Reported Earnings • May 16
First quarter 2026 earnings released: EPS: د.ك0.01 (vs د.ك0.009 in 1Q 2025) First quarter 2026 results: EPS: د.ك0.01 (up from د.ك0.009 in 1Q 2025). Revenue: د.ك63.0m (up 38% from 1Q 2025). Net income: د.ك1.63m (up 6.3% from 1Q 2025). Profit margin: 2.6% (down from 3.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Combined Group Contracting Company - K.S.C. (Public) to Report Q1, 2026 Results on May 13, 2026 Combined Group Contracting Company - K.S.C. (Public) announced that they will report Q1, 2026 results on May 13, 2026 Upcoming Dividend • May 07
Upcoming dividend of د.ك0.03 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Kuwaiti dividend payers (5.5%). Higher than average of industry peers (2.5%). Declared Dividend • Apr 11
Dividend of د.ك0.03 announced Dividend of د.ك0.03 is the same as last year. Ex-date: 18th May 2026 Payment date: 25th May 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
Combined Group Contracting Company - K.S.C. (Public), Annual General Meeting, Apr 29, 2026 Combined Group Contracting Company - K.S.C. (Public), Annual General Meeting, Apr 29, 2026, at 11:00 Arab Standard Time. Location: kuwait city Kuwait Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: د.ك0.092 (vs د.ك0.053 in FY 2024) Full year 2025 results: EPS: د.ك0.092 (up from د.ك0.053 in FY 2024). Revenue: د.ك254.5m (up 53% from FY 2024). Net income: د.ك15.8m (up 74% from FY 2024). Profit margin: 6.2% (up from 5.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 30
Combined Group Contracting Company - K.S.C. (Public) to Report Fiscal Year 2025 Results on Mar 30, 2026 Combined Group Contracting Company - K.S.C. (Public) announced that they will report fiscal year 2025 results on Mar 30, 2026 Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.ك1.14, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 15x in the Construction industry in Asia. Total returns to shareholders of 209% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: د.ك53.92 (vs د.ك0.008 in 3Q 2024) Third quarter 2025 results: EPS: د.ك53.92 (up from د.ك0.008 in 3Q 2024). Revenue: د.ك66.1m (up 70% from 3Q 2024). Net income: د.ك9.21m (up د.ك7.76m from 3Q 2024). Profit margin: 14% (up from 3.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: د.ك0.016 (vs د.ك0.011 in 2Q 2024) Second quarter 2025 results: EPS: د.ك0.016 (up from د.ك0.011 in 2Q 2024). Revenue: د.ك58.1m (up 49% from 2Q 2024). Net income: د.ك2.81m (up 51% from 2Q 2024). Profit margin: 4.8% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: د.ك0.009 (vs د.ك0.019 in 1Q 2024) First quarter 2025 results: EPS: د.ك0.009 (down from د.ك0.019 in 1Q 2024). Revenue: د.ك45.6m (up 9.6% from 1Q 2024). Net income: د.ك1.54m (down 52% from 1Q 2024). Profit margin: 3.4% (down from 7.7% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Upcoming Dividend • May 08
Upcoming dividend of د.ك0.03 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Kuwaiti dividend payers (6.5%). Higher than average of industry peers (3.0%). Announcement • Apr 08
Combined Group Contracting Company - K.S.C. (Public), Annual General Meeting, Apr 29, 2025 Combined Group Contracting Company - K.S.C. (Public), Annual General Meeting, Apr 29, 2025, at 11:00 Arab Standard Time. Location: kuwait city Kuwait New Risk • Mar 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: د.ك0.053 (vs د.ك0.053 in FY 2023) Full year 2024 results: EPS: د.ك0.053 (in line with FY 2023). Revenue: د.ك166.7m (down 3.6% from FY 2023). Net income: د.ك9.08m (flat on FY 2023). Profit margin: 5.4% (up from 5.2% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Nov 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: د.ك0.011 (vs د.ك0.01 in 2Q 2023) Second quarter 2024 results: EPS: د.ك0.011 (up from د.ك0.01 in 2Q 2023). Revenue: د.ك38.9m (down 4.6% from 2Q 2023). Net income: د.ك1.86m (up 10% from 2Q 2023). Profit margin: 4.8% (up from 4.1% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Kuwaiti stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Declared Dividend • Jun 01
Dividend of د.ك0.03 announced Shareholders will receive a dividend of د.ك0.03. Ex-date: 6th June 2024 Payment date: 13th June 2024 Dividend yield will be 5.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: د.ك0.019 (vs د.ك0.013 in 1Q 2023) First quarter 2024 results: EPS: د.ك0.019 (up from د.ك0.013 in 1Q 2023). Revenue: د.ك41.6m (down 6.9% from 1Q 2023). Net income: د.ك3.22m (up 40% from 1Q 2023). Profit margin: 7.7% (up from 5.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 18
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at د.ك0.44. The fair value is estimated to be د.ك0.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: د.ك0.053 (vs د.ك0.057 in FY 2022) Full year 2023 results: EPS: د.ك0.053 (down from د.ك0.057 in FY 2022). Revenue: د.ك173.0m (up 12% from FY 2022). Net income: د.ك9.03m (down 8.0% from FY 2022). Profit margin: 5.2% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: د.ك0.01 (vs د.ك0.013 in 3Q 2022) Third quarter 2023 results: EPS: د.ك0.01 (down from د.ك0.013 in 3Q 2022). Revenue: د.ك42.5m (up 14% from 3Q 2022). Net income: د.ك1.66m (down 27% from 3Q 2022). Profit margin: 3.9% (down from 6.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: د.ك0.01 (vs د.ك0.009 in 2Q 2022) Second quarter 2023 results: EPS: د.ك0.01 (up from د.ك0.009 in 2Q 2022). Revenue: د.ك40.8m (up 25% from 2Q 2022). Net income: د.ك1.69m (up 8.5% from 2Q 2022). Profit margin: 4.1% (down from 4.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: د.ك0.013 (vs د.ك0.011 in 1Q 2022) First quarter 2023 results: EPS: د.ك0.013 (up from د.ك0.011 in 1Q 2022). Revenue: د.ك44.7m (up 12% from 1Q 2022). Net income: د.ك2.30m (up 26% from 1Q 2022). Profit margin: 5.1% (up from 4.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 18
Upcoming dividend of د.ك0.03 per share at 7.0% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of Kuwaiti dividend payers (7.0%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: د.ك0.057 (vs د.ك0.055 in FY 2021) Full year 2022 results: EPS: د.ك0.057 (up from د.ك0.055 in FY 2021). Revenue: د.ك154.7m (up 6.0% from FY 2021). Net income: د.ك9.82m (up 4.9% from FY 2021). Profit margin: 6.4% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 1 independent director (8 non-independent directors). Non-Executive Director Jasem A. Ramadhan was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: د.ك0.009 (vs د.ك0.005 in 2Q 2021) Second quarter 2022 results: EPS: د.ك0.009 (up from د.ك0.005 in 2Q 2021). Revenue: د.ك32.7m (up 2.6% from 2Q 2021). Net income: د.ك1.56m (up 67% from 2Q 2021). Profit margin: 4.8% (up from 2.9% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be د.ك0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 28% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jun 02
Upcoming dividend of د.ك0.025 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Kuwaiti dividend payers (5.8%). Higher than average of industry peers (3.0%). Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: د.ك0.011 (up from د.ك0.004 in 1Q 2021). Revenue: د.ك39.9m (up 9.0% from 1Q 2021). Net income: د.ك1.83m (up 178% from 1Q 2021). Profit margin: 4.6% (up from 1.8% in 1Q 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 1 independent director (8 non-independent directors). Non-Executive Director Jasem A. Ramadhan was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 30
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: د.ك0.055 (up from د.ك0.053 loss in FY 2020). Revenue: د.ك145.9m (down 18% from FY 2020). Net income: د.ك9.37m (up د.ك18.4m from FY 2020). Profit margin: 6.4% (up from net loss in FY 2020). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS د.ك0.005 (vs د.ك0.02 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: د.ك31.9m (down 11% from 2Q 2020). Net income: د.ك933.7k (up د.ك4.42m from 2Q 2020). Profit margin: 2.9% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 01
First quarter 2021 earnings released: EPS د.ك0.004 (vs د.ك0.02 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: د.ك36.6m (down 31% from 1Q 2020). Net income: د.ك659.2k (up د.ك4.08m from 1Q 2020). Profit margin: 1.8% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 17
Full year 2020 earnings released: د.ك0.053 loss per share (vs د.ك0.021 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: د.ك177.0m (down 33% from FY 2019). Net loss: د.ك8.98m (down 348% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 13
New 90-day high: د.ك0.21 The company is up 12% from its price of د.ك0.19 on 15 October 2020. The Kuwaiti market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 3.0% over the same period.