National Industries Group (holding)

National Industries Group (Holding) SAK

NINDStocksBoursa KuwaitDiversified Financials

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	165.72M	175.97M	150.07M	128.19M	110.75M
Cost of Revenue	135.99M	138.41M	116.11M	101.52M	88.48M
Gross Profit	29.73M	37.56M	33.96M	26.67M	22.26M
SG&A	49.94M	43.48M	43.66M	37.34M	42.43M
Operating Expenses	52.26M	45.62M	43.20M	39.33M	46.23M
Operating Income	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
Interest Income	25.60M	31.09M	39.17M	23.60M	11.05M
Interest Expense	-41.33M	-44.32M	-40.77M	-25.18M	-21.19M
Other Income/Expense	6.26M	7.60M	7.42M	6.82M	4.07M
Pretax Income	89.63M	82.45M	47.70M	35.06M	100.95M
Income Tax	1.63M	1.11M	0.92M	1.14M	0.42M
Net Income	72.98M	58.96M	24.88M	21.43M	78.63M
EBITDA	-8.98M	4.65M	3.88M	-3.70M	-14.80M
EBIT	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
EPS (Basic)	0.03	0.02	0.01	0.01	0.04
EPS (Diluted)	0.03	0.02	0.01	0.01	0.04
DPS	0.01	0.01	0.00	0.00	0.01
Margins & Efficiency
Gross Margin %	+17.9%	+21.3%	+22.6%	+20.8%	+20.1%
EBITDA Margin %	-5.4%	+2.6%	+2.6%	-2.9%	-13.4%
Net Margin %	+44.0%	+33.5%	+16.6%	+16.7%	+71.0%
Revenue & Income
Revenue	165.72M	175.97M	150.07M	128.19M	110.75M
Revenue Growth (YoY)	-5.8%	+17.3%	+17.1%	+15.8%	+0.8%
Interest & Investment Income	25.60M	31.09M	39.17M	23.60M	11.05M
Earnings From Equity Investments	42.19M	70.35M	66.96M	38.07M	30.84M
Gain (Loss) on Sale of Assets	—	—	—	—	1.41M
Gain (Loss) on Sale of Investments	80.18M	23.65M	-14.48M	4.16M	98.57M
Currency Exchange Gain (Loss)	—	—	—	-79.00K	-182.00K
Expenses & Provisions
Cost of Revenue	135.99M	138.41M	116.11M	101.52M	88.48M
Selling, General & Admin	49.94M	43.48M	43.66M	37.34M	42.43M
Operating Expenses	52.26M	45.62M	43.20M	39.33M	46.23M
Interest Expense	-41.33M	-44.32M	-40.77M	-25.18M	-21.19M
Other Non Operating Income (Expenses)	6.26M	7.60M	7.42M	6.82M	4.07M
Legal Settlements	—	4.51M	-2.38M	—	—
Asset Writedown	-0.75M	-0.63M	0.81M	-2.47M	0.34M
Impairment of Goodwill	—	-4.07M	—	—	—
D&A For EBITDA	13.55M	12.72M	13.12M	8.97M	9.17M
Profitability & Returns
Gross Profit	29.73M	37.56M	33.96M	26.67M	22.26M
Gross Margin	+17.9%	+21.3%	+22.6%	+20.8%	+20.1%
EBIT	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
EBIT Margin	-13.6%	-4.6%	-6.2%	-9.9%	-21.6%
EBITDA	-8.98M	4.65M	3.88M	-3.70M	-14.80M
EBITDA Margin	-5.4%	+2.6%	+2.6%	-2.9%	-13.4%
EBT Excluding Unusual Items	10.19M	56.65M	63.53M	30.57M	0.63M
Pretax Income	89.63M	82.45M	47.70M	35.06M	100.95M
Operating Income	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
Operating Margin	-13.6%	-4.6%	-6.2%	-9.9%	-21.6%
Profit Margin	+44.0%	+33.5%	+16.6%	+16.7%	+71.0%
Net Income	72.98M	58.96M	24.88M	21.43M	78.63M
Net Income to Common	72.98M	58.96M	24.88M	21.43M	78.63M
Net Income to Company	88.00M	81.34M	46.78M	33.92M	98.88M
Net Income Growth	+23.8%	+137.0%	+16.1%	-72.8%	—
Earnings From Continuing Ops.	88.00M	81.34M	46.78M	33.92M	100.53M
Earnings From Discontinued Ops.	—	—	—	—	-1.64M
Minority Interest in Earnings	-15.02M	-22.39M	-21.90M	-12.50M	-20.25M
Income Tax Expense	1.63M	1.11M	0.92M	1.14M	0.42M
Effective Tax Rate	+1.8%	+1.3%	+1.9%	+3.2%	+0.4%
Per Share & Capital
EPS (Basic)	0.03	0.02	0.01	0.01	0.04
EPS (Diluted)	0.03	0.02	0.01	0.01	0.04
EPS Growth	+23.8%	+137.0%	+11.2%	-77.3%	—
Dividend Per Share	0.01	0.01	0.00	0.00	0.01
Shares Change (YoY)	—	0	0.04	0.2	0.09
Shares Outstanding (Basic)	2.49B	2.49B	2.49B	2.38B	1.99B
Shares Outstanding (Diluted)	2.49B	2.49B	2.49B	2.38B	1.99B
Dividend Growth	-47.4%	+106.5%	+7.0%	-55.2%	-87.4%
Free Cash Flow	2.87M	-19.11M	-4.55M	1.45M	14.62M
Free Cash Flow Margin	+1.7%	-10.9%	-3.0%	+1.1%	+13.2%
Free Cash Flow Per Share	0.00	-0.01	-0.00	0.00	0.01
Payout Ratio	+32.4%	+19.3%	+44.4%	+110.4%	—
Supplemental
Other Unusual Items	—	—	—	2.80M	—

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	165.72M	175.97M	150.07M	128.19M	110.75M
Cost of Revenue	135.99M	138.41M	116.11M	101.52M	88.48M
Gross Profit	29.73M	37.56M	33.96M	26.67M	22.26M
SG&A	49.94M	43.48M	43.66M	37.34M	42.43M
Operating Expenses	52.26M	45.62M	43.20M	39.33M	46.23M
Operating Income	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
Interest Income	25.60M	31.09M	39.17M	23.60M	11.05M
Interest Expense	-41.33M	-44.32M	-40.77M	-25.18M	-21.19M
Other Income/Expense	6.26M	7.60M	7.42M	6.82M	4.07M
Pretax Income	89.63M	82.45M	47.70M	35.06M	100.95M
Income Tax	1.63M	1.11M	0.92M	1.14M	0.42M
Net Income	72.98M	58.96M	24.88M	21.43M	78.63M
EBITDA	-8.98M	4.65M	3.88M	-3.70M	-14.80M
EBIT	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
EPS (Basic)	0.03	0.02	0.01	0.01	0.04
EPS (Diluted)	0.03	0.02	0.01	0.01	0.04
DPS	0.01	0.01	0.00	0.00	0.01
Margins & Efficiency
Gross Margin %	+17.9%	+21.3%	+22.6%	+20.8%	+20.1%
EBITDA Margin %	-5.4%	+2.6%	+2.6%	-2.9%	-13.4%
Net Margin %	+44.0%	+33.5%	+16.6%	+16.7%	+71.0%
Revenue & Income
Revenue	165.72M	175.97M	150.07M	128.19M	110.75M
Revenue Growth (YoY)	-5.8%	+17.3%	+17.1%	+15.8%	+0.8%
Interest & Investment Income	25.60M	31.09M	39.17M	23.60M	11.05M
Earnings From Equity Investments	42.19M	70.35M	66.96M	38.07M	30.84M
Gain (Loss) on Sale of Assets	—	—	—	—	1.41M
Gain (Loss) on Sale of Investments	80.18M	23.65M	-14.48M	4.16M	98.57M
Currency Exchange Gain (Loss)	—	—	—	-79.00K	-182.00K
Expenses & Provisions
Cost of Revenue	135.99M	138.41M	116.11M	101.52M	88.48M
Selling, General & Admin	49.94M	43.48M	43.66M	37.34M	42.43M
Operating Expenses	52.26M	45.62M	43.20M	39.33M	46.23M
Interest Expense	-41.33M	-44.32M	-40.77M	-25.18M	-21.19M
Other Non Operating Income (Expenses)	6.26M	7.60M	7.42M	6.82M	4.07M
Legal Settlements	—	4.51M	-2.38M	—	—
Asset Writedown	-0.75M	-0.63M	0.81M	-2.47M	0.34M
Impairment of Goodwill	—	-4.07M	—	—	—
D&A For EBITDA	13.55M	12.72M	13.12M	8.97M	9.17M
Profitability & Returns
Gross Profit	29.73M	37.56M	33.96M	26.67M	22.26M
Gross Margin	+17.9%	+21.3%	+22.6%	+20.8%	+20.1%
EBIT	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
EBIT Margin	-13.6%	-4.6%	-6.2%	-9.9%	-21.6%
EBITDA	-8.98M	4.65M	3.88M	-3.70M	-14.80M
EBITDA Margin	-5.4%	+2.6%	+2.6%	-2.9%	-13.4%
EBT Excluding Unusual Items	10.19M	56.65M	63.53M	30.57M	0.63M
Pretax Income	89.63M	82.45M	47.70M	35.06M	100.95M
Operating Income	-22.53M	-8.06M	-9.25M	-12.66M	-23.97M
Operating Margin	-13.6%	-4.6%	-6.2%	-9.9%	-21.6%
Profit Margin	+44.0%	+33.5%	+16.6%	+16.7%	+71.0%
Net Income	72.98M	58.96M	24.88M	21.43M	78.63M
Net Income to Common	72.98M	58.96M	24.88M	21.43M	78.63M
Net Income to Company	88.00M	81.34M	46.78M	33.92M	98.88M
Net Income Growth	+23.8%	+137.0%	+16.1%	-72.8%	—
Earnings From Continuing Ops.	88.00M	81.34M	46.78M	33.92M	100.53M
Earnings From Discontinued Ops.	—	—	—	—	-1.64M
Minority Interest in Earnings	-15.02M	-22.39M	-21.90M	-12.50M	-20.25M
Income Tax Expense	1.63M	1.11M	0.92M	1.14M	0.42M
Effective Tax Rate	+1.8%	+1.3%	+1.9%	+3.2%	+0.4%
Per Share & Capital
EPS (Basic)	0.03	0.02	0.01	0.01	0.04
EPS (Diluted)	0.03	0.02	0.01	0.01	0.04
EPS Growth	+23.8%	+137.0%	+11.2%	-77.3%	—
Dividend Per Share	0.01	0.01	0.00	0.00	0.01
Shares Change (YoY)	—	0	0.04	0.2	0.09
Shares Outstanding (Basic)	2.49B	2.49B	2.49B	2.38B	1.99B
Shares Outstanding (Diluted)	2.49B	2.49B	2.49B	2.38B	1.99B
Dividend Growth	-47.4%	+106.5%	+7.0%	-55.2%	-87.4%
Free Cash Flow	2.87M	-19.11M	-4.55M	1.45M	14.62M
Free Cash Flow Margin	+1.7%	-10.9%	-3.0%	+1.1%	+13.2%
Free Cash Flow Per Share	0.00	-0.01	-0.00	0.00	0.01
Payout Ratio	+32.4%	+19.3%	+44.4%	+110.4%	—
Supplemental
Other Unusual Items	—	—	—	2.80M	—