United Real Estate Company

URCStocksBoursa 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	103.26M	88.80M	87.29M	84.62M	84.91M
Cost of Revenue	73.55M	58.82M	57.79M	59.03M	61.88M
Gross Profit	29.71M	29.98M	29.49M	25.60M	23.03M
SG&A	9.45M	7.93M	7.66M	10.90M	6.82M
Operating Expenses	12.11M	7.43M	4.98M	20.71M	11.69M
Operating Income	17.60M	22.55M	24.52M	4.89M	11.34M
Interest Income	0.78M	2.03M	0.04M	0.04M	0.03M
Interest Expense	-22.11M	-23.05M	-21.41M	-13.55M	-11.49M
Other Income/Expense	0.95M	4.26M	0.79M	0.83M	0.35M
Pretax Income	6.85M	5.33M	4.95M	3.57M	-6.87M
Income Tax	2.36M	0.20M	0.55M	-0.12M	-0.37M
Net Income	6.11M	5.09M	4.19M	3.39M	-4.96M
EBITDA	21.85M	26.24M	28.58M	9.05M	16.18M
EBIT	17.60M	22.55M	24.52M	4.89M	11.34M
EPS (Basic)	0.00	0.00	0.00	0.00	-0.00
EPS (Diluted)	0.00	0.00	0.00	0.00	-0.00
Margins & Efficiency
Gross Margin %	+28.8%	+33.8%	+33.8%	+30.2%	+27.1%
EBITDA Margin %	+21.2%	+29.6%	+32.7%	+10.7%	+19.1%
Net Margin %	+5.9%	+5.7%	+4.8%	+4.0%	-5.8%
Revenue & Income
Revenue	103.26M	88.80M	87.29M	84.62M	84.91M
Revenue as Reported	—	—	87.29M	84.62M	84.91M
Revenue Growth (YoY)	+16.3%	+1.7%	+3.1%	-0.3%	-11.9%
Operating Revenue	98.86M	84.19M	82.92M	80.49M	82.76M
Interest & Investment Income	0.78M	2.03M	0.04M	0.04M	0.03M
Other Revenue	4.40M	4.61M	4.37M	4.13M	2.15M
Earnings From Equity Investments	3.96M	2.82M	-2.61M	0.51M	0.89M
Gain (Loss) on Sale of Assets	-0.03M	0.71M	2.60M	0.15M	-2.82M
Gain (Loss) on Sale of Investments	—	—	—	1.16M	—
Currency Exchange Gain (Loss)	-0.17M	1.70M	0.34M	-0.07M	0.55M
Expenses & Provisions
Cost of Revenue	73.55M	58.82M	57.79M	59.03M	61.88M
Selling, General & Admin	9.45M	7.93M	7.66M	10.90M	6.82M
Operating Expenses	12.11M	7.43M	4.98M	20.71M	11.69M
Other Operating Expenses	2.66M	-0.50M	-6.08M	6.47M	1.68M
Interest Expense	-22.11M	-23.05M	-21.41M	-13.55M	-11.49M
Other Non Operating Income (Expenses)	0.95M	4.26M	0.79M	0.83M	0.35M
Legal Settlements	—	—	—	—	—
Asset Writedown	5.86M	-5.69M	0.67M	-22.46M	-5.72M
D&A For EBITDA	4.24M	3.69M	4.06M	4.16M	4.84M
Profitability & Returns
Gross Profit	29.71M	29.98M	29.49M	25.60M	23.03M
Gross Margin	+28.8%	+33.8%	+33.8%	+30.2%	+27.1%
EBIT	17.60M	22.55M	24.52M	4.89M	11.34M
EBIT Margin	+17.0%	+25.4%	+28.1%	+5.8%	+13.4%
EBITDA	21.85M	26.24M	28.58M	9.05M	16.18M
EBITDA Margin	+21.2%	+29.6%	+32.7%	+10.7%	+19.1%
EBT Excluding Unusual Items	1.01M	10.31M	1.67M	-7.36M	1.67M
Pretax Income	6.85M	5.33M	4.95M	3.57M	-6.87M
Operating Income	17.60M	22.55M	24.52M	4.89M	11.34M
Operating Margin	+17.0%	+25.4%	+28.1%	+5.8%	+13.4%
Profit Margin	+5.9%	+5.7%	+4.8%	+4.0%	-5.8%
Net Income	6.11M	5.09M	4.19M	3.39M	-4.96M
Net Income to Common	6.11M	5.09M	4.19M	3.39M	-4.96M
Net Income Growth	+20.1%	+21.3%	+23.8%	—	—
Earnings From Continuing Ops.	4.49M	5.14M	4.39M	3.68M	-6.50M
Minority Interest in Earnings	1.62M	-0.05M	-0.20M	-0.29M	1.54M
Income Tax Expense	2.36M	0.20M	0.55M	-0.12M	-0.37M
Effective Tax Rate	+34.5%	+3.7%	+11.2%	—	—
Per Share & Capital
EPS (Basic)	0.00	0.00	0.00	0.00	-0.00
EPS (Diluted)	0.00	0.00	0.00	0.00	-0.00
EPS Growth	+17.2%	+21.3%	+2.7%	—	—
Shares Change (YoY)	0.02	—	0.2	0.01	—
Shares Outstanding (Basic)	1.33B	1.30B	1.30B	1.08B	1.07B
Shares Outstanding (Diluted)	1.33B	1.30B	1.30B	1.08B	1.07B
Free Cash Flow	29.07M	16.72M	15.23M	18.06M	14.14M
Free Cash Flow Margin	+28.2%	+18.8%	+17.4%	+21.3%	+16.7%
Free Cash Flow Per Share	0.02	0.01	0.01	0.02	0.01
Supplemental
Other Unusual Items	—	—	—	32.07M	—

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	103.26M	88.80M	87.29M	84.62M	84.91M
Cost of Revenue	73.55M	58.82M	57.79M	59.03M	61.88M
Gross Profit	29.71M	29.98M	29.49M	25.60M	23.03M
SG&A	9.45M	7.93M	7.66M	10.90M	6.82M
Operating Expenses	12.11M	7.43M	4.98M	20.71M	11.69M
Operating Income	17.60M	22.55M	24.52M	4.89M	11.34M
Interest Income	0.78M	2.03M	0.04M	0.04M	0.03M
Interest Expense	-22.11M	-23.05M	-21.41M	-13.55M	-11.49M
Other Income/Expense	0.95M	4.26M	0.79M	0.83M	0.35M
Pretax Income	6.85M	5.33M	4.95M	3.57M	-6.87M
Income Tax	2.36M	0.20M	0.55M	-0.12M	-0.37M
Net Income	6.11M	5.09M	4.19M	3.39M	-4.96M
EBITDA	21.85M	26.24M	28.58M	9.05M	16.18M
EBIT	17.60M	22.55M	24.52M	4.89M	11.34M
EPS (Basic)	0.00	0.00	0.00	0.00	-0.00
EPS (Diluted)	0.00	0.00	0.00	0.00	-0.00
Margins & Efficiency
Gross Margin %	+28.8%	+33.8%	+33.8%	+30.2%	+27.1%
EBITDA Margin %	+21.2%	+29.6%	+32.7%	+10.7%	+19.1%
Net Margin %	+5.9%	+5.7%	+4.8%	+4.0%	-5.8%
Revenue & Income
Revenue	103.26M	88.80M	87.29M	84.62M	84.91M
Revenue as Reported	—	—	87.29M	84.62M	84.91M
Revenue Growth (YoY)	+16.3%	+1.7%	+3.1%	-0.3%	-11.9%
Operating Revenue	98.86M	84.19M	82.92M	80.49M	82.76M
Interest & Investment Income	0.78M	2.03M	0.04M	0.04M	0.03M
Other Revenue	4.40M	4.61M	4.37M	4.13M	2.15M
Earnings From Equity Investments	3.96M	2.82M	-2.61M	0.51M	0.89M
Gain (Loss) on Sale of Assets	-0.03M	0.71M	2.60M	0.15M	-2.82M
Gain (Loss) on Sale of Investments	—	—	—	1.16M	—
Currency Exchange Gain (Loss)	-0.17M	1.70M	0.34M	-0.07M	0.55M
Expenses & Provisions
Cost of Revenue	73.55M	58.82M	57.79M	59.03M	61.88M
Selling, General & Admin	9.45M	7.93M	7.66M	10.90M	6.82M
Operating Expenses	12.11M	7.43M	4.98M	20.71M	11.69M
Other Operating Expenses	2.66M	-0.50M	-6.08M	6.47M	1.68M
Interest Expense	-22.11M	-23.05M	-21.41M	-13.55M	-11.49M
Other Non Operating Income (Expenses)	0.95M	4.26M	0.79M	0.83M	0.35M
Legal Settlements	—	—	—	—	—
Asset Writedown	5.86M	-5.69M	0.67M	-22.46M	-5.72M
D&A For EBITDA	4.24M	3.69M	4.06M	4.16M	4.84M
Profitability & Returns
Gross Profit	29.71M	29.98M	29.49M	25.60M	23.03M
Gross Margin	+28.8%	+33.8%	+33.8%	+30.2%	+27.1%
EBIT	17.60M	22.55M	24.52M	4.89M	11.34M
EBIT Margin	+17.0%	+25.4%	+28.1%	+5.8%	+13.4%
EBITDA	21.85M	26.24M	28.58M	9.05M	16.18M
EBITDA Margin	+21.2%	+29.6%	+32.7%	+10.7%	+19.1%
EBT Excluding Unusual Items	1.01M	10.31M	1.67M	-7.36M	1.67M
Pretax Income	6.85M	5.33M	4.95M	3.57M	-6.87M
Operating Income	17.60M	22.55M	24.52M	4.89M	11.34M
Operating Margin	+17.0%	+25.4%	+28.1%	+5.8%	+13.4%
Profit Margin	+5.9%	+5.7%	+4.8%	+4.0%	-5.8%
Net Income	6.11M	5.09M	4.19M	3.39M	-4.96M
Net Income to Common	6.11M	5.09M	4.19M	3.39M	-4.96M
Net Income Growth	+20.1%	+21.3%	+23.8%	—	—
Earnings From Continuing Ops.	4.49M	5.14M	4.39M	3.68M	-6.50M
Minority Interest in Earnings	1.62M	-0.05M	-0.20M	-0.29M	1.54M
Income Tax Expense	2.36M	0.20M	0.55M	-0.12M	-0.37M
Effective Tax Rate	+34.5%	+3.7%	+11.2%	—	—
Per Share & Capital
EPS (Basic)	0.00	0.00	0.00	0.00	-0.00
EPS (Diluted)	0.00	0.00	0.00	0.00	-0.00
EPS Growth	+17.2%	+21.3%	+2.7%	—	—
Shares Change (YoY)	0.02	—	0.2	0.01	—
Shares Outstanding (Basic)	1.33B	1.30B	1.30B	1.08B	1.07B
Shares Outstanding (Diluted)	1.33B	1.30B	1.30B	1.08B	1.07B
Free Cash Flow	29.07M	16.72M	15.23M	18.06M	14.14M
Free Cash Flow Margin	+28.2%	+18.8%	+17.4%	+21.3%	+16.7%
Free Cash Flow Per Share	0.02	0.01	0.01	0.02	0.01
Supplemental
Other Unusual Items	—	—	—	32.07M	—