Independent Petroleum Group

Independent Petroleum Group SAK

IPGStocksBoursa KuwaitIndustrials

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	0.88B	1.22B	1.07B	1.65B	1.00B
Cost of Revenue	0.87B	1.18B	1.05B	1.62B	0.99B
Gross Profit	17.64M	36.86M	18.14M	24.70M	13.61M
SG&A	8.48M	7.81M	7.83M	8.18M	7.79M
Operating Expenses	22.28M	31.95M	15.30M	9.78M	9.89M
Operating Income	-4.64M	4.91M	2.83M	14.92M	3.72M
Interest Income	5.73M	4.48M	6.58M	7.04M	3.53M
Interest Expense	-9.97M	-16.39M	-14.74M	-10.30M	-3.51M
Other Income/Expense	-0.12M	-0.10M	-0.16M	-0.08M	-6.54M
Pretax Income	12.01M	9.01M	7.82M	7.66M	7.19M
Income Tax	1.83M	—	—	—	—
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
EBITDA	-2.32M	6.32M	4.51M	16.73M	5.64M
EBIT	-4.64M	4.91M	2.83M	14.92M	3.72M
EPS (Basic)	0.06	0.05	0.04	0.04	0.04
EPS (Diluted)	0.06	0.05	0.04	0.04	0.04
DPS	0.05	0.04	0.03	0.03	0.03
Margins & Efficiency
Gross Margin %	+2.0%	+3.0%	+1.7%	+1.5%	+1.4%
EBITDA Margin %	-0.3%	+0.5%	+0.4%	+1.0%	+0.6%
Net Margin %	+1.1%	+0.7%	+0.7%	+0.5%	+0.7%
Revenue & Income
Revenue	0.88B	1.22B	1.07B	1.65B	1.00B
Revenue Growth (YoY)	-27.5%	+14.4%	-35.1%	+64.4%	+94.1%
Interest & Investment Income	5.73M	4.48M	6.58M	7.04M	3.53M
Earnings From Equity Investments	11.66M	9.66M	8.01M	7.64M	6.14M
Gain (Loss) on Sale of Investments	9.08M	6.11M	6.75M	-10.23M	4.55M
Currency Exchange Gain (Loss)	0.25M	0.33M	-1.44M	-1.33M	-0.70M
Expenses & Provisions
Cost of Revenue	0.87B	1.18B	1.05B	1.62B	0.99B
Selling, General & Admin	8.48M	7.81M	7.83M	8.18M	7.79M
Operating Expenses	22.28M	31.95M	15.30M	9.78M	9.89M
Other Operating Expenses	11.48M	22.73M	5.80M	-0.20M	0.19M
Interest Expense	-9.97M	-16.39M	-14.74M	-10.30M	-3.51M
Other Non Operating Income (Expenses)	-0.12M	-0.10M	-0.16M	-0.08M	-6.54M
D&A For EBITDA	2.32M	1.41M	1.68M	1.81M	1.92M
Profitability & Returns
Gross Profit	17.64M	36.86M	18.14M	24.70M	13.61M
Gross Margin	+2.0%	+3.0%	+1.7%	+1.5%	+1.4%
EBIT	-4.64M	4.91M	2.83M	14.92M	3.72M
EBIT Margin	-0.5%	+0.4%	+0.3%	+0.9%	+0.4%
EBITDA	-2.32M	6.32M	4.51M	16.73M	5.64M
EBITDA Margin	-0.3%	+0.5%	+0.4%	+1.0%	+0.6%
EBT Excluding Unusual Items	2.92M	2.90M	1.07M	17.88M	2.64M
Pretax Income	12.01M	9.01M	7.82M	7.66M	7.19M
Operating Income	-4.64M	4.91M	2.83M	14.92M	3.72M
Operating Margin	-0.5%	+0.4%	+0.3%	+0.9%	+0.4%
Profit Margin	+1.1%	+0.7%	+0.7%	+0.5%	+0.7%
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
Net Income to Common	10.17M	9.01M	7.82M	7.66M	7.19M
Net Income Growth	+12.8%	+15.3%	+2.1%	+6.4%	+4.6%
Income Tax Expense	1.83M	—	—	—	—
Effective Tax Rate	+15.3%	—	—	—	—
Per Share & Capital
EPS (Basic)	0.06	0.05	0.04	0.04	0.04
EPS (Diluted)	0.06	0.05	0.04	0.04	0.04
EPS Growth	+12.8%	+15.3%	+2.1%	+6.4%	+4.6%
Dividend Per Share	0.05	0.04	0.03	0.03	0.03
Shares Outstanding (Basic)	180.79M	180.79M	180.79M	180.79M	180.79M
Shares Outstanding (Diluted)	180.79M	180.79M	180.79M	180.79M	180.79M
Dividend Growth	+12.5%	+33.3%	—	—	—
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
Payout Ratio	+71.1%	+60.2%	+69.4%	+70.8%	+75.4%

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	0.88B	1.22B	1.07B	1.65B	1.00B
Cost of Revenue	0.87B	1.18B	1.05B	1.62B	0.99B
Gross Profit	17.64M	36.86M	18.14M	24.70M	13.61M
SG&A	8.48M	7.81M	7.83M	8.18M	7.79M
Operating Expenses	22.28M	31.95M	15.30M	9.78M	9.89M
Operating Income	-4.64M	4.91M	2.83M	14.92M	3.72M
Interest Income	5.73M	4.48M	6.58M	7.04M	3.53M
Interest Expense	-9.97M	-16.39M	-14.74M	-10.30M	-3.51M
Other Income/Expense	-0.12M	-0.10M	-0.16M	-0.08M	-6.54M
Pretax Income	12.01M	9.01M	7.82M	7.66M	7.19M
Income Tax	1.83M	—	—	—	—
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
EBITDA	-2.32M	6.32M	4.51M	16.73M	5.64M
EBIT	-4.64M	4.91M	2.83M	14.92M	3.72M
EPS (Basic)	0.06	0.05	0.04	0.04	0.04
EPS (Diluted)	0.06	0.05	0.04	0.04	0.04
DPS	0.05	0.04	0.03	0.03	0.03
Margins & Efficiency
Gross Margin %	+2.0%	+3.0%	+1.7%	+1.5%	+1.4%
EBITDA Margin %	-0.3%	+0.5%	+0.4%	+1.0%	+0.6%
Net Margin %	+1.1%	+0.7%	+0.7%	+0.5%	+0.7%
Revenue & Income
Revenue	0.88B	1.22B	1.07B	1.65B	1.00B
Revenue Growth (YoY)	-27.5%	+14.4%	-35.1%	+64.4%	+94.1%
Interest & Investment Income	5.73M	4.48M	6.58M	7.04M	3.53M
Earnings From Equity Investments	11.66M	9.66M	8.01M	7.64M	6.14M
Gain (Loss) on Sale of Investments	9.08M	6.11M	6.75M	-10.23M	4.55M
Currency Exchange Gain (Loss)	0.25M	0.33M	-1.44M	-1.33M	-0.70M
Expenses & Provisions
Cost of Revenue	0.87B	1.18B	1.05B	1.62B	0.99B
Selling, General & Admin	8.48M	7.81M	7.83M	8.18M	7.79M
Operating Expenses	22.28M	31.95M	15.30M	9.78M	9.89M
Other Operating Expenses	11.48M	22.73M	5.80M	-0.20M	0.19M
Interest Expense	-9.97M	-16.39M	-14.74M	-10.30M	-3.51M
Other Non Operating Income (Expenses)	-0.12M	-0.10M	-0.16M	-0.08M	-6.54M
D&A For EBITDA	2.32M	1.41M	1.68M	1.81M	1.92M
Profitability & Returns
Gross Profit	17.64M	36.86M	18.14M	24.70M	13.61M
Gross Margin	+2.0%	+3.0%	+1.7%	+1.5%	+1.4%
EBIT	-4.64M	4.91M	2.83M	14.92M	3.72M
EBIT Margin	-0.5%	+0.4%	+0.3%	+0.9%	+0.4%
EBITDA	-2.32M	6.32M	4.51M	16.73M	5.64M
EBITDA Margin	-0.3%	+0.5%	+0.4%	+1.0%	+0.6%
EBT Excluding Unusual Items	2.92M	2.90M	1.07M	17.88M	2.64M
Pretax Income	12.01M	9.01M	7.82M	7.66M	7.19M
Operating Income	-4.64M	4.91M	2.83M	14.92M	3.72M
Operating Margin	-0.5%	+0.4%	+0.3%	+0.9%	+0.4%
Profit Margin	+1.1%	+0.7%	+0.7%	+0.5%	+0.7%
Net Income	10.17M	9.01M	7.82M	7.66M	7.19M
Net Income to Common	10.17M	9.01M	7.82M	7.66M	7.19M
Net Income Growth	+12.8%	+15.3%	+2.1%	+6.4%	+4.6%
Income Tax Expense	1.83M	—	—	—	—
Effective Tax Rate	+15.3%	—	—	—	—
Per Share & Capital
EPS (Basic)	0.06	0.05	0.04	0.04	0.04
EPS (Diluted)	0.06	0.05	0.04	0.04	0.04
EPS Growth	+12.8%	+15.3%	+2.1%	+6.4%	+4.6%
Dividend Per Share	0.05	0.04	0.03	0.03	0.03
Shares Outstanding (Basic)	180.79M	180.79M	180.79M	180.79M	180.79M
Shares Outstanding (Diluted)	180.79M	180.79M	180.79M	180.79M	180.79M
Dividend Growth	+12.5%	+33.3%	—	—	—
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
Payout Ratio	+71.1%	+60.2%	+69.4%	+70.8%	+75.4%