THE COMMERCIAL REAL ESTATE CO.

Commercial Real Estate Co.

ALTIJARIAStocksBoursa KuwaitMarket closed

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	37.35M	36.55M	33.32M	27.40M	42.62M
Interest Expense	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Pretax Income	18.23M	17.54M	16.21M	13.46M	12.86M
Income Tax	83.93K	99.39K	80.67K	72.80K	129.90K
Net Income	16.31M	15.59M	14.42M	12.48M	12.54M
Rental Revenue	27.34M	26.91M	26.62M	26.16M	23.61M
Property Expenses	10.32M	9.99M	8.52M	7.90M	8.55M
Operating Income	23.35M	23.63M	21.55M	17.16M	31.15M
EPS (Basic)	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.01	0.01	0.01	0.01	0.01
DPS	0.00	0.00	0.00	0.00	0.00
Margins & Efficiency
Net Margin %	+43.7%	+42.7%	+43.3%	+45.6%	+29.4%
Revenue & Income
Revenue as Reported	31.90M	31.32M	30.60M	29.63M	43.25M
Revenue Growth (YoY)	+2.2%	+9.7%	+21.6%	-35.7%	+114.1%
Revenue RE	37.35M	36.55M	33.32M	27.40M	42.62M
Rental Revenue	27.34M	26.91M	26.62M	26.16M	23.61M
Other Revenue RE	10.01M	9.64M	6.70M	1.24M	19.02M
Gain Investments RE	5.39M	8.37M	10.11M	8.04M	-1.74M
Gain Investments Rev Real Estate	—	—	—	—	—
Expenses & Provisions
SG&A RE	128.00K	128.00K	128.00K	104.00K	128.00K
Total Operating Expenses RE	14.00M	12.92M	11.77M	10.24M	11.48M
Interest Expense RE	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Other Non Oper Exp Suppl RE	-1.49M	-1.45M	-2.37M	-1.57M	-2.36M
Property Expenses	10.32M	9.99M	8.52M	7.90M	8.55M
Legal Settlements RE	—	—	—	—	-4.43M
Asset Writedown	2.71M	-0.52M	-1.81M	-3.50M	-4.25M
D&A For EBITDA	1.26M	1.22M	1.20M	1.18M	1.06M
Profitability & Returns
EBIT	23.35M	23.63M	21.55M	17.16M	31.15M
EBIT Margin	+62.5%	+64.7%	+64.7%	+62.6%	+73.1%
EBITDA	24.61M	24.86M	22.75M	18.34M	32.21M
EBITDA Margin	+65.9%	+68.0%	+68.3%	+67.0%	+75.6%
EBT Excl RE	10.13M	9.69M	7.91M	8.93M	23.28M
Pretax Income	18.23M	17.54M	16.21M	13.46M	12.86M
Operating Income RE	23.35M	23.63M	21.55M	17.16M	31.15M
Operating Margin	+62.5%	+64.7%	+64.7%	+62.6%	+73.1%
Profit Margin	+43.7%	+42.7%	+43.3%	+45.6%	+29.4%
Net Income	16.31M	15.59M	14.42M	12.48M	12.54M
Net Income to Common	16.31M	15.59M	14.42M	12.48M	12.54M
Net Income Growth	+4.6%	+8.1%	+15.6%	-0.5%	+1,147.0%
Earnings From Continuing Ops.	18.15M	17.44M	16.13M	13.39M	12.73M
Minority Interest in Earnings	-1.83M	-1.85M	-1.71M	-0.91M	-0.19M
Income Tax Expense	83.93K	99.39K	80.67K	72.80K	129.90K
Effective Tax Rate	+0.5%	+0.6%	+0.5%	+0.5%	+1.0%
Net Interest Expense RE	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Per Share & Capital
EPS (Basic)	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.01	0.01	0.01	0.01	0.01
EPS Growth	+6.0%	+7.7%	+18.0%	+0.2%	+1,185.9%
Dividend Per Share	0.00	0.00	0.00	0.00	0.00
Shares Change (YoY)	-0.01	0	-0.02	-0.01	-0.03
Shares Outstanding (Basic)	1.81B	1.83B	1.83B	1.87B	1.88B
Shares Outstanding (Diluted)	1.81B	1.83B	1.83B	1.87B	1.88B
Dividend Growth	+3.4%	-25.6%	+39.3%	-40.4%	+74.1%
Payout Ratio	+32.7%	+45.4%	+36.5%	+70.7%	+42.9%
Supplemental
Other Operating Expenses RE	3.56M	2.80M	3.13M	2.23M	2.80M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	37.35M	36.55M	33.32M	27.40M	42.62M
Interest Expense	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Pretax Income	18.23M	17.54M	16.21M	13.46M	12.86M
Income Tax	83.93K	99.39K	80.67K	72.80K	129.90K
Net Income	16.31M	15.59M	14.42M	12.48M	12.54M
Rental Revenue	27.34M	26.91M	26.62M	26.16M	23.61M
Property Expenses	10.32M	9.99M	8.52M	7.90M	8.55M
Operating Income	23.35M	23.63M	21.55M	17.16M	31.15M
EPS (Basic)	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.01	0.01	0.01	0.01	0.01
DPS	0.00	0.00	0.00	0.00	0.00
Margins & Efficiency
Net Margin %	+43.7%	+42.7%	+43.3%	+45.6%	+29.4%
Revenue & Income
Revenue as Reported	31.90M	31.32M	30.60M	29.63M	43.25M
Revenue Growth (YoY)	+2.2%	+9.7%	+21.6%	-35.7%	+114.1%
Revenue RE	37.35M	36.55M	33.32M	27.40M	42.62M
Rental Revenue	27.34M	26.91M	26.62M	26.16M	23.61M
Other Revenue RE	10.01M	9.64M	6.70M	1.24M	19.02M
Gain Investments RE	5.39M	8.37M	10.11M	8.04M	-1.74M
Gain Investments Rev Real Estate	—	—	—	—	—
Expenses & Provisions
SG&A RE	128.00K	128.00K	128.00K	104.00K	128.00K
Total Operating Expenses RE	14.00M	12.92M	11.77M	10.24M	11.48M
Interest Expense RE	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Other Non Oper Exp Suppl RE	-1.49M	-1.45M	-2.37M	-1.57M	-2.36M
Property Expenses	10.32M	9.99M	8.52M	7.90M	8.55M
Legal Settlements RE	—	—	—	—	-4.43M
Asset Writedown	2.71M	-0.52M	-1.81M	-3.50M	-4.25M
D&A For EBITDA	1.26M	1.22M	1.20M	1.18M	1.06M
Profitability & Returns
EBIT	23.35M	23.63M	21.55M	17.16M	31.15M
EBIT Margin	+62.5%	+64.7%	+64.7%	+62.6%	+73.1%
EBITDA	24.61M	24.86M	22.75M	18.34M	32.21M
EBITDA Margin	+65.9%	+68.0%	+68.3%	+67.0%	+75.6%
EBT Excl RE	10.13M	9.69M	7.91M	8.93M	23.28M
Pretax Income	18.23M	17.54M	16.21M	13.46M	12.86M
Operating Income RE	23.35M	23.63M	21.55M	17.16M	31.15M
Operating Margin	+62.5%	+64.7%	+64.7%	+62.6%	+73.1%
Profit Margin	+43.7%	+42.7%	+43.3%	+45.6%	+29.4%
Net Income	16.31M	15.59M	14.42M	12.48M	12.54M
Net Income to Common	16.31M	15.59M	14.42M	12.48M	12.54M
Net Income Growth	+4.6%	+8.1%	+15.6%	-0.5%	+1,147.0%
Earnings From Continuing Ops.	18.15M	17.44M	16.13M	13.39M	12.73M
Minority Interest in Earnings	-1.83M	-1.85M	-1.71M	-0.91M	-0.19M
Income Tax Expense	83.93K	99.39K	80.67K	72.80K	129.90K
Effective Tax Rate	+0.5%	+0.6%	+0.5%	+0.5%	+1.0%
Net Interest Expense RE	-11.73M	-12.49M	-11.26M	-6.66M	-5.50M
Per Share & Capital
EPS (Basic)	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.01	0.01	0.01	0.01	0.01
EPS Growth	+6.0%	+7.7%	+18.0%	+0.2%	+1,185.9%
Dividend Per Share	0.00	0.00	0.00	0.00	0.00
Shares Change (YoY)	-0.01	0	-0.02	-0.01	-0.03
Shares Outstanding (Basic)	1.81B	1.83B	1.83B	1.87B	1.88B
Shares Outstanding (Diluted)	1.81B	1.83B	1.83B	1.87B	1.88B
Dividend Growth	+3.4%	-25.6%	+39.3%	-40.4%	+74.1%
Payout Ratio	+32.7%	+45.4%	+36.5%	+70.7%	+42.9%
Supplemental
Other Operating Expenses RE	3.56M	2.80M	3.13M	2.23M	2.80M