MANAZEL HOLDING CO.

Manazel Holding Co.

MANAZELStocksBoursa KuwaitReal Estate

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	8.22M	3.20M	6.00M	7.56M	1.18M
Cost of Revenue	9.25M	1.88M	4.85M	5.28M	—
Gross Profit	-1.02M	1.31M	1.14M	2.29M	1.18M
SG&A	1.38M	1.35M	1.56M	2.67M	3.75M
Operating Expenses	1.51M	1.40M	1.76M	2.89M	3.92M
Operating Income	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
Interest Expense	-11.02K	-12.30K	-320.23K	-58.69K	-7.20K
Other Income/Expense	351.85K	459.13K	753.90K	878.42K	-11.19K
Pretax Income	-2.13M	0.45M	-0.03M	1.11M	1.57M
Income Tax	1.27M	0.24M	0.32M	0.48M	0.01M
Net Income	-4.11M	-0.01M	-0.33M	0.38M	1.17M
EBITDA	-2.53M	-0.08M	-0.60M	-0.55M	-2.70M
EBIT	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
EPS (Basic)	-0.01	-0.00	-0.00	0.00	0.00
EPS (Diluted)	-0.01	-0.00	-0.00	0.00	0.00
Margins & Efficiency
Gross Margin %	-12.4%	+41.1%	+19.1%	+30.2%	+100.0%
EBITDA Margin %	-30.7%	-2.6%	-10.0%	-7.2%	-228.5%
Net Margin %	-50.0%	-0.3%	-5.5%	+5.0%	+99.1%
Revenue & Income
Revenue	8.22M	3.20M	6.00M	7.56M	1.18M
Revenue as Reported	8.22M	3.20M	6.00M	7.56M	5.51M
Revenue Growth (YoY)	+157.3%	-46.7%	-20.7%	+540.1%	+18.2%
Operating Revenue	8.22M	3.20M	6.00M	7.56M	0.40M
Other Revenue	—	—	—	—	785.53K
Gain (Loss) on Sale of Assets	—	—	—	—	3.73M
Gain (Loss) on Sale of Investments	—	—	-29.84K	—	—
Currency Exchange Gain (Loss)	37.03K	68.36K	94.25K	251.89K	4.63K
Expenses & Provisions
Cost of Revenue	9.25M	1.88M	4.85M	5.28M	—
Selling, General & Admin	1.38M	1.35M	1.56M	2.67M	3.75M
Operating Expenses	1.51M	1.40M	1.76M	2.89M	3.92M
Other Operating Expenses	5.68K	22.76K	48.19K	61.63K	33.35K
Interest Expense	-11.02K	-12.30K	-320.23K	-58.69K	-7.20K
Other Non Operating Income (Expenses)	351.85K	459.13K	753.90K	878.42K	-11.19K
Asset Writedown	24.76K	22.74K	94.56K	653.68K	600.00K
D&A For EBITDA	7.33K	6.95K	18.81K	60.13K	37.48K
Profitability & Returns
Gross Profit	-1.02M	1.31M	1.14M	2.29M	1.18M
Gross Margin	-12.4%	+41.1%	+19.1%	+30.2%	+100.0%
EBIT	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
EBIT Margin	-30.8%	-2.8%	-10.3%	-8.0%	-231.6%
EBITDA	-2.53M	-0.08M	-0.60M	-0.55M	-2.70M
EBITDA Margin	-30.7%	-2.6%	-10.0%	-7.2%	-228.5%
EBT Excluding Unusual Items	-2.15M	0.43M	-0.09M	0.46M	-2.75M
Pretax Income	-2.13M	0.45M	-0.03M	1.11M	1.57M
Operating Income	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
Operating Margin	-30.8%	-2.8%	-10.3%	-8.0%	-231.6%
Profit Margin	-50.0%	-0.3%	-5.5%	+5.0%	+99.1%
Net Income	-4.11M	-0.01M	-0.33M	0.38M	1.17M
Net Income to Common	-4.11M	-0.01M	-0.33M	0.38M	1.17M
Net Income Growth	—	—	—	-67.8%	+50.9%
Earnings From Continuing Ops.	-3.40M	0.21M	-0.35M	0.63M	1.56M
Minority Interest in Earnings	-715.81K	-217.62K	18.20K	-255.49K	-390.84K
Income Tax Expense	1.27M	0.24M	0.32M	0.48M	0.01M
Effective Tax Rate	—	+53.6%	—	+43.2%	+0.8%
Per Share & Capital
EPS (Basic)	-0.01	-0.00	-0.00	0.00	0.00
EPS (Diluted)	-0.01	-0.00	-0.00	0.00	0.00
EPS Growth	—	—	—	-67.8%	+50.9%
Shares Change (YoY)	—	—	0	-0	—
Shares Outstanding (Basic)	430.43M	430.43M	430.43M	430.00M	430.43M
Shares Outstanding (Diluted)	430.43M	430.43M	430.43M	430.00M	430.43M
Free Cash Flow	9.41M	-9.11M	0.84M	-17.97M	-1.90M
Free Cash Flow Margin	+114.4%	-285.0%	+14.1%	-237.6%	-160.8%
Free Cash Flow Per Share	0.02	-0.02	0.00	-0.04	-0.00
Supplemental
Other Unusual Items	—	—	—	-3.57K	—

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	8.22M	3.20M	6.00M	7.56M	1.18M
Cost of Revenue	9.25M	1.88M	4.85M	5.28M	—
Gross Profit	-1.02M	1.31M	1.14M	2.29M	1.18M
SG&A	1.38M	1.35M	1.56M	2.67M	3.75M
Operating Expenses	1.51M	1.40M	1.76M	2.89M	3.92M
Operating Income	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
Interest Expense	-11.02K	-12.30K	-320.23K	-58.69K	-7.20K
Other Income/Expense	351.85K	459.13K	753.90K	878.42K	-11.19K
Pretax Income	-2.13M	0.45M	-0.03M	1.11M	1.57M
Income Tax	1.27M	0.24M	0.32M	0.48M	0.01M
Net Income	-4.11M	-0.01M	-0.33M	0.38M	1.17M
EBITDA	-2.53M	-0.08M	-0.60M	-0.55M	-2.70M
EBIT	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
EPS (Basic)	-0.01	-0.00	-0.00	0.00	0.00
EPS (Diluted)	-0.01	-0.00	-0.00	0.00	0.00
Margins & Efficiency
Gross Margin %	-12.4%	+41.1%	+19.1%	+30.2%	+100.0%
EBITDA Margin %	-30.7%	-2.6%	-10.0%	-7.2%	-228.5%
Net Margin %	-50.0%	-0.3%	-5.5%	+5.0%	+99.1%
Revenue & Income
Revenue	8.22M	3.20M	6.00M	7.56M	1.18M
Revenue as Reported	8.22M	3.20M	6.00M	7.56M	5.51M
Revenue Growth (YoY)	+157.3%	-46.7%	-20.7%	+540.1%	+18.2%
Operating Revenue	8.22M	3.20M	6.00M	7.56M	0.40M
Other Revenue	—	—	—	—	785.53K
Gain (Loss) on Sale of Assets	—	—	—	—	3.73M
Gain (Loss) on Sale of Investments	—	—	-29.84K	—	—
Currency Exchange Gain (Loss)	37.03K	68.36K	94.25K	251.89K	4.63K
Expenses & Provisions
Cost of Revenue	9.25M	1.88M	4.85M	5.28M	—
Selling, General & Admin	1.38M	1.35M	1.56M	2.67M	3.75M
Operating Expenses	1.51M	1.40M	1.76M	2.89M	3.92M
Other Operating Expenses	5.68K	22.76K	48.19K	61.63K	33.35K
Interest Expense	-11.02K	-12.30K	-320.23K	-58.69K	-7.20K
Other Non Operating Income (Expenses)	351.85K	459.13K	753.90K	878.42K	-11.19K
Asset Writedown	24.76K	22.74K	94.56K	653.68K	600.00K
D&A For EBITDA	7.33K	6.95K	18.81K	60.13K	37.48K
Profitability & Returns
Gross Profit	-1.02M	1.31M	1.14M	2.29M	1.18M
Gross Margin	-12.4%	+41.1%	+19.1%	+30.2%	+100.0%
EBIT	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
EBIT Margin	-30.8%	-2.8%	-10.3%	-8.0%	-231.6%
EBITDA	-2.53M	-0.08M	-0.60M	-0.55M	-2.70M
EBITDA Margin	-30.7%	-2.6%	-10.0%	-7.2%	-228.5%
EBT Excluding Unusual Items	-2.15M	0.43M	-0.09M	0.46M	-2.75M
Pretax Income	-2.13M	0.45M	-0.03M	1.11M	1.57M
Operating Income	-2.53M	-0.09M	-0.62M	-0.61M	-2.74M
Operating Margin	-30.8%	-2.8%	-10.3%	-8.0%	-231.6%
Profit Margin	-50.0%	-0.3%	-5.5%	+5.0%	+99.1%
Net Income	-4.11M	-0.01M	-0.33M	0.38M	1.17M
Net Income to Common	-4.11M	-0.01M	-0.33M	0.38M	1.17M
Net Income Growth	—	—	—	-67.8%	+50.9%
Earnings From Continuing Ops.	-3.40M	0.21M	-0.35M	0.63M	1.56M
Minority Interest in Earnings	-715.81K	-217.62K	18.20K	-255.49K	-390.84K
Income Tax Expense	1.27M	0.24M	0.32M	0.48M	0.01M
Effective Tax Rate	—	+53.6%	—	+43.2%	+0.8%
Per Share & Capital
EPS (Basic)	-0.01	-0.00	-0.00	0.00	0.00
EPS (Diluted)	-0.01	-0.00	-0.00	0.00	0.00
EPS Growth	—	—	—	-67.8%	+50.9%
Shares Change (YoY)	—	—	0	-0	—
Shares Outstanding (Basic)	430.43M	430.43M	430.43M	430.00M	430.43M
Shares Outstanding (Diluted)	430.43M	430.43M	430.43M	430.00M	430.43M
Free Cash Flow	9.41M	-9.11M	0.84M	-17.97M	-1.90M
Free Cash Flow Margin	+114.4%	-285.0%	+14.1%	-237.6%	-160.8%
Free Cash Flow Per Share	0.02	-0.02	0.00	-0.04	-0.00
Supplemental
Other Unusual Items	—	—	—	-3.57K	—