SALHIA REAL ESTATE COMPANY

Salhia Real Estate Co. K.S.C.

SREStocksBoursa 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	46.62M	44.69M	40.59M	35.94M	21.07M
Cost of Revenue	12.85M	10.24M	9.33M	8.82M	4.87M
Gross Profit	33.78M	34.45M	31.26M	27.12M	16.20M
SG&A	5.15M	5.01M	5.12M	4.66M	4.20M
Operating Expenses	13.82M	13.54M	11.73M	10.50M	7.95M
Operating Income	19.95M	20.90M	19.53M	16.62M	8.25M
Interest Income	104.86K	169.79K	57.29K	552.90K	29.10K
Interest Expense	-14.07M	-14.27M	—	-2.83M	-0.51M
Other Income/Expense	0.38M	3.50M	-6.08M	0.05M	0.37M
Pretax Income	6.26M	12.86M	16.24M	15.06M	9.63M
Income Tax	63.99K	133.43K	168.91K	491.91K	277.49K
Net Income	6.11M	12.62M	16.01M	14.56M	9.35M
EBITDA	28.47M	29.10M	25.71M	21.99M	11.55M
EBIT	19.95M	20.90M	19.53M	16.62M	8.25M
EPS (Basic)	0.01	0.02	0.03	0.02	0.02
EPS (Diluted)	0.01	0.02	0.03	0.02	0.02
DPS	0.02	0.01	0.01	0.01	0.01
Margins & Efficiency
Gross Margin %	+72.4%	+77.1%	+77.0%	+75.5%	+76.9%
EBITDA Margin %	+61.1%	+65.1%	+63.3%	+61.2%	+54.8%
Net Margin %	+13.1%	+28.2%	+39.4%	+40.5%	+44.4%
Revenue & Income
Revenue	46.62M	44.69M	40.59M	35.94M	21.07M
Revenue Growth (YoY)	+4.3%	+10.1%	+12.9%	+70.6%	+8.9%
Interest & Investment Income	104.86K	169.79K	57.29K	552.90K	29.10K
Earnings From Equity Investments	—	1.61M	2.67M	2.33M	0.00M
Gain (Loss) on Sale of Assets	—	0.62M	0.54M	—	1.36M
Currency Exchange Gain (Loss)	-44.10K	331.11K	-20.83K	167.86K	28.72K
Expenses & Provisions
Cost of Revenue	12.85M	10.24M	9.33M	8.82M	4.87M
Selling, General & Admin	5.15M	5.01M	5.12M	4.66M	4.20M
Operating Expenses	13.82M	13.54M	11.73M	10.50M	7.95M
Other Operating Expenses	159.98K	333.57K	422.27K	384.33K	247.87K
Interest Expense	-14.07M	-14.27M	—	-2.83M	-0.51M
Other Non Operating Income (Expenses)	0.38M	3.50M	-6.08M	0.05M	0.37M
Asset Writedown	—	0.12M	-1.03M	-1.67M	—
D&A For EBITDA	8.52M	8.20M	6.18M	5.37M	3.31M
Profitability & Returns
Gross Profit	33.78M	34.45M	31.26M	27.12M	16.20M
Gross Margin	+72.4%	+77.1%	+77.0%	+75.5%	+76.9%
EBIT	19.95M	20.90M	19.53M	16.62M	8.25M
EBIT Margin	+42.8%	+46.8%	+48.1%	+46.2%	+39.1%
EBITDA	28.47M	29.10M	25.71M	21.99M	11.55M
EBITDA Margin	+61.1%	+65.1%	+63.4%	+61.2%	+54.8%
EBT Excluding Unusual Items	6.33M	12.25M	16.15M	16.89M	8.16M
Pretax Income	6.26M	12.86M	16.24M	15.06M	9.63M
Operating Income	19.95M	20.90M	19.53M	16.62M	8.25M
Operating Margin	+42.8%	+46.8%	+48.1%	+46.2%	+39.1%
Profit Margin	+13.1%	+28.2%	+39.4%	+40.5%	+44.4%
Net Income	6.11M	12.62M	16.01M	14.56M	9.35M
Net Income to Common	6.11M	12.62M	16.01M	14.56M	9.35M
Net Income Growth	-51.6%	-21.2%	+10.0%	+55.8%	-56.1%
Earnings From Continuing Ops.	6.20M	12.73M	16.08M	14.57M	9.35M
Minority Interest in Earnings	-86.09K	-107.05K	-64.51K	-11.30K	-3.99K
Income Tax Expense	63.99K	133.43K	168.91K	491.91K	277.49K
Effective Tax Rate	+1.0%	+1.0%	+1.0%	+3.3%	+2.9%
Per Share & Capital
EPS (Basic)	0.01	0.02	0.03	0.02	0.02
EPS (Diluted)	0.01	0.02	0.03	0.02	0.02
EPS Growth	-51.4%	-21.2%	+8.9%	+57.0%	-56.2%
Dividend Per Share	0.02	0.01	0.01	0.01	0.01
Shares Change (YoY)	-0	-0	0.01	-0.01	0
Shares Outstanding (Basic)	602.12M	603.93M	603.93M	598.39M	603.09M
Shares Outstanding (Diluted)	602.12M	603.93M	603.93M	598.39M	603.09M
Dividend Growth	+4.9%	+5.1%	+4.6%	+4.8%	-49.8%
Free Cash Flow	22.90M	14.09M	15.88M	21.28M	9.30M
Free Cash Flow Margin	+49.1%	+31.5%	+39.1%	+59.2%	+44.1%
Free Cash Flow Per Share	0.04	0.02	0.03	0.04	0.02
Payout Ratio	+139.5%	+65.0%	+48.8%	+50.6%	+159.3%
Supplemental
Other Unusual Items	-63.99K	-133.43K	-168.91K	-153.73K	113.84K

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	46.62M	44.69M	40.59M	35.94M	21.07M
Cost of Revenue	12.85M	10.24M	9.33M	8.82M	4.87M
Gross Profit	33.78M	34.45M	31.26M	27.12M	16.20M
SG&A	5.15M	5.01M	5.12M	4.66M	4.20M
Operating Expenses	13.82M	13.54M	11.73M	10.50M	7.95M
Operating Income	19.95M	20.90M	19.53M	16.62M	8.25M
Interest Income	104.86K	169.79K	57.29K	552.90K	29.10K
Interest Expense	-14.07M	-14.27M	—	-2.83M	-0.51M
Other Income/Expense	0.38M	3.50M	-6.08M	0.05M	0.37M
Pretax Income	6.26M	12.86M	16.24M	15.06M	9.63M
Income Tax	63.99K	133.43K	168.91K	491.91K	277.49K
Net Income	6.11M	12.62M	16.01M	14.56M	9.35M
EBITDA	28.47M	29.10M	25.71M	21.99M	11.55M
EBIT	19.95M	20.90M	19.53M	16.62M	8.25M
EPS (Basic)	0.01	0.02	0.03	0.02	0.02
EPS (Diluted)	0.01	0.02	0.03	0.02	0.02
DPS	0.02	0.01	0.01	0.01	0.01
Margins & Efficiency
Gross Margin %	+72.4%	+77.1%	+77.0%	+75.5%	+76.9%
EBITDA Margin %	+61.1%	+65.1%	+63.3%	+61.2%	+54.8%
Net Margin %	+13.1%	+28.2%	+39.4%	+40.5%	+44.4%
Revenue & Income
Revenue	46.62M	44.69M	40.59M	35.94M	21.07M
Revenue Growth (YoY)	+4.3%	+10.1%	+12.9%	+70.6%	+8.9%
Interest & Investment Income	104.86K	169.79K	57.29K	552.90K	29.10K
Earnings From Equity Investments	—	1.61M	2.67M	2.33M	0.00M
Gain (Loss) on Sale of Assets	—	0.62M	0.54M	—	1.36M
Currency Exchange Gain (Loss)	-44.10K	331.11K	-20.83K	167.86K	28.72K
Expenses & Provisions
Cost of Revenue	12.85M	10.24M	9.33M	8.82M	4.87M
Selling, General & Admin	5.15M	5.01M	5.12M	4.66M	4.20M
Operating Expenses	13.82M	13.54M	11.73M	10.50M	7.95M
Other Operating Expenses	159.98K	333.57K	422.27K	384.33K	247.87K
Interest Expense	-14.07M	-14.27M	—	-2.83M	-0.51M
Other Non Operating Income (Expenses)	0.38M	3.50M	-6.08M	0.05M	0.37M
Asset Writedown	—	0.12M	-1.03M	-1.67M	—
D&A For EBITDA	8.52M	8.20M	6.18M	5.37M	3.31M
Profitability & Returns
Gross Profit	33.78M	34.45M	31.26M	27.12M	16.20M
Gross Margin	+72.4%	+77.1%	+77.0%	+75.5%	+76.9%
EBIT	19.95M	20.90M	19.53M	16.62M	8.25M
EBIT Margin	+42.8%	+46.8%	+48.1%	+46.2%	+39.1%
EBITDA	28.47M	29.10M	25.71M	21.99M	11.55M
EBITDA Margin	+61.1%	+65.1%	+63.4%	+61.2%	+54.8%
EBT Excluding Unusual Items	6.33M	12.25M	16.15M	16.89M	8.16M
Pretax Income	6.26M	12.86M	16.24M	15.06M	9.63M
Operating Income	19.95M	20.90M	19.53M	16.62M	8.25M
Operating Margin	+42.8%	+46.8%	+48.1%	+46.2%	+39.1%
Profit Margin	+13.1%	+28.2%	+39.4%	+40.5%	+44.4%
Net Income	6.11M	12.62M	16.01M	14.56M	9.35M
Net Income to Common	6.11M	12.62M	16.01M	14.56M	9.35M
Net Income Growth	-51.6%	-21.2%	+10.0%	+55.8%	-56.1%
Earnings From Continuing Ops.	6.20M	12.73M	16.08M	14.57M	9.35M
Minority Interest in Earnings	-86.09K	-107.05K	-64.51K	-11.30K	-3.99K
Income Tax Expense	63.99K	133.43K	168.91K	491.91K	277.49K
Effective Tax Rate	+1.0%	+1.0%	+1.0%	+3.3%	+2.9%
Per Share & Capital
EPS (Basic)	0.01	0.02	0.03	0.02	0.02
EPS (Diluted)	0.01	0.02	0.03	0.02	0.02
EPS Growth	-51.4%	-21.2%	+8.9%	+57.0%	-56.2%
Dividend Per Share	0.02	0.01	0.01	0.01	0.01
Shares Change (YoY)	-0	-0	0.01	-0.01	0
Shares Outstanding (Basic)	602.12M	603.93M	603.93M	598.39M	603.09M
Shares Outstanding (Diluted)	602.12M	603.93M	603.93M	598.39M	603.09M
Dividend Growth	+4.9%	+5.1%	+4.6%	+4.8%	-49.8%
Free Cash Flow	22.90M	14.09M	15.88M	21.28M	9.30M
Free Cash Flow Margin	+49.1%	+31.5%	+39.1%	+59.2%	+44.1%
Free Cash Flow Per Share	0.04	0.02	0.03	0.04	0.02
Payout Ratio	+139.5%	+65.0%	+48.8%	+50.6%	+159.3%
Supplemental
Other Unusual Items	-63.99K	-133.43K	-168.91K	-153.73K	113.84K