Reported Earnings • May 12
First quarter 2026 earnings released: EPS: د.ك0.001 (vs د.ك0.002 in 1Q 2025) First quarter 2026 results: EPS: د.ك0.001. Revenue: د.ك18.0m (up 11% from 1Q 2025). Net income: د.ك6.28m (up 14% from 1Q 2025). Profit margin: 35% (in line with 1Q 2025). Announcement • Mar 06
Warba Bank K.S.C.P., Annual General Meeting, Mar 30, 2026 Warba Bank K.S.C.P., Annual General Meeting, Mar 30, 2026, at 12:30 Arab Standard Time. Location: kuwait city Kuwait Reported Earnings • Feb 06
Full year 2025 earnings released: EPS: د.ك0.011 (vs د.ك0.008 in FY 2024) Full year 2025 results: EPS: د.ك0.011 (up from د.ك0.008 in FY 2024). Revenue: د.ك99.0m (up 38% from FY 2024). Net income: د.ك49.6m (up 157% from FY 2024). Profit margin: 50% (up from 27% in FY 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 06
Price target increased by 18% to د.ك0.25 Up from د.ك0.21, the current price target is an average from 2 analysts. New target price is 15% below last closing price of د.ك0.29. Stock is up 55% over the past year. The company posted earnings per share of د.ك0.0083 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: د.ك0.005 (vs د.ك0.002 in 3Q 2024) Third quarter 2025 results: EPS: د.ك0.005 (up from د.ك0.002 in 3Q 2024). Revenue: د.ك31.3m (up 75% from 3Q 2024). Net income: د.ك17.8m (up 222% from 3Q 2024). Profit margin: 57% (up from 31% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: د.ك0.004 (vs د.ك0.001 in 2Q 2024) Second quarter 2025 results: EPS: د.ك0.004 (up from د.ك0.001 in 2Q 2024). Revenue: د.ك27.4m (up 95% from 2Q 2024). Net income: د.ك15.2m (up 391% from 2Q 2024). Profit margin: 55% (up from 22% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 09
Price target increased by 14% to د.ك0.21 Up from د.ك0.18, the current price target is an average from 2 analysts. New target price is 23% below last closing price of د.ك0.27. Stock is up 58% over the past year. The company is forecast to post earnings per share of د.ك0.0085 for next year compared to د.ك0.0083 last year. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: د.ك0.002 (vs د.ك0.002 in 1Q 2024) First quarter 2025 results: EPS: د.ك0.002 (in line with 1Q 2024). Revenue: د.ك16.2m (up 9.7% from 1Q 2024). Net income: د.ك5.51m (up 16% from 1Q 2024). Profit margin: 34% (up from 32% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Apr 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Apr 10
Warba Bank K.S.C.P. (KWSE:WARBABANK) completed the acquisition of Alghanim Industries, Inc. Warba Bank K.S.C.P. (KWSE:WARBABANK) signed an agreement to acquire Alghanim Industries, Inc. for approximately KWD 500 million on January 8, 2025. As part of the acquisition, Warba Bank will acquire entire shares in Alghanim Industries, Inc. The transaction also includes the indirect acquisition of 32.75% stake in Gulf Bank. A cash consideration of KWD 498.16 million will be paid by Warba Bank K.S.C.P. As part of consideration, KWD 498.16 million is paid towards common equity of Alghanim Industries, Inc. The transaction is subject to obtaining the necessary approval from regulatory authorities. On March 18, 2025, Commercial Bank of Kuwait has approved the transaction.
Warba Bank K.S.C.P. (KWSE:WARBABANK) completed the acquisition of Alghanim Industries, Inc. on April 8, 2025. Announcement • Mar 07
Warba Bank K.S.C.P., Annual General Meeting, Mar 27, 2025 Warba Bank K.S.C.P., Annual General Meeting, Mar 27, 2025, at 12:30 Arab Standard Time. Location: kuwait city Kuwait Reported Earnings • Feb 12
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: د.ك0.009 (up from د.ك0.008 in FY 2023). Revenue: د.ك71.8m (up 16% from FY 2023). Net income: د.ك19.3m (up 17% from FY 2023). Profit margin: 27% (in line with FY 2023). Non-performing loans: 1.12% (up from 1.01% in FY 2023). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 3.8%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Jan 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jan 10
Warba Bank K.S.C.P. (KWSE:WARBABANK) agreed to acquire Alghanim Industries, Inc. for approximately KWD 500 million. Warba Bank K.S.C.P. (KWSE:WARBABANK) agreed to acquire Alghanim Industries, Inc. for approximately KWD 500 million on January 8, 2025. A cash consideration of KWD 498.16 million will be paid by Warba Bank K.S.C.P. As part of consideration, KWD 498.16 million is paid towards common equity of Alghanim Industries, Inc.
The transaction is subject to approval by regulatory board / committee. Price Target Changed • Jan 08
Price target increased by 13% to د.ك0.18 Up from د.ك0.16, the current price target is an average from 2 analysts. New target price is 19% below last closing price of د.ك0.22. Stock is up 19% over the past year. The company posted earnings per share of د.ك0.0076 last year. Announcement • Oct 24
Warba Bank Appoints Abdullah Fakhro as Executive Director of Sharia Management Warba Bank announced the appointment of Abdullah Abdul Rahim Fakhro as Executive Director of Sharia Management at the Bank after obtaining the approval of the Central Bank of Kuwait. Fakhro is considered one of the Kuwaiti professionals with extensive practical experience. He holds a Bachelor's degree in Islamic Sharia, specializing in the principles of jurisprudence, with a high distinction recognition from Kuwait University. He obtained the Certified Sharia Auditor Certificate from the Central Bank of Kuwait, which is offered by the Kuwait Institute of Banking Studies. He also obtained the Certified Sharia Auditor Certificate from the Accounting and Auditing Organization for Islamic Financial Institutions. He also obtained a diploma and then a professional master's degree from the General Council for Islamic Banks and Financial Institutions, which includes a group of professional certificates, including: Certified Islamic Specialist in Financial Markets, Certified Islamic Specialist in Takaful Insurance, Certified Islamic Specialist in International Trade, Advanced Islamic Specialist in Sharia Auditing and Accounting Treatments for Banking Operations. He obtained a Fellowship Certificate of Sharia Advisor in Islamic Financial Transactions and Dispute Resolution from the Saudi Judicial Scientific Association, which includes a group of professional certificates, including: Islamic Finance Advisor in Islamic Finance Contracts, Islamic Sukuk Applications, Bank Treasury Transactions, Sharia Supervision Applications, Sharia Consulting Applications, International Trade Financing, and Financial Dispute Resolution Specialist in Arbitration. The Bank explained that Fakhro has sufficient experience that qualified him to obtain this position, as he held the position of internal Sharia auditor in one of the largest investment companies from March 2015 until May 2018, and provided most of his experience in this position, as he conducted Sharia audits during this period on the parent company and more than 10 affiliated and subsidiary companies. He is registered with the Capital Markets Authority as a Sharia audit officer in this company for that period, and was the Secretary of the Fatwa and Sharia Supervision Board, Acting Director of the Sharia Supervision Department, and a representative of the members of the Fatwa and Sharia Supervision Board in many general assemblies of the subsidiary companies. Fakhro participated in many tasks, most notably as an advisor to the committee concerned with issuing products, an advisor to the committee concerned with automating the Bank's management systems, and the internal Sharia audit officer for the investment funds launched by the Bank. He is also responsible for auditing the Bank's zakat calculation and its investment funds. Warba Bank wishes Fakhro success in his new position to be among the Kuwaiti staff who have proven their presence and left a clear mark at Warba Bank. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: د.ك0.003 (vs د.ك0.002 in 3Q 2023) Third quarter 2024 results: EPS: د.ك0.003 (up from د.ك0.002 in 3Q 2023). Revenue: د.ك17.9m (up 19% from 3Q 2023). Net income: د.ك5.52m (up 36% from 3Q 2023). Profit margin: 31% (up from 27% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Sep 17
Warba Bank Appoints Mohammad Barakat as Chief Marketing and Corporate Communication Officer Warba Bank has announced the appointment of Dr. Mohammad Barakat as Chief Marketing and Corporate Communication Officer of Marketing & Corporate Communication Division. Dr. Barakat's extensive experience in leadership positions across various sectors makes him a valuable addition to the bank's executive team. He holds a master's degree and a Ph.D. in management from Imperial College, University of London, UK. With over 30 years of leadership experience in banking and marketing, he is recognized as a seasoned leader known for his strategic vision and impactful contributions. He also has a broad spectrum of expertise, including experience in the financial, banking, aviation, retail, and consulting sectors. His accomplishments in institutional marketing and communications span both local and international arenas, including guiding business strategies for prominent companies in the UK and providing consultancy for major international firms. Throughout his career, Dr. Barakat has held key leadership roles, adapting to market trends and contributing to sectors such as aviation and retail. He is also a certified trainer with numerous international qualifications as a visiting professor at Westminster University, Regent College and Global Banking School, specializing in project management, professional business practices, and providing commercial consultancy, business restructuring, and mergers and acquisitions. Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: د.ك0.001 (vs د.ك0.002 in 2Q 2023) Second quarter 2024 results: EPS: د.ك0.001. Revenue: د.ك14.1m (down 9.7% from 2Q 2023). Net income: د.ك4.63m (up 4.7% from 2Q 2023). Profit margin: 33% (up from 28% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Kuwait. Price Target Changed • Jul 03
Price target increased by 7.7% to د.ك0.16 Up from د.ك0.15, the current price target is an average from 2 analysts. New target price is 7.0% below last closing price of د.ك0.18. Stock is down 12% over the past year. The company is forecast to post earnings per share of د.ك0.0085 for next year compared to د.ك0.0076 last year. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: د.ك0.002 (vs د.ك0.002 in 1Q 2023) First quarter 2024 results: EPS: د.ك0.002 (in line with 1Q 2023). Revenue: د.ك14.8m (up 14% from 1Q 2023). Net income: د.ك4.74m (up 10% from 1Q 2023). Profit margin: 32% (down from 33% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Announcement • Mar 07
Warba Bank K.S.C.P., Annual General Meeting, Mar 31, 2024 Warba Bank K.S.C.P., Annual General Meeting, Mar 31, 2024, at 09:30 Korea Standard Time. Location: The bank's headquarters Sharq - Omar Ibn A1 Khattab St., Arraya Administrative Tower - 13 floor Kuwait City Kuwait Agenda: To consider and approve the report of the board of directors for the fiscal year ending on December 31, 2023; to consider other matters. Reported Earnings • Feb 14
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: د.ك0.008 (up from د.ك0.007 in FY 2022). Revenue: د.ك61.6m (up 12% from FY 2022). Net income: د.ك19.7m (up 33% from FY 2022). Profit margin: 32% (up from 27% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 14
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: د.ك0.008 (up from د.ك0.007 in FY 2022). Revenue: د.ك61.6m (up 12% from FY 2022). Net income: د.ك19.7m (up 33% from FY 2022). Profit margin: 32% (up from 27% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 26
Third quarter 2023 earnings released: د.ك0.002 loss per share (vs د.ك0.002 profit in 3Q 2022) Third quarter 2023 results: د.ك0.002 loss per share. Revenue: د.ك15.0m (up 18% from 3Q 2022). Net income: د.ك4.07m (up 8.1% from 3Q 2022). Profit margin: 27% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Banks industry in Kuwait. Price Target Changed • Sep 14
Price target decreased by 7.6% to د.ك0.19 Down from د.ك0.20, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.ك0.20. Stock is down 18% over the past year. The company is forecast to post earnings per share of د.ك0.008 for next year compared to د.ك0.0072 last year. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: د.ك0.002 (vs د.ك0.002 in 2Q 2022) Second quarter 2023 results: EPS: د.ك0.002 (in line with 2Q 2022). Revenue: د.ك15.6m (up 14% from 2Q 2022). Net income: د.ك5.96m (up 16% from 2Q 2022). Profit margin: 38% (in line with 2Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: د.ك0.002 (vs د.ك0.003 in 1Q 2022) First quarter 2023 results: EPS: د.ك0.002 (down from د.ك0.003 in 1Q 2022). Revenue: د.ك12.9m (down 14% from 1Q 2022). Net income: د.ك4.29m (down 19% from 1Q 2022). Profit margin: 33% (down from 35% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 20
Price target decreased by 8.7% to د.ك0.20 Down from د.ك0.22, the current price target is an average from 2 analysts. New target price is 12% below last closing price of د.ك0.23. Stock is down 15% over the past year. The company is forecast to post earnings per share of د.ك0.012 for next year compared to د.ك0.0072 last year. Reported Earnings • Feb 05
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: د.ك0.007 (up from د.ك0.006 in FY 2021). Revenue: د.ك55.3m (up 16% from FY 2021). Net income: د.ك19.3m (up 89% from FY 2021). Profit margin: 35% (up from 21% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Dec 20
Warba Bank Appoints Hamad Fouzan Al-Fouzan as Chief Strategic Planning Officer Warba Bank appointed Hamad Fouzan Al-Fouzan as Chief Strategic Planning Officer, after the approval of the Central Bank of Kuwait, and in line with the regulatory instructions issued in January 2020 regarding the establishment of an independent sector in banks for strategic planning, to ensure that the Kuwaiti banking sector is prepared for the future and keeps pace with the challenges that may be imposed by the conditions of the global economy. This step raises the banking capabilities to predict the internal and external challenges posed by the developments of the global economic situation. The Bank stated that attracting successful leaders is one of the main strategies of Warba Bank, as Al-Fouzan, who holds a Master's degree in business administration from (Imperial College London), and who has a variety of banking experience for over 17 years, is considered skilled in leading information technology, digital transformation, innovation, strategic planning and implementation in several sectors. He was appointed as Head of Innovation and Partnership in 2019, until he became Assistant General Manager in the Innovation and Partnerships Sector in 2020, and he participated in many achievements, including his participation in building the British Digital Nomo Bank of the Bank of London and the Middle East, until Al-Fouzan joined Warba Bank as Acting Chief Strategic Planning Officer. Price Target Changed • Dec 15
Price target increased to د.ك0.23 Up from د.ك0.21, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.ك0.23. Stock is down 14% over the past year. The company is forecast to post earnings per share of د.ك0.01 for next year compared to د.ك0.006 last year. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Board Member Mohammed Al Bahar was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: د.ك0.002 (vs د.ك0 in 3Q 2021) Third quarter 2022 results: EPS: د.ك0.002 (up from د.ك0 in 3Q 2021). Revenue: د.ك12.7m (up 17% from 3Q 2021). Net income: د.ك3.76m (up 441% from 3Q 2021). Profit margin: 30% (up from 6.4% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 18
Warba Bank Appoints Layali Al-Fahad as Chief Operations Officer Warba Bank announced the appointment of Layali Al-Fahad as Chief Operations Officer at the Bank, after obtaining the approval of the Central Bank of Kuwait, indicating that her appointment comes within the Bank's strategy that aims to strengthen its leadership that contributes to the growth and prosperity of the Bank's business and empower Kuwaiti manpower. Warba pointed out in a press statement that this appointment reflects Warba's initiatives and insightful vision in strengthening its human resources with qualified staff, especially at the leadership positions.Attracting successful leaders is one of the main strategies adopted by Warba Bank, as Layali Al-Fahad holds Master's degree in business administration. She has a diversified experience in the banking sector for over 26 years, where she began her career in a local bank at the operations department and then joined several local banks holding different positions, of which the last was the Deputy General Manager of the Banking Operations Group. Layali Al-Fahad also obtained several accredited professional certificates in the business and leadershipsectors from the Institute of Banking Studies, the Central Bank of Kuwait and the Kuwait Foundation for the Advancement of Sciences. Announcement • Aug 10
Warba Bank Appoints Hussam Sulaiman as Head of the Internal Audit Group Warba Bank announced the appointment of Mr. Hussam Sulaiman as Head of the Internal Audit Group, after getting the approval of the Central Bank of Kuwait, indicating that his appointment comes within the Bank's strategy that aims to strengthen its leadership, growth and prosperity of the Bank's business. Warba Bank announced the appointment of Mr. Hussam Sulaiman as Head of the Internal Audit Group, after getting the approval of the Central Bank of Kuwait, indicating that his appointment comes within the Bank's strategy that aims to strengthen its leadership, growth and prosperity of the Bank's business. Attracting successful leaders is one of the main strategies adopted by "Warba", and Mr. Sulaiman has Bachelor's degree in Accounting. He also holds a professional certification as a Certified Fraud Auditor (CFE), Certified Internal Control Auditor (CICA), Certified Information Systems Auditor (CISA), and Certified Bank Auditor (CBA) and is a member of the Institute of Internal Auditors (IIA), the Information Systems Audit and Control Association (ISACA) and the Association of Certified Fraud Auditors (ACFE). Mr. Hussam Sulaiman has more than 30 years of experience in the field of internal auditing and risk management in the conventional, regulatory and Islamic banking sectors as well as the investment sector in the region. He is also well versed in fraud risk management, internal control and enterprise risk management. Mr. Sulaiman previously worked at the Central Bank of Jordan, in addition to occupying several administrative positions in different commercial and Islamic banks in the United Arab Emirates, in addition to holding the position of General Manager and Head of Internal Audit in one of the reputable banks in Kuwait. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: د.ك0.003 (vs د.ك0 in 1Q 2021) First quarter 2022 results: EPS: د.ك0.003 (up from د.ك0 in 1Q 2021). Revenue: د.ك15.0m (up 55% from 1Q 2021). Net income: د.ك6.75m (up د.ك6.43m from 1Q 2021). Profit margin: 45% (up from 3.3% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 37%, compared to a 33% growth forecast for the industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 6% per year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Bader Al-Sumait was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: د.ك0.006 (up from د.ك0 in FY 2020). Revenue: د.ك47.6m (up 60% from FY 2020). Net income: د.ك16.0m (up د.ك15.3m from FY 2020). Profit margin: 34% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 38%. Over the next year, revenue is forecast to grow 55%, compared to a 38% growth forecast for the banks industry in Kuwait. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 20
Price target decreased to د.ك0.095 Down from د.ك0.15, the current price target is an average from 2 analysts. New target price is 66% below last closing price of د.ك0.28. Stock is up 14% over the past year. The company posted earnings per share of د.ك0.00041 last year. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS د.ك0.002 (vs د.ك0.011 loss in 2Q 2020) The company reported a soft second quarter result with weaker revenues and profit margins, although earnings were improved. Second quarter 2021 results: Revenue: د.ك10.6m (down 199% from 2Q 2020). Net income: د.ك3.27m (up د.ك20.2m from 2Q 2020). Profit margin: 31% (down from 159% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Mar 17
Price target decreased to د.ك0.15 Down from د.ك0.18, the current price target is an average from 2 analysts. New target price is 37% below last closing price of د.ك0.24. Stock is up 43% over the past year. Is New 90 Day High Low • Feb 17
New 90-day low: د.ك0.23 The company is down 6.0% from its price of د.ك0.24 on 19 November 2020. The Kuwaiti market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: د.ك0.25 The company is up 6.0% from its price of د.ك0.23 on 27 October 2020. The Kuwaiti market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: د.ك0.23 The company is down 16% from its price of د.ك0.27 on 08 October 2020. The Kuwaiti market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS د.ك0.001 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: د.ك9.23m (down 19% from 3Q 2019). Net income: د.ك3.45m (up 8.7% from 3Q 2019). Profit margin: 37% (up from 28% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 25
New 90-day high: د.ك0.25 The company is up 21% from its price of د.ك0.20 on 25 June 2020. The Kuwaiti market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 10.0% over the same period. 
