VALMORE

Valmore Holding

VALMOREStocksBoursa KuwaitDiversified Financials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

USD KWD

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	211.36M	170.26M	230.73M	325.03M	236.85M
Cost of Revenue	139.99M	111.12M	136.88M	177.17M	145.71M
Gross Profit	71.37M	59.14M	93.86M	147.85M	91.13M
SG&A	26.62M	26.91M	18.56M	22.47M	24.21M
Operating Expenses	13.72M	22.44M	19.17M	22.11M	29.99M
Operating Income	57.66M	36.70M	74.69M	125.75M	61.14M
Interest Income	20.07M	16.26M	21.68M	18.00M	21.33M
Interest Expense	-17.94M	-19.28M	-20.51M	-11.40M	-7.87M
Pretax Income	60.68M	55.83M	88.68M	140.22M	76.17M
Income Tax	15.56M	16.36M	21.47M	28.49M	17.68M
Net Income	41.13M	39.22M	46.84M	64.11M	43.44M
EBITDA	72.26M	51.82M	97.51M	143.57M	75.45M
EBIT	57.66M	36.70M	74.69M	125.75M	61.14M
EPS (Basic)	0.11	0.11	0.13	0.18	0.12
EPS (Diluted)	0.11	0.11	0.13	0.18	0.12
DPS	—	0.03	0.06	0.10	0.07
Margins & Efficiency
Gross Margin %	+33.8%	+34.7%	+40.7%	+45.5%	+38.5%
EBITDA Margin %	+34.2%	+30.4%	+42.3%	+44.2%	+31.9%
Net Margin %	+19.5%	+23.0%	+20.3%	+19.7%	+18.3%
Revenue & Income
Revenue	0.68B	0.55B	0.75B	1.05B	0.77B
Revenue Growth (YoY)	+24.1%	-26.2%	-29.0%	+37.2%	+37.6%
Interest & Investment Income	65.03M	52.68M	70.27M	58.31M	69.12M
Earnings From Equity Investments	1.96M	1.44M	1.88M	2.16M	1.50M
Gain (Loss) on Sale of Assets	196.29K	789.52K	4.80K	422.96K	861.73K
Gain (Loss) on Sale of Investments	6.30M	9.83M	—	—	—
Currency Exchange Gain (Loss)	-6.09M	59.94M	28.87M	14.27M	2.71M
Expenses & Provisions
Cost of Revenue	453.64M	360.10M	443.56M	574.14M	472.19M
Selling, General & Admin	86.27M	87.22M	60.15M	72.81M	78.46M
Operating Expenses	44.44M	72.72M	62.12M	71.64M	97.19M
Other Operating Expenses	-8.38M	-17.70M	-10.36M	-4.31M	15.70M
Interest Expense	-58.13M	-62.47M	-66.47M	-36.93M	-25.49M
Asset Writedown	508.80K	-203.99K	-284.12K	—	—
Impairment of Goodwill	—	—	—	-5.10M	—
D&A For EBITDA	47.30M	49.02M	73.96M	57.76M	46.36M
Profitability & Returns
Gross Profit	231.29M	191.64M	304.15M	479.13M	295.32M
Gross Margin	+33.8%	+34.7%	+40.7%	+45.5%	+38.5%
EBIT	186.85M	118.92M	242.02M	407.49M	198.14M
EBIT Margin	+27.3%	+21.6%	+32.4%	+38.7%	+25.8%
EBITDA	234.15M	167.94M	315.98M	465.25M	244.49M
EBITDA Margin	+34.2%	+30.4%	+42.3%	+44.2%	+31.9%
EBT Excluding Unusual Items	189.62M	170.51M	276.58M	445.30M	245.98M
Pretax Income	196.63M	180.93M	287.38M	454.40M	246.84M
Operating Income	186.85M	118.92M	242.02M	407.49M	198.14M
Operating Margin	+27.3%	+21.6%	+32.4%	+38.7%	+25.8%
Profit Margin	+19.5%	+23.0%	+20.3%	+19.7%	+18.3%
Net Income	133.28M	127.10M	179.18M	241.06M	140.78M
Net Income to Common	133.28M	127.10M	151.78M	207.74M	140.78M
Net Income to Company	155.13M	145.79M	217.81M	362.08M	189.54M
Net Income Growth	+4.9%	-29.1%	-25.7%	+71.2%	+21.1%
Earnings From Continuing Ops.	146.20M	127.93M	217.81M	362.08M	189.54M
Earnings From Discontinued Ops.	8.93M	17.86M	—	—	—
Minority Interest in Earnings	-21.85M	-18.69M	-38.64M	-121.02M	-48.76M
Income Tax Expense	50.43M	53.00M	69.57M	92.31M	57.30M
Effective Tax Rate	+25.6%	+29.3%	+24.2%	+20.3%	+23.2%
Per Share & Capital
EPS (Basic)	0.11	0.11	0.13	0.18	0.12
EPS (Diluted)	0.11	0.11	0.13	0.18	0.12
EPS Growth	+5.3%	-16.0%	-26.9%	+47.6%	+45.1%
Dividend Per Share	—	0.03	0.06	0.10	0.07
Shares Change (YoY)	-0	-0	-0	-0	0.01
Shares Outstanding (Basic)	1.17B	1.18B	1.18B	1.18B	1.18B
Shares Outstanding (Diluted)	1.17B	1.18B	1.18B	1.18B	1.18B
Dividend Growth	—	-41.7%	-45.5%	+57.2%	—
Free Cash Flow	38.59M	-39.12M	195.49M	152.73M	66.31M
Free Cash Flow Margin	+5.6%	-7.1%	+26.1%	+14.5%	+8.6%
Free Cash Flow Per Share	0.03	-0.03	0.17	0.13	0.06
Payout Ratio	+29.3%	+73.3%	+97.7%	+57.3%	+16.7%
Preferred Dividends & Other Adjustments	—	—	27.39M	33.32M	—
Supplemental
Other Unusual Items	—	—	11.08M	13.77M	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

USD KWD

Annual (KWD)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	211.36M	170.26M	230.73M	325.03M	236.85M
Cost of Revenue	139.99M	111.12M	136.88M	177.17M	145.71M
Gross Profit	71.37M	59.14M	93.86M	147.85M	91.13M
SG&A	26.62M	26.91M	18.56M	22.47M	24.21M
Operating Expenses	13.72M	22.44M	19.17M	22.11M	29.99M
Operating Income	57.66M	36.70M	74.69M	125.75M	61.14M
Interest Income	20.07M	16.26M	21.68M	18.00M	21.33M
Interest Expense	-17.94M	-19.28M	-20.51M	-11.40M	-7.87M
Pretax Income	60.68M	55.83M	88.68M	140.22M	76.17M
Income Tax	15.56M	16.36M	21.47M	28.49M	17.68M
Net Income	41.13M	39.22M	46.84M	64.11M	43.44M
EBITDA	72.26M	51.82M	97.51M	143.57M	75.45M
EBIT	57.66M	36.70M	74.69M	125.75M	61.14M
EPS (Basic)	0.11	0.11	0.13	0.18	0.12
EPS (Diluted)	0.11	0.11	0.13	0.18	0.12
DPS	—	0.03	0.06	0.10	0.07
Margins & Efficiency
Gross Margin %	+33.8%	+34.7%	+40.7%	+45.5%	+38.5%
EBITDA Margin %	+34.2%	+30.4%	+42.3%	+44.2%	+31.9%
Net Margin %	+19.5%	+23.0%	+20.3%	+19.7%	+18.3%
Revenue & Income
Revenue	0.68B	0.55B	0.75B	1.05B	0.77B
Revenue Growth (YoY)	+24.1%	-26.2%	-29.0%	+37.2%	+37.6%
Interest & Investment Income	65.03M	52.68M	70.27M	58.31M	69.12M
Earnings From Equity Investments	1.96M	1.44M	1.88M	2.16M	1.50M
Gain (Loss) on Sale of Assets	196.29K	789.52K	4.80K	422.96K	861.73K
Gain (Loss) on Sale of Investments	6.30M	9.83M	—	—	—
Currency Exchange Gain (Loss)	-6.09M	59.94M	28.87M	14.27M	2.71M
Expenses & Provisions
Cost of Revenue	453.64M	360.10M	443.56M	574.14M	472.19M
Selling, General & Admin	86.27M	87.22M	60.15M	72.81M	78.46M
Operating Expenses	44.44M	72.72M	62.12M	71.64M	97.19M
Other Operating Expenses	-8.38M	-17.70M	-10.36M	-4.31M	15.70M
Interest Expense	-58.13M	-62.47M	-66.47M	-36.93M	-25.49M
Asset Writedown	508.80K	-203.99K	-284.12K	—	—
Impairment of Goodwill	—	—	—	-5.10M	—
D&A For EBITDA	47.30M	49.02M	73.96M	57.76M	46.36M
Profitability & Returns
Gross Profit	231.29M	191.64M	304.15M	479.13M	295.32M
Gross Margin	+33.8%	+34.7%	+40.7%	+45.5%	+38.5%
EBIT	186.85M	118.92M	242.02M	407.49M	198.14M
EBIT Margin	+27.3%	+21.6%	+32.4%	+38.7%	+25.8%
EBITDA	234.15M	167.94M	315.98M	465.25M	244.49M
EBITDA Margin	+34.2%	+30.4%	+42.3%	+44.2%	+31.9%
EBT Excluding Unusual Items	189.62M	170.51M	276.58M	445.30M	245.98M
Pretax Income	196.63M	180.93M	287.38M	454.40M	246.84M
Operating Income	186.85M	118.92M	242.02M	407.49M	198.14M
Operating Margin	+27.3%	+21.6%	+32.4%	+38.7%	+25.8%
Profit Margin	+19.5%	+23.0%	+20.3%	+19.7%	+18.3%
Net Income	133.28M	127.10M	179.18M	241.06M	140.78M
Net Income to Common	133.28M	127.10M	151.78M	207.74M	140.78M
Net Income to Company	155.13M	145.79M	217.81M	362.08M	189.54M
Net Income Growth	+4.9%	-29.1%	-25.7%	+71.2%	+21.1%
Earnings From Continuing Ops.	146.20M	127.93M	217.81M	362.08M	189.54M
Earnings From Discontinued Ops.	8.93M	17.86M	—	—	—
Minority Interest in Earnings	-21.85M	-18.69M	-38.64M	-121.02M	-48.76M
Income Tax Expense	50.43M	53.00M	69.57M	92.31M	57.30M
Effective Tax Rate	+25.6%	+29.3%	+24.2%	+20.3%	+23.2%
Per Share & Capital
EPS (Basic)	0.11	0.11	0.13	0.18	0.12
EPS (Diluted)	0.11	0.11	0.13	0.18	0.12
EPS Growth	+5.3%	-16.0%	-26.9%	+47.6%	+45.1%
Dividend Per Share	—	0.03	0.06	0.10	0.07
Shares Change (YoY)	-0	-0	-0	-0	0.01
Shares Outstanding (Basic)	1.17B	1.18B	1.18B	1.18B	1.18B
Shares Outstanding (Diluted)	1.17B	1.18B	1.18B	1.18B	1.18B
Dividend Growth	—	-41.7%	-45.5%	+57.2%	—
Free Cash Flow	38.59M	-39.12M	195.49M	152.73M	66.31M
Free Cash Flow Margin	+5.6%	-7.1%	+26.1%	+14.5%	+8.6%
Free Cash Flow Per Share	0.03	-0.03	0.17	0.13	0.06
Payout Ratio	+29.3%	+73.3%	+97.7%	+57.3%	+16.7%
Preferred Dividends & Other Adjustments	—	—	27.39M	33.32M	—
Supplemental
Other Unusual Items	—	—	11.08M	13.77M	—