SHAMAL AZ-ZOUR AL-OULA POWER AND WATER COMPANY K.S.C.P

Shamal Az-Zour Al-Oula Power and Water Company

AZNOULAStocksBoursa KuwaitUtilities

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	52.16M	48.67M	52.64M	52.74M	50.15M
Operating Income	29.71M	27.31M	32.10M	32.90M	32.38M
Interest Income	3.27M	3.71M	2.74M	0.17M	0.03M
Interest Expense	-17.65M	-21.62M	-21.99M	-18.32M	-18.58M
Pretax Income	15.19M	9.31M	12.73M	14.61M	13.68M
Income Tax	157.92K	101.92K	132.26K	145.07K	143.57K
Net Income	15.03M	9.21M	12.60M	14.46M	13.54M
EBITDA	29.76M	27.35M	32.14M	32.92M	32.40M
Utility Operating Expenses	22.45M	21.36M	20.54M	19.85M	17.77M
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	—	0.01	0.01	0.02	0.01
Margins & Efficiency
EBITDA Margin %	+57.1%	+56.2%	+61.1%	+62.4%	+64.6%
Net Margin %	+28.8%	+18.9%	+23.9%	+27.4%	+27.0%
Revenue & Income
Revenue	52.16M	48.67M	52.64M	52.74M	50.15M
Revenue Growth (YoY)	+7.2%	-7.6%	-0.2%	+5.2%	-2.4%
Interest Income	3.27M	3.71M	2.74M	0.17M	0.03M
Expenses & Provisions
Selling, General & Admin	2.69M	2.93M	2.11M	2.24M	1.78M
Total Operating Expenses	22.45M	21.36M	20.54M	19.85M	17.77M
Interest Expense	-17.65M	-21.62M	-21.99M	-18.32M	-18.58M
Other Non-Operating Income (Expenses)	-141.96K	-87.37K	-119.01K	-140.58K	-139.79K
D&A For EBITDA	53.18K	48.94K	41.82K	26.95K	25.56K
Profitability & Returns
EBIT	29.71M	27.31M	32.10M	32.90M	32.38M
EBIT Margin	+57.0%	+56.1%	+61.0%	+62.4%	+64.6%
EBITDA	29.76M	27.35M	32.14M	32.92M	32.40M
EBITDA Margin	+57.1%	+56.2%	+61.1%	+62.4%	+64.6%
EBT Excluding Unusual Items	15.19M	9.31M	12.73M	14.61M	13.68M
Pretax Income	15.19M	9.31M	12.73M	14.61M	13.68M
Operating Income	29.71M	27.31M	32.10M	32.90M	32.38M
Profit Margin	+28.8%	+18.9%	+23.9%	+27.4%	+27.0%
Net Income	15.03M	9.21M	12.60M	14.46M	13.54M
Net Income to Common	15.03M	9.21M	12.60M	14.46M	13.54M
Net Income Growth	+63.2%	-26.9%	-12.9%	+6.8%	+10.3%
Income Tax Expense	157.92K	101.92K	132.26K	145.07K	143.57K
Effective Tax Rate	+1.0%	+1.1%	+1.0%	+1.0%	+1.0%
Net Interest Expense	-14.38M	-17.91M	-19.25M	-18.15M	-18.56M
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	+63.2%	-26.9%	-12.9%	+6.9%	+10.3%
Dividend Per Share	—	0.01	0.01	0.02	0.01
Shares Outstanding (Basic)	1.10B	1.10B	1.10B	1.10B	1.10B
Shares Outstanding (Diluted)	1.10B	1.10B	1.10B	1.10B	1.10B
Dividend Growth	—	+20.0%	-70.6%	+21.4%	-62.2%
Free Cash Flow	44.55M	50.58M	41.91M	50.64M	38.85M
Free Cash Flow Margin	+85.4%	+103.9%	+79.6%	+96.0%	+77.5%
Free Cash Flow Per Share	0.04	0.05	0.04	0.05	0.04
Payout Ratio	+55.1%	+59.4%	+83.3%	+133.7%	+169.9%
Supplemental
Other Operating Expenses	19.75M	18.43M	18.43M	17.60M	15.99M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	52.16M	48.67M	52.64M	52.74M	50.15M
Operating Income	29.71M	27.31M	32.10M	32.90M	32.38M
Interest Income	3.27M	3.71M	2.74M	0.17M	0.03M
Interest Expense	-17.65M	-21.62M	-21.99M	-18.32M	-18.58M
Pretax Income	15.19M	9.31M	12.73M	14.61M	13.68M
Income Tax	157.92K	101.92K	132.26K	145.07K	143.57K
Net Income	15.03M	9.21M	12.60M	14.46M	13.54M
EBITDA	29.76M	27.35M	32.14M	32.92M	32.40M
Utility Operating Expenses	22.45M	21.36M	20.54M	19.85M	17.77M
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	—	0.01	0.01	0.02	0.01
Margins & Efficiency
EBITDA Margin %	+57.1%	+56.2%	+61.1%	+62.4%	+64.6%
Net Margin %	+28.8%	+18.9%	+23.9%	+27.4%	+27.0%
Revenue & Income
Revenue	52.16M	48.67M	52.64M	52.74M	50.15M
Revenue Growth (YoY)	+7.2%	-7.6%	-0.2%	+5.2%	-2.4%
Interest Income	3.27M	3.71M	2.74M	0.17M	0.03M
Expenses & Provisions
Selling, General & Admin	2.69M	2.93M	2.11M	2.24M	1.78M
Total Operating Expenses	22.45M	21.36M	20.54M	19.85M	17.77M
Interest Expense	-17.65M	-21.62M	-21.99M	-18.32M	-18.58M
Other Non-Operating Income (Expenses)	-141.96K	-87.37K	-119.01K	-140.58K	-139.79K
D&A For EBITDA	53.18K	48.94K	41.82K	26.95K	25.56K
Profitability & Returns
EBIT	29.71M	27.31M	32.10M	32.90M	32.38M
EBIT Margin	+57.0%	+56.1%	+61.0%	+62.4%	+64.6%
EBITDA	29.76M	27.35M	32.14M	32.92M	32.40M
EBITDA Margin	+57.1%	+56.2%	+61.1%	+62.4%	+64.6%
EBT Excluding Unusual Items	15.19M	9.31M	12.73M	14.61M	13.68M
Pretax Income	15.19M	9.31M	12.73M	14.61M	13.68M
Operating Income	29.71M	27.31M	32.10M	32.90M	32.38M
Profit Margin	+28.8%	+18.9%	+23.9%	+27.4%	+27.0%
Net Income	15.03M	9.21M	12.60M	14.46M	13.54M
Net Income to Common	15.03M	9.21M	12.60M	14.46M	13.54M
Net Income Growth	+63.2%	-26.9%	-12.9%	+6.8%	+10.3%
Income Tax Expense	157.92K	101.92K	132.26K	145.07K	143.57K
Effective Tax Rate	+1.0%	+1.1%	+1.0%	+1.0%	+1.0%
Net Interest Expense	-14.38M	-17.91M	-19.25M	-18.15M	-18.56M
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	+63.2%	-26.9%	-12.9%	+6.9%	+10.3%
Dividend Per Share	—	0.01	0.01	0.02	0.01
Shares Outstanding (Basic)	1.10B	1.10B	1.10B	1.10B	1.10B
Shares Outstanding (Diluted)	1.10B	1.10B	1.10B	1.10B	1.10B
Dividend Growth	—	+20.0%	-70.6%	+21.4%	-62.2%
Free Cash Flow	44.55M	50.58M	41.91M	50.64M	38.85M
Free Cash Flow Margin	+85.4%	+103.9%	+79.6%	+96.0%	+77.5%
Free Cash Flow Per Share	0.04	0.05	0.04	0.05	0.04
Payout Ratio	+55.1%	+59.4%	+83.3%	+133.7%	+169.9%
Supplemental
Other Operating Expenses	19.75M	18.43M	18.43M	17.60M	15.99M