MUNSHAAT REAL ESTATE PROJECTS CO

Munshaat Real Estate Projects Co. K.S.C.C.

MUNSHAATStocksBoursa KuwaitReal Estate

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	26.84M	23.37M	22.09M	15.94M	4.24M
Cost of Revenue	11.78M	11.73M	11.46M	9.23M	5.51M
Gross Profit	15.06M	11.64M	10.64M	6.71M	-1.27M
SG&A	1.41M	1.34M	1.43M	1.26M	1.81M
Operating Expenses	2.32M	1.62M	0.90M	2.89M	3.41M
Operating Income	12.74M	10.02M	9.74M	3.82M	-4.68M
Interest Expense	-2.59M	-2.99M	-3.05M	-2.51M	-2.32M
Other Income/Expense	4.62M	0.40M	—	—	—
Pretax Income	13.89M	6.98M	15.30M	1.94M	-14.58M
Income Tax	904.05K	387.98K	495.52K	558.53K	93.88K
Net Income	12.22M	5.90M	12.79M	1.21M	-10.81M
EBITDA	12.79M	10.08M	9.81M	3.90M	-4.59M
EBIT	12.74M	10.02M	9.74M	3.82M	-4.68M
EPS (Basic)	0.04	0.02	0.04	0.00	-0.03
EPS (Diluted)	0.04	0.02	0.04	0.00	-0.03
DPS	0.01	—	—	—	—
Margins & Efficiency
Gross Margin %	+56.1%	+49.8%	+48.1%	+42.1%	-29.9%
EBITDA Margin %	+47.7%	+43.1%	+44.4%	+24.4%	-108.2%
Net Margin %	+45.5%	+25.3%	+57.9%	+7.6%	-254.6%
Revenue & Income
Revenue	26.84M	23.37M	22.09M	15.94M	4.24M
Revenue Growth (YoY)	+14.8%	+5.8%	+38.6%	+275.6%	—
Operating Revenue	20.54M	19.41M	18.35M	12.60M	3.87M
Other Revenue	6.30M	3.97M	3.74M	3.34M	0.37M
Currency Exchange Gain (Loss)	-347.12K	144.17K	35.68K	169.68K	-97.71K
Expenses & Provisions
Cost of Revenue	11.78M	11.73M	11.46M	9.23M	5.51M
Selling, General & Admin	1.41M	1.34M	1.43M	1.26M	1.81M
Operating Expenses	2.32M	1.62M	0.90M	2.89M	3.41M
Other Operating Expenses	336.84K	163.89K	97.08K	88.20K	-187.15K
Interest Expense	-2.59M	-2.99M	-3.05M	-2.51M	-2.32M
Other Non Operating Income (Expenses)	4.62M	0.40M	—	—	—
Legal Settlements	—	—	—	—	-9.55M
Asset Writedown	-0.29M	-0.28M	7.94M	-0.34M	-1.55M
D&A For EBITDA	52.51K	56.58K	73.58K	79.29K	83.65K
Profitability & Returns
Gross Profit	15.06M	11.64M	10.64M	6.71M	-1.27M
Gross Margin	+56.1%	+49.8%	+48.1%	+42.1%	-29.9%
EBIT	12.74M	10.02M	9.74M	3.82M	-4.68M
EBIT Margin	+47.5%	+42.9%	+44.1%	+23.9%	-110.2%
EBITDA	12.79M	10.08M	9.81M	3.90M	-4.59M
EBITDA Margin	+47.7%	+43.1%	+44.4%	+24.4%	-108.2%
EBT Excluding Unusual Items	14.42M	7.58M	6.72M	1.47M	-7.10M
Pretax Income	13.89M	6.98M	15.30M	1.94M	-14.58M
Operating Income	12.74M	10.02M	9.74M	3.82M	-4.68M
Operating Margin	+47.5%	+42.9%	+44.1%	+23.9%	-110.2%
Profit Margin	+45.5%	+25.3%	+57.9%	+7.6%	-254.6%
Net Income	12.22M	5.90M	12.79M	1.21M	-10.81M
Net Income to Common	12.22M	5.90M	12.79M	1.21M	-10.81M
Net Income Growth	+107.1%	-53.9%	+960.9%	—	—
Earnings From Continuing Ops.	12.98M	6.59M	14.80M	1.38M	-14.67M
Minority Interest in Earnings	-0.76M	-0.69M	-2.01M	-0.18M	3.87M
Income Tax Expense	904.05K	387.98K	495.52K	558.53K	93.88K
Effective Tax Rate	+6.5%	+5.6%	+3.2%	+28.7%	—
Per Share & Capital
EPS (Basic)	0.04	0.02	0.04	0.00	-0.03
EPS (Diluted)	0.04	0.02	0.04	0.00	-0.03
EPS Growth	+107.1%	-53.9%	+961.0%	—	—
Dividend Per Share	0.01	—	—	—	—
Shares Outstanding (Basic)	322.00M	322.00M	322.00M	322.00M	322.00M
Shares Outstanding (Diluted)	322.00M	322.00M	322.00M	322.00M	322.00M
Free Cash Flow	6.66M	6.65M	-1.50M	7.68M	2.63M
Free Cash Flow Margin	+24.8%	+28.4%	-6.8%	+48.2%	+61.9%
Free Cash Flow Per Share	0.02	0.02	-0.01	0.02	0.01
Payout Ratio	0.0%	0.0%	0.0%	+0.1%	—
Supplemental
Other Unusual Items	-0.24M	-0.32M	0.64M	0.80M	3.62M

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	26.84M	23.37M	22.09M	15.94M	4.24M
Cost of Revenue	11.78M	11.73M	11.46M	9.23M	5.51M
Gross Profit	15.06M	11.64M	10.64M	6.71M	-1.27M
SG&A	1.41M	1.34M	1.43M	1.26M	1.81M
Operating Expenses	2.32M	1.62M	0.90M	2.89M	3.41M
Operating Income	12.74M	10.02M	9.74M	3.82M	-4.68M
Interest Expense	-2.59M	-2.99M	-3.05M	-2.51M	-2.32M
Other Income/Expense	4.62M	0.40M	—	—	—
Pretax Income	13.89M	6.98M	15.30M	1.94M	-14.58M
Income Tax	904.05K	387.98K	495.52K	558.53K	93.88K
Net Income	12.22M	5.90M	12.79M	1.21M	-10.81M
EBITDA	12.79M	10.08M	9.81M	3.90M	-4.59M
EBIT	12.74M	10.02M	9.74M	3.82M	-4.68M
EPS (Basic)	0.04	0.02	0.04	0.00	-0.03
EPS (Diluted)	0.04	0.02	0.04	0.00	-0.03
DPS	0.01	—	—	—	—
Margins & Efficiency
Gross Margin %	+56.1%	+49.8%	+48.1%	+42.1%	-29.9%
EBITDA Margin %	+47.7%	+43.1%	+44.4%	+24.4%	-108.2%
Net Margin %	+45.5%	+25.3%	+57.9%	+7.6%	-254.6%
Revenue & Income
Revenue	26.84M	23.37M	22.09M	15.94M	4.24M
Revenue Growth (YoY)	+14.8%	+5.8%	+38.6%	+275.6%	—
Operating Revenue	20.54M	19.41M	18.35M	12.60M	3.87M
Other Revenue	6.30M	3.97M	3.74M	3.34M	0.37M
Currency Exchange Gain (Loss)	-347.12K	144.17K	35.68K	169.68K	-97.71K
Expenses & Provisions
Cost of Revenue	11.78M	11.73M	11.46M	9.23M	5.51M
Selling, General & Admin	1.41M	1.34M	1.43M	1.26M	1.81M
Operating Expenses	2.32M	1.62M	0.90M	2.89M	3.41M
Other Operating Expenses	336.84K	163.89K	97.08K	88.20K	-187.15K
Interest Expense	-2.59M	-2.99M	-3.05M	-2.51M	-2.32M
Other Non Operating Income (Expenses)	4.62M	0.40M	—	—	—
Legal Settlements	—	—	—	—	-9.55M
Asset Writedown	-0.29M	-0.28M	7.94M	-0.34M	-1.55M
D&A For EBITDA	52.51K	56.58K	73.58K	79.29K	83.65K
Profitability & Returns
Gross Profit	15.06M	11.64M	10.64M	6.71M	-1.27M
Gross Margin	+56.1%	+49.8%	+48.1%	+42.1%	-29.9%
EBIT	12.74M	10.02M	9.74M	3.82M	-4.68M
EBIT Margin	+47.5%	+42.9%	+44.1%	+23.9%	-110.2%
EBITDA	12.79M	10.08M	9.81M	3.90M	-4.59M
EBITDA Margin	+47.7%	+43.1%	+44.4%	+24.4%	-108.2%
EBT Excluding Unusual Items	14.42M	7.58M	6.72M	1.47M	-7.10M
Pretax Income	13.89M	6.98M	15.30M	1.94M	-14.58M
Operating Income	12.74M	10.02M	9.74M	3.82M	-4.68M
Operating Margin	+47.5%	+42.9%	+44.1%	+23.9%	-110.2%
Profit Margin	+45.5%	+25.3%	+57.9%	+7.6%	-254.6%
Net Income	12.22M	5.90M	12.79M	1.21M	-10.81M
Net Income to Common	12.22M	5.90M	12.79M	1.21M	-10.81M
Net Income Growth	+107.1%	-53.9%	+960.9%	—	—
Earnings From Continuing Ops.	12.98M	6.59M	14.80M	1.38M	-14.67M
Minority Interest in Earnings	-0.76M	-0.69M	-2.01M	-0.18M	3.87M
Income Tax Expense	904.05K	387.98K	495.52K	558.53K	93.88K
Effective Tax Rate	+6.5%	+5.6%	+3.2%	+28.7%	—
Per Share & Capital
EPS (Basic)	0.04	0.02	0.04	0.00	-0.03
EPS (Diluted)	0.04	0.02	0.04	0.00	-0.03
EPS Growth	+107.1%	-53.9%	+961.0%	—	—
Dividend Per Share	0.01	—	—	—	—
Shares Outstanding (Basic)	322.00M	322.00M	322.00M	322.00M	322.00M
Shares Outstanding (Diluted)	322.00M	322.00M	322.00M	322.00M	322.00M
Free Cash Flow	6.66M	6.65M	-1.50M	7.68M	2.63M
Free Cash Flow Margin	+24.8%	+28.4%	-6.8%	+48.2%	+61.9%
Free Cash Flow Per Share	0.02	0.02	-0.01	0.02	0.01
Payout Ratio	0.0%	0.0%	0.0%	+0.1%	—
Supplemental
Other Unusual Items	-0.24M	-0.32M	0.64M	0.80M	3.62M