Boubyan Petrochemical K S C P : محضر مؤتمر المحللين

Transcript of BPC Analysts Conference Call for the results of Q3 ended 31/01/2024

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Operator: Ladies and Gentlemen. Welcome to Boubyan Petrochemical Company's Q3 2023/2024 results conference call. I will now handover the call to your host today, Sidharth Saboo from Arqaam Capital. Please go ahead.

Sidharth: Thank you. Good afternoon, ladies and gentlemen and thank you for joining us today. This is Sidharth Saboo, and on behalf of Arqaam Capital I'm delighted to welcome you to Boubyan Petrochemical Company's conference call for Third Quarter 2023-2024 results. I have with me here Mr. Nawaf, Chief Strategy and Finance Officer of Boubyan Petrochemical Company. With no further delay, I will now turn over the call to Mr. Nawaf.

Nawaf: Good afternoon, everyone, and thank you all for joining us today to discuss our results for the third quarter of the fiscal year 2024. Boubyan achieved a net profit of KD 4.8 million this quarter, marking a growth of 21% over the same period last year. This growth was driven by a strong performance in both core and non-core investments. Our investment portfolio has reached KD 504 million as of the third quarter of 2024.

Moving on to the financial performance of Boubyan's core investments, EYAS achieved a net profit of KD 2.3 million during its first quarter, marking an increase of 61% over the net profit of KD 1.4 million during the same period last year. The increase in the company's bottom line was driven by a 21% increase in revenue, as well as optimization of operating costs at Gust University, leading to an improved gross margin of 65% compared to 52% in the same period last year.

During the quarter, Boubyan consolidated its latest investment, English Educational Group, which operates preschools and schools across the country under the brand name English Play Group and English Providers Group, or simply EPG. During its first quarter, EPG posted a net income of KD 763 thousand.

تﺎ�وﺎﻤ�ﻛو�تﺒﻠﻟ نﺎ���ﺑ ﺔﻛ�شﻟ نﻠﻠﺤﻤﻟاﺮﻤﺗﺆﻤﻟضي �يضﺗﺎﻬﻟا عﺎﻤﺘﺟﻻا�ضﺤﻣ

2024/01/31 �ف�ي ﺘﻨﻤﻟا ﺚﻟﺎﺜﻟا ﻊــ��ﻟا ﺞﺋﺎﺘنﺑ صﺎﺨﻟاو

ي

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ش			ف	ً	،ةدﺎﺴﻟاو تاﺪ�ﺴﻟا	ﱢ ُ
ﺔﻛ� ﺞﺋﺎﺘﻨﻟ ﺔ�ﻋﺎﻤﺠﻟا ﺔﻤﻟﺎكﻤﻟا �	ﻢكب �ﻫأ	:ﻖﺴنﻤﻟا
			ي		ت
.2024/2023 مﺎﻌﻟا ﻦﻣ ﺚﻟﺎﺜﻟا ﻊــ��ﻟا ﻦﻋ «تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ نﺎ���ﺑ»
مﺎﻗرأ ﻦﻣ ،وﻮﺑﺎﺳ ثراﺪ�ﺳ	/ﺪ�ﺴﻟا �إ نﻵا ﺔﻤﻠ�ﻟا ﻞﻘﻧأ فﻮﺳو
		ﱠ
	.يﺪ�ﺳ ﻞﻀﻔﺗ .مﻮﻴﻟا ﻢكﻔ�ﻀﺘﺴ� يﺬﻟاو ،لﺎﺘيﺑﺎك
.	�					.	�	:
مﻮﻴﻟا ﺎﻨﻟ ﻢكﻣﺎﻤﻀﻧﻻ اﺮﻜﺷو ،ةدﺎﺴﻟاو تاﺪ�ﺴﻟا �يﺨﻟا ءﺎﺴﻣ		ﻚﻟ اﺮﻜﺷ	ثراﺪ�ﺳ
ف
ﺐﺣرأ نأ دوأ يﻧﺈﻓ ،لﺎﺘيﺑﺎك مﺎﻗرأ ﻦﻋ ﺔبﺎ�ﻨﻟﺎ�و ،وﻮﺑﺎﺳ ثراﺪ�ﺳ ﺎﻧأ
	ت		ش				ف
ﻦﻋ «تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ نﺎ���ﺑ» ﺔﻛ� ﺞﺋﺎﺘﻨﻟ ﺔ�ﻋﺎﻤﺠﻟا ﺔﻤﻟﺎكﻤﻟا � ﻢكب
							ي
،فاﻮﻧ /ﺪ�ﺴﻟا مﻮﻴﻟا �ﻣ ﻢﻀﻨﻳ .2024-2023 مﺎﻌﻟا ﻦﻣ ﺚﻟﺎﺜﻟا ﻊــ��ﻟا
ش	في			ت	يﺬ�ﻔﻨﺘﻟا		ﺲ�ﺋﺮﻟا
نﺎ���ﺑ» ﺔﻛ�	� ﺔ�ﻟﺎﻤﻟاو	ﺔ�ﺠ�ﺗا�ﺳﻼﻟ
	ي	�		ت			ت
نﻵا مﻮﻘ� فﻮﺴﻓ ،ﻚﻟذ ﻦﻣ ��أ ﻢكﺮﺧﺆﻧ ﻻ ىﺣو .«تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ

.ﻢكﻌﻣ ﺚ�ﺪﺤﻟﺎب فاﻮﻧ /ﺪ�ﺴﻟا

�

�

ءﺎﺴﻣ

:فاﻮﻧ

مﻮﻴﻟا ﺔ�ﻋﺎﻤﺠﻟا ﺎﻨﺘﻤﻟﺎكﻤﻟ ﻢكﻣﺎﻤﻀﻧﻻ اﺮﻜﺷو ،ﺎﻌ�ﻤﺟ �يﺨﻟا

ﺖﻘﻘﺣ .2024 �ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺚﻟﺎﺜﻟا ﻊــ��ﻟا لﻼﺧ ﺎﻨﺠﺋﺎﺘﻧ ﺔﺸﻗﺎﻨﻤﻟ

ي

ف

ت

ش

رﺎﻨﻳد نﻮﻴﻠﻣ 4.8

ەرﺪﻗ حﺎ�رأ �ﺎﺻ «تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ نﺎ���ﺑ» ﺔﻛ�

ي

ت

ﺔﻧرﺎﻘﻣ %21 ﻪﺘبﺴ� عﺎﻔﺗرﺎب ،مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا

ﻊــ��ﻟا لﻼﺧ ي��ﻛ

ضي

يت

يﻮﻘﻟا ءادﻷا ﺐبﺴ� عﺎﻔﺗرﻻا اﺬﻫ ءﺎﺟ .�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ة�ﻔﻟﺎب

ي

ﱟ

ف

ﺔﻤ�ﻗ ﻎﻠبﺗ ﺎﻤك .ﺔ�ﺳﺎﺳﻷا �يﻏو ﺔ�ﺳﺎﺳﻷا تارﺎﻤﺜتﺳﻻا ﻦﻣ ﻞك �

�

ت

�

ي

ﻊــ��ﻟا ﻦﻣ رﺎبﺘﻋا ي��ﻛرﺎﻨﻳد نﻮﻴﻠﻣ 504

ﺎ�ﻟﺎﺣ ﺔ�رﺎﻤﺜتﺳﻻا ﺎﻨﺘﻈﻔﺤﻣ

ي

2024 مﺎﻌﻟا ﻦﻣ ﺚﻟﺎﺜﻟا

ث

نﺎ���ﺑ» ﺔﻛ�ﻟ ﺔ�ﺳﺎﺳﻷا تارﺎﻤﺜتﺳﻼﻟ �ﺎﻤﻟا ءادﻷا �إ نﻵا ﻞﻘﺘنﻧ

،«

ن

��دﺎ�ﻷا ﻢ�ﻠﻌﺘﻠﻟ سﺎ�إ»

يش

ت

ﺔﻛ� �و «تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ

تيﻘﺘﻟاو

ي

ف

ي

ش

ي��ﻛ رﺎﻨﻳد نﻮﻴﻠﻣ 2.3 ﺔﻤ�ﻘب حﺎ�رأ �ﺎﺻ ﺔﻛ�ﻟا ﺖﻘﻘﺣ ﺚ�ﺣ

ي

ف

ي

حﺎ�رأ �ﺎﺼب ﺔﻧرﺎﻘﻣ %61 ﻪﺘبﺴ� عﺎﻔﺗرﺎب ،مﺎﻌﻟا ﻦﻣ لوﻷا ﻊــ��ﻟا لﻼﺧ

ض

ي

ت

ت

.�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ة�ﻔﻟا لﻼﺧ

ي��ﻛرﺎﻨﻳد نﻮﻴﻠﻣ 1.4 ﻪﺘﻤ�ﻗ

ي

ش

ف

ﱡ

ي

�إ ﺔﻛ�ﻟا تاداﺮﻳإ � ﻦﺴﺤﺘﻟا اﺬﻫ ءارو ��ﺋﺮﻟا ﺐبﺴﻟا ﻊﺟﺮ�و

ي

ً

ي

ﺪ�ﺷﺮﺗ ﻦﻣ ةدﺎﻔﺘﺳﻻا ﻢ�ﻈﻌﺗ ﻦﻋ �ﻀﻓ ؛%21 ﺔبﺴنﺑ ﺎﻬﻋﺎﻔﺗرا

ىدأ ﺎﻤﻣ ،ﺎ�ﺟﻮﻟﻮﻨﻜﺘﻟاو مﻮﻠﻌﻠﻟ ﺞﻴﻠﺨﻟا ﺔﻌﻣﺎﺟ �فﺔ�ﻠ�ﻐﺸتﻟا ﻒ�ﻟﺎكﺘﻟا

ي

ﱡ

لﻼﺧ %52 ـب ﺔﻧرﺎﻘﻣ %65 �إ ﻞﺼ�ﻟ ﺢــ��ﻟا ﻞﻤﺠﻣ ﺶﻣﺎﻫ ﻦﺴﺤﺗ �إ

ض

ت

.�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ة�ﻔﻟا

ي

رﺎﻤﺜتﺳا ﺮﺧﻵ ﺔ�ﻟﺎﻤﻟا ﺞﺋﺎﺘﻨﻟا تﺮﻬﻇ ،مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا ﻊــ��ﻟا لﻼﺧو

ف

ي

ش

ت

ﺔﻋﻮﻤﺠﻤﻟا �و ،ﺔ�ﻟﺎﻤﻟا ﺎﻬﻤﺋاﻮﻗ � «تﺎ�وﺎﻤ�ﻛو�ﺒﻠﻟ نﺎ���ﺑ» ﺔﻛ�ﻟ

ﺔﺳرﺪﻤﻟا

ي

ﻢ�ﻠﻌﺘﻟا

ي

ُ

ت

ن

ﻞبﻗ ﺎﻣ

عﺎﻄﻗ ﺮﻳﺪﺗ

يﻟاو ،ﻢ�ﻠﻌﺘﻠﻟ ﺔ��يﻠﺠﻧﻻا

ن

ﺔﻋﻮﻤﺠﻤﻟا ﻢﺳا

ﺖﺤﺗ دﻼبﻟا

ف

ﺔ��يﻠﺠﻧﻹا

ءﺎﺤﻧأ ﺔﻓﺎك � ﺔﺳرﺪﻤﻟاو

�

ي

لوﻷا ﻊــ��ﻟا لﻼﺧو .�بي يإ ﻢﺳﺎب ﺎﻀ�أ ﺔﻓوﺮﻌﻤﻟاو ،ﺮﻜبﻤﻟا ﻢ�ﻠﻌﺘﻠﻟ

رﺎﻨﻳد ﻒﻟأ 763

ي

يب

ف

ﺔﻤ�ﻘب ﻞﺧد �ﺎﺻ �بي يإ ﺖﻘﻘﺣ ،مﺎﻌﻟا ﻦﻣ

ي

ي

يب

.

ت

ي��ﻛ

ي

Nafais Holding Co.'s net income witnessed a 13% growth, reaching KD 2.9 million. This increase was a result of growth in revenue from medical services, as well as a decrease in their G&A expenses.

SAMA reported a net profit of KD 3.6 million this quarter, up from KD 3.5 million during the same period last year. This growth was driven by a 5% increase in revenues from tuition fees.

	ف	ف	�	ش	ﱠ
ﻞﺼ�ﻟ ﻞﺧﺪﻟا �ﺎﺻ � %13 ﻪﺘبﺴ� ﺎﻋﺎﻔﺗرا «ﺲ�ﺎﻔﻧ» ﺔﻛ� ﺖﻠﺠﺳ
	ي	ي	ت
ﺎﻬﺗﺎﻣﺪﺧ ﻦﻣ تاداﺮﻳﻹا عﺎﻔﺗرا ﺐبﺴ� ي��ﻛ رﺎﻨﻳد نﻮﻴﻠﻣ 2.9 �إ
			ي	ً
.ﺔ�رادﻹاو ﺔ�ﻣﻮﻤﻌﻟا ﺎﻬﺗﺎﻓو�ﻣ ضﺎﻔﺨﻧا ﻦﻋ �ﻀﻓ ،ﺔ�ﺒﻄﻟا
ت			ف	ش
ي��ﻛرﺎﻨﻳد نﻮﻴﻠﻣ 3.6 ﺔﻤ�ﻘب حﺎ�رأ �ﺎﺻ «ﺎﻤﺳ» ﺔﻛ� ﺖﻘﻘﺣ ﺎﻤك
ي		ف	ي
3.5 ەرﺪﻗ حﺎ�رأ �ﺎﺼب ﺔﻧرﺎﻘﻣ ﻚﻟذو ،مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا ﻊــ��ﻟا لﻼﺧ
	ض	ي	ت	ي
		ت
ءﺎﺟ ﺪﻗو .�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ة�ﻔﻟا لﻼﺧ ي��ﻛرﺎﻨﻳد نﻮﻴﻠﻣ
ي		ﺔﺠﺗﺎﻨﻟا	تاداﺮﻳﻹا عﺎﻔﺗرا	ي	اﺬﻫ
تﺎﻓو�ﻤﻟا ﻦﻋ	ﺐبﺴ� عﺎﻔﺗرﻻا

.%5 ﺔبﺴنﺑ ﺔ�ﺳارﺪﻟا

Al Kout reported a net income of KD 2.4 million in its fourth quarter compared to KD 1.8 million for the same period last year. This increase in net income during this quarter was primarily due to a decline in G&A expenses, which is a result of strategic focus on managing controllable expenses.

			ف				ش
2.4 ﺔﻤ�ﻘب ﻞﺧد �ﺎﺻ «ﺔ�ﻋﺎﻨﺼﻟا ﻊــــ�رﺎﺸﻤﻠﻟ تﻮ�ﻟا» ﺔﻛ� ﺖﻘﻘﺣ
نﻮﻴﻠﻣ 1.8		ي				ت
ﻞبﺎﻘﻣ مﺎﻌﻟا ﻦﻣ ﻊﺑاﺮﻟا ﻊــ��ﻟا لﻼﺧ ي��ﻛ رﺎﻨﻳد نﻮﻴﻠﻣ
ف				ض		ت	ي	ت
� عﺎﻔﺗرﻻا	ءﺎﺟ .�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ة�ﻔﻟا لﻼﺧ ي��ﻛ رﺎﻨﻳد
ي			ي					ي	ف
ﺐبﺴ� ��ﺋر ﻞكﺸ� مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا ﻊــ��ﻟا لﻼﺧ ﻞﺧﺪﻟا �ﺎﺻ
ف ت	ي				ي	تﺎﻓو�ﻤﻟا		ي
�يﻛ�ﻠﻟ	ﺔﺠ�تﻧ �و	،ﺔ�رادﻹاو ﺔ�ﻣﻮﻤﻌﻟا	ضﺎﻔﺨﻧا
			ي		ُ ت				ت
	.	�
		ﺎﻬﺑ ﻢكﺤﺘﻟا ﻦﻜﻤ� ىﻟا تﺎﻓو�ﻤﻟا ةرادإ �ﻋ ��بﺗا�ﺳﻹا
					ي			ي

Muna Noor reported a net profit of OMR 128 thousand for this quarter compared to OMR 362 thousand for the same period last year. The decline in net profit is due to narrower gross margins resulting from offering competitive prices to penetrate new export markets.

ن				ف	ف	ش
يﺎﻤﻋ	لﺎ�ر ﻒﻟأ 128 ﺔﻤ�ﻘب حﺎ�رأ �ﺎﺻ «رﻮﻧ ىﻣ» ﺔﻛ� ﺖﻘﻘﺣو
ف	لﺎ�ر ﻒﻟأ 362		ي
لﻼﺧ	ـب ﺔﻧرﺎﻘﻣ ،مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا ﻊــ��ﻟا لﻼﺧ
ض	يﺎﻤﻋ			ض	ي	ت
ض
�ﺎﺻ � ضﺎﻔﺨﻧﻻا ءﺎﺟو .�ﺎﻤﻟا مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ﺔ�ﻨﻣﺰﻟا ة�ﻔﻟا
ي	ي		ي

رﺎﻌﺳأ ح�ﻃ ﻦﻋ ﺔﺠﺗﺎﻨﻟا ﺢــ��ﻟا ﻞﻤﺠﻣ ﺶﻣﺎﻫ ضﺎﻔﺨﻧا ﺐبﺴ� حﺎ�رﻷا

.ةﺪ�ﺪﺟ ﺔ��ﻳﺪﺼﺗ قاﻮﺳأ �فلﻮﺧﺪﻠﻟ ﺔ�ﺴﻓﺎﻨﺗ

ي

Al Borg reported a net profit of SAR 7.6 million this quarter compared to a loss of SAR 1.8 million during the same period last year. This increase in profitability is the result of the company's ongoing effort to implement measures aimed at enhancing operational efficiency and strengthening financial resilience.

With that, I've covered the key points for this quarter. I'd now like to open discussion to address any questions you may have.

Operator: If you would like to ask a question today, please press star followed by 1 on your telephone keypad. It appears we have no questions currently. This concludes our conference call. Thank you all for joining. We will now end the call.

		ف		ش
7.6 ﺔﻤ�ﻘب حﺎ�رأ �ﺎﺻ «ﺔ�ﺒﻄﻟا تا�بﺘﺨﻤﻠﻟ ج�بﻟا» ﺔﻛ� ﺖﻘﻘﺣو
		ي
ﺮﺋﺎﺴﺨب ﺔﻧرﺎﻘﻣ ،مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا ﻊــ��ﻟا لﻼﺧ يدﻮﻌﺳ لﺎ�ر نﻮﻴﻠﻣ
		تي
مﺎﻌﻟا ﻦﻣ ﺎﻬﺴﻔﻧ ﺔ�ﻨﻣﺰﻟا ة�ﻔﻟا لﻼﺧ يدﻮﻌﺳ لﺎ�ر نﻮﻴﻠﻣ 1.8 ﺎﻫرﺪﻗ
	ث		ف			ض
ﺔﺜيﺜﺤﻟا ﺔﻛ�ﻟا دﻮﻬﺠﻟ ﺔﺠ�تﻧ ﺔ�ﺤ��ﻟا � عﺎﻔﺗرﻻا اﺬﻫ ءﺎﺟ	.�ﺎﻤﻟا
ً		ف	ي		ي
�ﻀﻓ ،ﺔ�ﻠ�ﻐﺸتﻟا تﺎ�ﻠﻤﻌﻟا ﺔ�ﻟﺎﻌﻓ نﺴﺤﺘﻟي	ﺔ�ﻣاﺮﻟا تاءاﺮﺟﻹا ﺬ�ﻔﻨﺘﻟ
			.�ﺎﻤﻟا ﺎﻫراﺮﻘﺘﺳا ﺰ��ﻌﺗ ﻦﻋ
			ي
				ف
ﻊــ��ﻟﺎب ﺔﺻﺎﺨﻟا ﺔ�ﺴ�ﺋﺮﻟا طﺎﻘﻨﻟا ﺔ�ﻄﻐﺘﺑ ﺖﻤﻗ ﺪﻗ ئﻧﺈﻓ ،اﺬﻫ ﺎﻨﻟﻮﻘ�و
		ت		ي
ﻢكﺗارﺎﺴﻔﺘﺳا �ﻠﺘﻟ ﺔﺸﻗﺎﻨﻤﻟا بﺎب ﺢﺘﻓ نﻵا دوأو .مﺎﻌﻟا ﻦﻣ �ﺎﺤﻟا
		ي			ي
				.ﺎﻬﻴﻠﻋ ﺔبﺎﺟﻹاو
		ً				ﱢ ُ
�ﻋ ﻂﻐﻀﻟا لﻼﺧ ﻦﻣ ﻚﻟذ اﻮﻠﻌﻓا �ﻀﻓ ،مﻮﻴﻟا لاﺆﺳ ح�ﻃ ﻢﺗدرأ نإ :ﻖﺴنﻤﻟا
		�				ف
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.نﻵا ﺔﻤﻟﺎكﻤﻟا

Boubyan Petrochemical Company

Investor Update - January 31, 2024

Boubyan Petrochemical Company - 3Q23/24 results

Business

Highlights

Financial

Highlights

• Boubyan achieved a net profit of KWD 4.8 mn in 3Q23/24, marking a growth of 21% over the same period last year. This growth was driven by strong performance in both core and non-core investments.
• Income from core investments surged by 64% on the back of strong performance in the education sector. Additionally, Boubyan has consolidated its latest investment in the education sector, The English Educational Group Co. (EPG), further contributing to the income from core investments.
• Boubyan reported net income of KWD 4.8 mn in 3Q23/24, compared to KWD 4.0 mn in 3Q22/23 (EPS of 9.04 fils in 3Q23/24 vs 7.67 fils in 3Q22/23).
• The value of the investment portfolio as of 3Q23/24 reached KWD 504.0 mn, with core investments (excluding Equate) accounting for 35.5% of the portfolio.

2

Core Investments' Update (1/2)

• Eyas achieved a net profit of KWD 2.3 mn in 1Q2023/24, marking a significant increase of 61% over the net profit of KWD 1.4 mn during the same period last year.
• The increase in the Company's bottom line was driven by a 21% increase in revenue as well as optimization of the operating costs of GUST, resulting in an improved gross margin of 65% compared to 52% in the first quarter of FY 2023.
• Al Kout posted a net income of KWD 2.4 mn in 4Q23, compared to KWD 1.8 mn in 4Q22. The increase in net income during the quarter was primarily due to a decline in G&A expenses, which is a result of strategic focus on managing controllable expenses.
• In 3Q23, Nafais' net income witnessed a 13% growth, reaching KWD 2.9 mn from KWD 2.6 mn during the same period last year. This increase was a result of growth in revenue from medical services as well as a decrease in G&A expenses.
• During the quarter, following the approval of the Competition Protection Agency, Boubyan has consolidated its latest investment, The English Educational Group Co., which operates pre-schools and schools across the country under the brand name of EPG.
• EPG posted a net income of KWD 763K in 1Q23/24.

3

Core Investments' Update (2/2)

• Muna Noor reported net profit of OMR 128K during 3Q23/24, compared to OMR 362K during the same period last year. The decline in net profit is primarily attributed to a decrease in the company's gross margin, aimed at offering competitive prices to penetrate export markets.
• Al Borg reported a net profit of SAR 7.6 million during 4Q23, marking a significant turnaround from a loss of SAR 1.8 million during the same period last year. This increase in profitability is a result of ongoing operational streamlining efforts. The Company remains dedicated to implementing measures aimed at enhancing operational efficiency and strengthening financial resilience, and these initiatives have yielded positive results.
• Sama reported a net profit of KWD 3.6 mn in 1Q23/24, up from KWD 3.5 mn in 1Q22/23.
• The increase in profit during the quarter was a result of a 5% increase in revenues from tuition fees.

4

Boubyan's investment portfolio reached KWD 504.0 mn as of 3Q23/24

Amounts in KWD, millions

EQUATE Group	Ownership	Carrying Value
EQUATE	9.0%		179.5
The Kuwait Olefins Company (TKOC)	9.0%		113.7
EQUATE Group Total			293.2
Core Investments	Ownership	Carrying Value
EPG	100.0%		64.3
Sama	41.7%		39.5
Al Kout	54.1%		24.9
EYAS	62.8%		21.7
Nafais	21.1%		12.3
Muna Noor	100.0%		7.4
Al Borg	25.1%		5.6
Afaq	90.3%		2.3
KVC	84.6%		0.8
Total Core Investments			178.8
Total Non-Core Investments			32.1
Total Investment Portfolio			504.0

6.4%

35.5%

58.2%

Equate Group

Core investments

Non-core investments

5

Boubyan achieved net income of KWD 4.8 mn in 3Q23/24, compared to KWD 4.0 mn in 3Q22/23

KWD, thousands
Income	3Q23/24	3Q22/23
Equate Group	1,571.8	1,633.1
Sama Education Co.
1,520.2	-
Al Kout	1,311.0	981.0
Eyas	1,454.7	300.2
EPG	763.5	-
Nafais	620.4	547.5
Afaq Education Co.	245.4	-
Muna Noor Group	102.1	287.5
KVC	1.6	-
Al Borg ML	157.6	(37.0)
EDU*	-	1,691.3
Total core investments income	6,176.3	3,770.4
Total non-core investments income	358.3	190.8
Realised and unrealised FVTPL gains	(5.7)	1.1
Intrerest and other Income	618.3	521.8
Foreign exchange gain	(2.2)	(34.7)
Total other income	610.4	488.2
Total income	8,716.7	6,082.5
Expenses	(3,398.8)	(1,703.4)
Finance cost
G&A expenses	(258.4)	(221.9)
Staff expenses	(134.7)	(120.6)
Board & Govt. Fees / Taxes	(102.6)	(39.7)
Total expenses	(3,894.5)	(2,085.6)
Net income	4,822.3	3,996.9

EPS Contribution (fils)

3Q23/24 3Q22/23

2.95 3.13

2.85 -

2.46 1.88

2.73 0.58

1.43 -

1.16 1.05

0.46 -

0.19 0.55

0.00 -

1. (0.07)
   - 3.24

11.57 7.23

1. 0.37

(0.01) 0.00

1.16 1.00

(0.00) (0.07)

1. 0.94

1. 11.66

(6.37) (3.27)

(0.48) (0.43)

(0.25) (0.23)

(0.19) (0.08)

(7.30) (4.00)

9.04 7.67

Commentary

• Core investments' income increased to KWD 6.2 mn in 3Q23/24 from KWD 3.8 mn during the same period last year. The increase is on the back of strong performance of the education sector, including contribution from the latest addition to the sector, EPG.
• Non-coreinvestment income increased to KWD 0.4 mn in 3Q23/24 compared to KWD 0.2 mn in 3Q22/23.
• Net income increased to KWD 4.8 mn in 3Q23/24 from KWD 4.0 mn in 3Q22/23, driven by an increase in both
  core and non-core investments' income.

*Excluding Eyas

6

Core Investment Income reached KWD 6.2 mn in 3Q23/24

Amounts in KWD, thousands

194.672.9

330.0

763.5	185.4

1,230.3

6,176.3

3,770.4

3Q22/23 Core	EDU Group	EPG	Al-Kout	Al Borg ML	Nafais	Muna Noor	3Q23/24 Core
Investment (Eyas, Sama, Afaq, KVC)					Group	Investment
Income							Income

7