425 0.365 0.500 0.425 0.580 0.395 

507 Industrial Contracting & Marine Services Company 0.560 0.760 0.740 0.510 0.570 0.390 

508 Industrial Kuwait Portland Cement Company 1.100 1.240 1.180 0.315 1.000 0.610 

509 Industrial Shuaiba Industrial Company 0.375 0.228 0.265 0.275 0.315 0.238 

510 Industrial Metal & Recycling Company 2.180 0.590 0.650 0.184 0.510 0.202 

511 Industrial Kuwait Foundry Company 2.640 1.440 1.280 1.100 1.500 1.020 

512 Industrial ACICO For Industries 0.670 0.465 0.550 0.465 0.650 0.490 

513 Industrial United Industries Company 0.620 0.275 0.370 0.096 0.226 0.087 

514 Industrial Boubyan Petrochemical Company 1.060 0.750 1.120 0.365 1.300 0.530 

515 Industrial Gulf Glass Manufacturing Company 0.700 0.700 0.640 0.370 0.620 0.500 

516 Industrial Hilal Cement Company 0.740 0.750 0.960 0.365 0.660 0.305 

517 Industrial Al Kout Industrial Projects Company 0.880 0.880 0.500 0.510 0.520 0.425 

518 Industrial Kuwait Packing Materials Manufacturing Company 0.870 0.750 0.900 0.600 0.870 0.600 

519 Industrial Kuwait Building Materials Industry 0.295 0.230 0.350 0.265 0.340 0.335 

520 Industrial National Industries Company 0.720 0.430 0.465 0.380 0.520 0.280 

521 Industrial Gulf Rocks Company 1.320 0.455 0.560 0.485 0.760 0.380 

522 Industrial Equipment Holding Company 0.450 0.255 0.300 0.086 0.325 0.112 

523 Industrial Mena Holding Company 0.370 0.265 0.260 0.260 1.340 0.630 

524 Industrial National Company for Consumer Industries 0.520 0.510 0.112 0.320 0.106 

525 Industrial Kuwait Gypsum Manufacturing & Trading Company 0.530 0.425 0.170 0.450 0.130 

526 Industrial Qurain Petrochemical Industries Company 0.445 0.164 0.375 0.206 

G 

- G 

527 Industrial Al-Salbookh Trading Company 0.375 0.162 0.275 0.134 

528 Industrial Ikarus Petrolum Industries Company 0.134 0.380 0.110 

601 Services Kuwait National Cinema Company 1.100 1.000 1.160 0.950 0.860 0.850 

602 Services Kuwait Hotels Company 0.210 0.206 0.270 0.260 0.250 0.275 

KG 

Ih 

JGQG 

 

603 Services The Public Warehousing Company (Agility) 2.900 1.680 1.380 0.630 1.220 1.000 

604 Services Kuwait Commercial Markets Complex Company 0.530 0.375 0.385 0.260 0.455 0.216 

605 Services Mobile Telecommunications Company (Zain) 3.520 3.320 3.850 0.840 1.640 1.000 

606 Services Safat Energy Holding Company 0.270 0.174 0.300 0.056 0.300 0.112 

349

Research Unit 




350 


KSE 

number 

607 Services Education Holding Group 0.620 0.345 0.260 0.102 0.260 0.102 

608 Services Independent Petroleum Group Company 0.650 0.405 0.445 0.365 0.400 0.410 

609 Services National Cleaning Company 1.140 0.510 0.395 0.240 0.335 0.218 

610 Services Sultan Center Food Products Company 1.180 0.550 0.425 0.200 0.470 0.260 

611 Services Arabi Holding Group Company 0.580 0.400 0.415 0.091 0.300 0.110 

612 Services The Transport & Warehousing Group Company 2.780 1.420 0.720 0.700 0.650 0.730 

613 Services National Mobile Telecommunications Company 2.560 2.520 2.640 1.880 2.220 1.620 

614 Services Kuwait & Gulf Link Transport Company 1.400 1.140 0.490 0.100 0.480 0.188 

615 Services Kuwait Cable Vision Company 0.280 0.166 0.184 0.079 0.158 0.080 

616 Services Automated Systems Company 1.060 0.490 0.530 0.144 0.540 0.280 

617 Services National Petroleum Services Company 0.480 0.400 0.345 0.395 0.360 0.285 

618 Services The Kuwait Co. for Process Plant Construction & Contracting 0.405 0.305 0.350 0.240 0.320 0.240 

619 Services Kuwait Slaughter House Company 0.378 0.395 0.400 0.350 0.305 0.375 

620 Services Eyas for Higher & Technical Education 0.255 0.275 0.300 0.350 0.320 0.285 

621 Services Hits Telecom Holding Company 0.244 0.310 0.540 0.300 0.370 0.146 

622 Services AlSafwa Group Holding Company 0.158 0.110 0.168 0.049 0.230 0.082 

623 Services HumanSoft Holding Company 0.510 0.275 0.255 0.280 0.260 0.198 

624 Services Privatization Holding Company 0.305 0.184 0.210 0.080 0.208 0.099 

625 Services Nafais Holding Company 0.502 0.320 0.340 0.130 0.340 0.108 

626 Services National Slaughterhouses Company 0.230 0.212 0.208 0.194 0.230 0.194 

627 Services Aref Energy Holding Company 0.240 0.250 0.200 0.250 0.360 0.305 

628 Services Safwan Trading & Contracting Company 0.395 0.425 0.330 0.218 0.345 0.238 

629 Services Gulf Petroleum Investment Company 0.860 0.690 0.500 0.091 0.420 0.081 

630 Services Gulf Franchising Holding Company 0.355 0.335 0.180 0.104 0.190 0.069 

631 Services Credit Rating and Collecting Company 1.000 0.490 0.460 0.420 0.400 0.420 

632 Services National Ranges Company (Mayadeen) 0.216 0.140 0.124 0.056 0.198 0.066 

633 Services Burgan Co. for Well Drilling, Tranding & Maintenance 1.080 0.770 1.020 0.610 1.060 0.580 

634 Services IFA Hotels & Resorts Company 1.140 0.900 0.630 0.930 0.590 

635 Services Combined Group Contracting Company 0.850 1.360 0.550 1.360 1.120 

636 Services Jeeran Holding Company 0.360 0.280 0.132 0.330 0.140 

637 Services Palms AGRO-Prodction Company 0.216 0.320 0.102 0.158 0.158 

638 Services Al-Safat TEC Holding Company 0.425 0.172 0.037 0.158 0.087 

639 Services Mushrif Trading & Contracting Company 0.510 0.690 0.170 0.560 0.142 

640 Services United Projects Co. For Aviation Services 0.390 0.420 0.355 0.340 0.270 

641 Services Al-Abraj Holding Company 0.500 0.580 0.102 0.690 0.085




KSE 

number 

642 Services ALAFCO Aviation Lease & Finance Company 0.206 0.196 0.118 0.275 0.218 

643 Services Al-Mowasat Holding Company 0.260 0.178 0.242 0.160 0.250 

644 Services Haj & Umrah Services Consortium Company (Mashaer) 1.580 0.970 0.196 0.560 0.238 

645 Services Oula Fuel Marketing Company 0.395 0.500 0.275 0.475 0.280 

646 Services Villa Moda Lifestyle Company 0.130 0.154 0.184 0.188 

647 Services Future Communications Company Global 0.405 0.310 0.410 0.285 

648 Services Network Holding Company 0.335 0.070 0.550 0.045 

649 Services Hayat Communications Company 0.415 0.280 0.385 0.204 

650 Services Mubarrad Transport Company 0.270 0.102 0.305 0.106 

651 Services Kuwait Resorts Company 0.196 0.108 0.224 0.078 

652 Services Advanced Technology Company 0.520 0.460 0.490 0.425 

653 Services YIACO Medical Company 0.206 0.134 0.200 0.196 

654 Services Jazeera Airways Company 0.375 0.510 0.305 

655 Services Soor Fuel Marketing Company 0.255 0.280 

656 Services Kuwait National Airways Company 0.112 0.140 

657 Services Future Kid Entertainment and Real Estate Company 0.126 0.154 

701 Food Livestock Transport & Trading Company 0.540 0.380 0.320 0.170 0.300 0.320 

702 Food Danah Al Safat Foodstuff Company 0.700 0.365 0.340 0.054 0.230 0.132 

703 Food Kuwait United Poultry Company 0.228 0.216 0.170 0.110 0.160 0.114 

704 Food Kuwait Food Company (Americana) 2.000 1.460 3.920 1.240 2.340 1.500 

705 Food United Foodstuff Industries Group Company 0.480 0.490 0.600 0.500 0.620 0.495 

706 Food Kout Food Group 0.990 0.415 0.790 0.490 

Note : Source of data - Kuwait Stock Exchange. 

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Untitled - Institute of Banking Studies

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