Upcoming Dividend • May 03
Upcoming dividend of ر.س1.00 per share Eligible shareholders must have bought the stock before 10 May 2026. Payment date: 21 May 2026. Payout ratio and cash payout ratio are on the higher end at 77% and 87% respectively. Trailing yield: 5.0%. Lower than top quartile of Saudi dividend payers (5.9%). Higher than average of industry peers (2.4%). Announcement • Apr 14
Mulkia Investment Company, Annual General Meeting, May 07, 2026 Mulkia Investment Company, Annual General Meeting, May 07, 2026, at 18:30 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: ر.س2.14 (vs ر.س3.11 in FY 2024) Full year 2025 results: EPS: ر.س2.14 (down from ر.س3.11 in FY 2024). Revenue: ر.س42.4m (down 8.2% from FY 2024). Net income: ر.س16.7m (down 31% from FY 2024). Profit margin: 39% (down from 53% in FY 2024). The decrease in margin was primarily driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ر.س44.48, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 18x in the Capital Markets industry in Asia. Total returns to shareholders of 23% over the past year. New Risk • Mar 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (ر.س273.0m market cap, or US$72.7m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س39.74, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 20x in the Capital Markets industry in Asia. Total returns to shareholders of 33% over the past year. Buy Or Sell Opportunity • Jan 15
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to ر.س30.98. The fair value is estimated to be ر.س25.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last year. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ر.س29.72, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 20x in the Capital Markets industry in Asia. Negligible returns to shareholders over past year. Announcement • Jan 09
Mulkia Investment Co. Announces Appointment of Acting CEO, Effective January 18, 2026 Mulkia Investment Company announced the decision of its Board of Directors by circulation, dated January 8, 2026, to appoint the Vice Chairman and managing director Mr. Sultan Mohammed Al Hudaithi as the Acting CEO to manage the company’s affairs during the interim period until a new CEO is appointed. This decision is effective as of January 18, 2026. Further to the company’s announcement on Tadawul website dated November 12, 2025 regarding the resignation of its Chief Executive Officer effective from January 15, 2026. Mr. Sultan Mohammed Al Hudaithi, Vice Chairman and managing director of Mulkia Investment Company, brings extensive experience in corporate restructuring and strategic planning, managing investments in securities, private equities, and real estate investment, and is a board member at many public and private companies and committees such as Saudi Automotive Services Company (SASCO), Saudi Chemical Company, Nahaz Investment Company, Zawaya Real Estate Company, Madaen Star Group, Middle East Batteries Company (MEBCO), and United Wires Company (ASLAK). He holds a BSC in Accounting with an honor degree from King Saud University and an MBA from London Business School. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ر.س38.88, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 12x in the Capital Markets industry in Saudi Arabia. Total returns to shareholders of 37% over the past year. New Risk • Nov 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.1% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (ر.س303.3m market cap, or US$80.9m). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ر.س31.62, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Capital Markets industry in Saudi Arabia. Total returns to shareholders of 15% over the past year. New Risk • Oct 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (ر.س312.0m market cap, or US$83.2m). Upcoming Dividend • May 25
Upcoming dividend of ر.س2.50 per share Eligible shareholders must have bought the stock before 01 June 2025. Payment date: 18 June 2025. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 5.7%. Within top quartile of Saudi dividend payers (5.2%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: ر.س3.73 (vs ر.س3.20 in FY 2023) Full year 2024 results: EPS: ر.س3.73 (up from ر.س3.20 in FY 2023). Revenue: ر.س46.2m (up 5.4% from FY 2023). Net income: ر.س24.3m (up 17% from FY 2023). Profit margin: 53% (up from 48% in FY 2023). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ر.س41.90, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Capital Markets industry in Asia. Total returns to shareholders of 32% over the past year. New Risk • Feb 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Saudi stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (123% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (ر.س223.0m market cap, or US$59.4m). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س35.40, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 18x in the Capital Markets industry in Asia. New Risk • Oct 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (123% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (ر.س225.6m market cap, or US$60.1m). Announcement • Jul 25
Mulkia Investment Company Announces Board Changes Mulkia Investment Company announces the Board of Directors decision approving the appointment of Mr. Nasser bin Abdullah Al-Awfi as Chairman of the Audit & Risks Committee (an independent member from outside the Board) to succeed the resigned member Mr. Ahmed bin Muhammad Al-Jughaiman to complete the remainder of the committees term, which ends on March 10. 2025. He holds a masters degree in accounting and business administration from Southern New Hampshire University - USA, and a bachelors degree in accounting from King Saud University. He also has more than 35 years of experience in the financial and accounting sector. He has served as chairman and member of the audit committees of many joint-stock companies and still holds a number of board of directors and audit committee memberships in several companies. Announcement • Jun 13
Mulkia Investment Company Announces Resignation of Ahmed Mohamed Ahmed Aljoghaiman as Chairman and Member of the Audit & Risks Committee Mulkia Investment Company announces the resignation of the chairman and member of the Audit & Risks Committee, Mr. Ahmed Mohamed Ahmed Aljoghaiman - who submitted his resignation on June 11, 2024 for personal reasons, and the resignation was accepted by the Board of Directors. Announcement • May 18
Mulkia Investment Company, Annual General Meeting, Jun 06, 2024 Mulkia Investment Company, Annual General Meeting, Jun 06, 2024, at 18:30 Arab Standard Time. Location: riyadh Saudi Arabia New Risk • Apr 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 123% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (123% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (ر.س227.8m market cap, or US$60.8m). Board Change • Mar 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Mutlaq Almutlaq was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 16
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (ر.س221.0m market cap, or US$58.9m). 
