A comprehensive 10-year study by the Investment Research Unit at Kuwait Investment Company (KIC) analyzed the top-performing companies on the Kuwait Stock Exchange from 2015 to 2025. The analysis focused on market capitalization, net profits, cash dividends, and shareholders’ equity.
The findings show that banks consistently topped the rankings. Between 2015 and 2024, six banks were always among the top 10 by market capitalization. In 2025, that number rose to eight.
The National Bank of Kuwait (NBK) held the top spot from 2015 to 2021. Its market value increased from KD 4 billion at the end of 2015 to KD 7.17 billion in 2021. By July 2025, it reached KD 9 billion, although it now ranks second.
Kuwait Finance House (KFH) moved from second place (2015–2021) to first in 2022 after acquiring Ahli United Bank in Bahrain. Its market value rose from KD 2.58 billion in 2015 to KD 7 billion in 2021, then surged to KD 11 billion in 2022. As of July 2025, it stands at KD 14.84 billion—the highest among all Kuwaiti companies.
Zain maintained third place from 2015 to 2021, with its market cap rising from KD 1.51 billion to KD 2.58 billion. However, it dropped to fourth between 2022 and 2025, and now stands at KD 2.22 billion.
Boubyan Bank took third place during the same period, after rising steadily from KD 908 million in 2015 to KD 2.51 billion in 2022. It currently has a market capitalization of KD 3.1 billion.
Gulf Bank climbed into fifth position in 2025, valued at KD 1.4 billion, after fluctuating between sixth and eighth in previous years. Mabanee Company retained sixth place at KD 1.31 billion.
Warba Bank entered the top 10 for the first time in 2025, reaching seventh with a market cap of KD 1.26 billion. This was driven by a capital increase and a 50% rise in its share price.
KIC’s report attributes these companies’ growth to strong and consistent financial performance, solid dividend payouts, growth in shareholders’ equity, and healthy profit margins. Most were valued appropriately in line with their financial results.
Seventeen companies dominated the top ranks over the decade. Together, they generated KD 14.42 billion in net profits, accounting for 73% of total profits of all listed companies. They paid out KD 8.2 billion in cash dividends—71% of total dividends distributed on the exchange. About 41% of their profits were distributed as dividends, with the remaining 59% reinvested for growth.
Net profits for the top 10 companies rose from KD 909 million in 2015 to KD 1.95 billion in 2024, an average annual growth rate of 9%. These firms consistently represented the majority of market profits, reaching 69% of total profits in 2024.
Cash dividends followed a similar trend. From KD 480 million in 2015 (51% of all market payouts), dividends grew to KD 1 billion in 2024, capturing 67% of the market total. This also reflects a 9% annual growth rate.
The study highlights a substantial rise in shareholders’ equity. The top 17 companies increased their combined market cap from KD 12 billion in 2015 to KD 19 billion by March 2025—a growth rate of 5.5% per year.
Among the top 10 companies, shareholders’ equity grew from KD 9.6 billion to KD 16.2 billion over the same period, averaging 6% annually. These companies now hold 59% of all equity on the exchange.
KFH led this category with equity rising from KD 1.78 billion to KD 5.5 billion. NBK followed, growing from KD 2.76 billion to KD 4 billion.
Leading Companies by Market Capitalization (as of July 30, 2025) — Kuwait Finance House – KD 14.84 billion; National Bank of Kuwait – KD 9 billion; Boubyan Bank – KD 3.1 billion; Zain – KD 2.22 billion; Gulf Bank – KD 1.4 billion; Mabanee Company – KD 1.31 billion and Warba Bank – KD 1.26 billion.
