Kuwait Projects Co Holding KSC (KUW:KPROJ) Beneish M-Score: -2.21 (As of Jul. 21, 2026)

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What is Kuwait Projects Co Holding KSC Beneish M-Score?

Kuwait Projects Co Holding KSC KUW:KPROJ -0.50% Beneish M-Score is -2.21 as of Jul. 21, 2026. The stock has 2 warning signs investors should review. Among 1,394 Banks companies, Kuwait Projects Co Holding KSC ranks worse than 79.12% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kuwait Projects Co Holding KSC's Beneish M-Score or its related term are showing as below:

KUW:KPROJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86   Med: -2.43   Max: -0.85
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Kuwait Projects Co Holding KSC was -0.85. The lowest was -2.86. And the median was -2.43.

Kuwait Projects Co Holding KSC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Kuwait Projects Co Holding KSC for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 0.9977+0.892 * 1.0194+0.115 * 1.0174
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9757+4.679 * 0.059996-0.327 * 1.1059
=-2.21

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was KWD0.0 Mil.
Revenue was 223.298 + 237.844 + 231.008 + 232.78 = KWD924.9 Mil.
Gross Profit was 223.298 + 237.844 + 231.008 + 232.78 = KWD924.9 Mil.
Total Current Assets was KWD0.0 Mil.
Total Assets was KWD14,234.6 Mil.
Property, Plant and Equipment(Net PPE) was KWD758.1 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD70.7 Mil.
Selling, General, & Admin. Expense(SGA) was KWD117.1 Mil.
Total Current Liabilities was KWD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was KWD2,218.3 Mil.
Net Income was 3.522 + 2.904 + 3.268 + 5.025 = KWD14.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.0 Mil.
Cash Flow from Operations was 86.732 + -187.386 + -456.995 + -281.659 = KWD-839.3 Mil.
 Total Receivables was KWD0.0 Mil.
Revenue was 230.978 + 247.753 + 213.466 + 215.144 = KWD907.3 Mil.
Gross Profit was 230.978 + 247.753 + 213.466 + 215.144 = KWD907.3 Mil.
Total Current Assets was KWD0.0 Mil.
Total Assets was KWD13,299.1 Mil.
Property, Plant and Equipment(Net PPE) was KWD679.5 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD64.6 Mil.
Selling, General, & Admin. Expense(SGA) was KWD117.8 Mil.
Total Current Liabilities was KWD0.0 Mil.
Long-Term Debt & Capital Lease Obligation was KWD1,874.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 924.93) / (0 / 907.341)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(907.341 / 907.341) / (924.93 / 924.93)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 758.086) / 14234.614) / (1 - (0 + 679.525) / 13299.103)
=0.946743 / 0.948904
=0.9977

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=924.93 / 907.341
=1.0194

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(64.625 / (64.625 + 679.525)) / (70.746 / (70.746 + 758.086))
=0.086844 / 0.085356
=1.0174

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(117.128 / 924.93) / (117.759 / 907.341)
=0.126634 / 0.129785
=0.9757

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2218.294 + 0) / 14234.614) / ((1874.023 + 0) / 13299.103)
=0.155838 / 0.140913
=1.1059

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(14.719 - 0 - -839.308) / 14234.614
=0.059996

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Kuwait Projects Co Holding KSC has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.21 mean?
Kuwait Projects Co Holding KSC (KUW:KPROJ) has a Beneish M-Score of -2.21 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kuwait Projects Co Holding KSC and its competitors. According to the industry distribution chart, Kuwait Projects Co Holding KSC ranks #1103 out of 1394 companies in the Banks industry, placing it in the top 79.1%.
Is Kuwait Projects Co Holding KSC's Beneish M-Score too high?
Kuwait Projects Co Holding KSC's current Beneish M-Score is -2.21. Based on the distribution chart, Kuwait Projects Co Holding KSC ranks #1103 out of 1394 companies in the Banks industry, which is in the bottom quartile relative to peers.
How does Kuwait Projects Co Holding KSC's Beneish M-Score compare to PNC and USB?
According to the Banks industry distribution chart, Kuwait Projects Co Holding KSC ranks #1103 out of 1394 companies for Beneish M-Score. This places Kuwait Projects Co Holding KSC in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kuwait Projects Co Holding KSC and its competitors. Kuwait Projects Co Holding KSC's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kuwait Projects Co Holding KSC stock overvalued right now?
Based on GuruFocus' analysis, Kuwait Projects Co Holding KSC (KUW:KPROJ) is currently considered Possible Value Trap. The stock's GF Value™ is KWD0.12, compared to a current price of KWD0.08 — trading 33.9% below its estimated fair value. The current Beneish M-Score is -2.21. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Kuwait Projects Co Holding KSC (KUW:KPROJ), the current Beneish M-Score is -2.21 as of Jul. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Kuwait Projects Co Holding KSC Business Description

Address Khalid Bin Al Waleed Street, KIPCO Tower, Floors 49-51, P.O. Box 23982, Sharq, Safat, Kuwait City, KWT, 13100
Kuwait Projects Co Holding KSC is an investment holding company operating in sectors such as financial services, food, petrochemicals & oil services, media, real estate, and education. The business activity of the firm functions through various segments, which include Commercial Banking, Asset Management and Investment Banking, Media & Satellite Services, Energy, Industrial & Logistics, Hospitality and real estate, and others. It generates maximum revenue from the Commercial banking segment. Geographic areas of operation include Kuwait, the Rest of GCC, the Rest of the Middle East and North Africa, North America, and Europe.