Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	-36.28M	31.57M	-16.69M	15.40M	-8.24M
Free Cash Flow	-43.24M	31.44M	-16.79M	15.06M	-10.55M
Capital Expenditures	-6.96M	-0.13M	-0.10M	-0.34M	-2.31M
Investing & Financing
Investing Cash Flow	5.19M	10.43M	10.54M	12.78M	4.74M
Financing Cash Flow	-8.60M	-23.00M	-24.03M	16.49M	27.82M
Dividends Paid	-7.23M	-5.42M	-5.42M	-5.42M	-5.42M
Operating Activities
Operating Cash Flow	-36.28M	31.57M	-16.69M	15.40M	-8.24M
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
Change in Accounts Payable	-78.70M	-8.49M	58.59M	-37.50M	55.21M
Change in Accounts Receivable	11.04M	6.03M	-119.86M	56.58M	-49.51M
Change in Inventory	16.44M	0.43M	24.51M	-0.98M	-25.93M
Change in Other Net Operating Assets	-2.21M	-4.81M	0.71M	-24.07M	1.31M
Change in Working Capital	-53.43M	-6.84M	-36.05M	-5.98M	-18.93M
Other Operating Activities	9.65M	16.22M	13.13M	5.56M	2.30M
Provision & Write-off of Bad Debts	11.48M	22.40M	5.59M	-0.41M	6.47M
Depreciation & Amortization	6.61M	6.56M	7.57M	5.98M	5.42M
Cash Interest Paid	10.43M	16.79M	14.06M	9.35M	3.31M
Loss (Gain) on Equity Investments	-11.66M	-9.66M	-8.01M	-7.64M	-6.14M
Investing Activities
Investing Cash Flow	5.19M	10.43M	10.54M	12.78M	4.74M
Capital Expenditures	-6.96M	-0.13M	-0.10M	-0.34M	-2.31M
Other Investing Activities	12.14M	10.56M	10.64M	13.12M	5.63M
Sale of Property, Plant & Equipment	—	—	—	—	1.43M
Loss (Gain) on Sale of Investments	-9.08M	-6.11M	-6.75M	10.23M	-4.55M
Financing Activities
Financing Cash Flow	-8.60M	-23.00M	-24.03M	16.49M	27.82M
Common Dividends Paid	-7.23M	-5.42M	-5.42M	-5.42M	-5.42M
Long-Term Debt Issued	9.06M	—	3.03M	32.23M	40.41M
Total Debt Issued	9.06M	—	3.03M	32.23M	40.41M
Long-Term Debt Repaid	—	-0.78M	-7.58M	-0.97M	-3.86M
Total Debt Repaid	—	-0.78M	-7.58M	-0.97M	-3.86M
Net Debt Issued (Repaid)	9.06M	-0.78M	-4.55M	31.26M	36.55M
Other Financing Activities	-10.43M	-16.79M	-14.06M	-9.35M	-3.31M
Free Cash Flow & Returns
Free Cash Flow	-43.24M	31.44M	-16.79M	15.06M	-10.55M
Free Cash Flow Margin	-4.9%	+2.6%	-1.6%	+0.9%	-1.1%
Free Cash Flow Per Share	-0.24	0.17	-0.09	0.08	-0.06
Levered Free Cash Flow	-54.48M	14.01M	-29.31M	16.60M	-9.47M
Unlevered Free Cash Flow	-48.25M	24.25M	-20.10M	23.03M	-7.28M
Net Cash Flow	-38.23M	18.50M	-29.22M	39.09M	25.38M
Foreign Exchange Rate Adjustments	1.46M	-0.51M	0.97M	-5.58M	1.06M

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
Operations
Operating Cash Flow	-36.28M	31.57M	-16.69M	15.40M	-8.24M
Free Cash Flow	-43.24M	31.44M	-16.79M	15.06M	-10.55M
Capital Expenditures	-6.96M	-0.13M	-0.10M	-0.34M	-2.31M
Investing & Financing
Investing Cash Flow	5.19M	10.43M	10.54M	12.78M	4.74M
Financing Cash Flow	-8.60M	-23.00M	-24.03M	16.49M	27.82M
Dividends Paid	-7.23M	-5.42M	-5.42M	-5.42M	-5.42M
Operating Activities
Operating Cash Flow	-36.28M	31.57M	-16.69M	15.40M	-8.24M
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
Change in Accounts Payable	-78.70M	-8.49M	58.59M	-37.50M	55.21M
Change in Accounts Receivable	11.04M	6.03M	-119.86M	56.58M	-49.51M
Change in Inventory	16.44M	0.43M	24.51M	-0.98M	-25.93M
Change in Other Net Operating Assets	-2.21M	-4.81M	0.71M	-24.07M	1.31M
Change in Working Capital	-53.43M	-6.84M	-36.05M	-5.98M	-18.93M
Other Operating Activities	9.65M	16.22M	13.13M	5.56M	2.30M
Provision & Write-off of Bad Debts	11.48M	22.40M	5.59M	-0.41M	6.47M
Depreciation & Amortization	6.61M	6.56M	7.57M	5.98M	5.42M
Cash Interest Paid	10.43M	16.79M	14.06M	9.35M	3.31M
Loss (Gain) on Equity Investments	-11.66M	-9.66M	-8.01M	-7.64M	-6.14M
Investing Activities
Investing Cash Flow	5.19M	10.43M	10.54M	12.78M	4.74M
Capital Expenditures	-6.96M	-0.13M	-0.10M	-0.34M	-2.31M
Other Investing Activities	12.14M	10.56M	10.64M	13.12M	5.63M
Sale of Property, Plant & Equipment	—	—	—	—	1.43M
Loss (Gain) on Sale of Investments	-9.08M	-6.11M	-6.75M	10.23M	-4.55M
Financing Activities
Financing Cash Flow	-8.60M	-23.00M	-24.03M	16.49M	27.82M
Common Dividends Paid	-7.23M	-5.42M	-5.42M	-5.42M	-5.42M
Long-Term Debt Issued	9.06M	—	3.03M	32.23M	40.41M
Total Debt Issued	9.06M	—	3.03M	32.23M	40.41M
Long-Term Debt Repaid	—	-0.78M	-7.58M	-0.97M	-3.86M
Total Debt Repaid	—	-0.78M	-7.58M	-0.97M	-3.86M
Net Debt Issued (Repaid)	9.06M	-0.78M	-4.55M	31.26M	36.55M
Other Financing Activities	-10.43M	-16.79M	-14.06M	-9.35M	-3.31M
Free Cash Flow & Returns
Free Cash Flow	-43.24M	31.44M	-16.79M	15.06M	-10.55M
Free Cash Flow Margin	-4.9%	+2.6%	-1.6%	+0.9%	-1.1%
Free Cash Flow Per Share	-0.24	0.17	-0.09	0.08	-0.06
Levered Free Cash Flow	-54.48M	14.01M	-29.31M	16.60M	-9.47M
Unlevered Free Cash Flow	-48.25M	24.25M	-20.10M	23.03M	-7.28M
Net Cash Flow	-38.23M	18.50M	-29.22M	39.09M	25.38M
Foreign Exchange Rate Adjustments	1.46M	-0.51M	0.97M	-5.58M	1.06M

Financials

Annual (KWD)

Independent Petroleum Group

Annual (KWD)