Revenue and Profitability:
- Revenue: SAR 1,629,731; YoY +9.12%; QoQ +0.44%
- Gross Profit: SAR 1,353,603; YoY -9.37%; QoQ -0.75%; Gross Margin ~83.06%
- Operating Income: SAR 1,353,602; YoY +62.93%; QoQ -0.75%; Operating Margin ~83.06%
- EBITDA: SAR 1,254,133; EBITDA Margin ~76.95%
- Net Income: SAR -1,070,886; YoY -151.08%; QoQ -141.46%; Net Margin ~-65.71% (reflects non-operating items and tax effects)
- EPS (diluted): SAR -0.0908; YoY -150.44%; QoQ -141.27%
Cash Flow and Liquidity:
- Net cash provided by operating activities: SAR 2,128,616
- Dividends paid: SAR -2,360,000
- Net cash used by financing activities: SAR -2,360,000
- Cash at end of period: SAR 627,421; Beginning cash: SAR 627,421
- Free cash flow: SAR 2,128,616
- Balance sheet liquidity: Cash and cash equivalents SAR 1,755,035; Total current assets SAR 2,047,203; Total current liabilities SAR 2,697,719; Current ratio ~0.76; Total assets SAR 89,011,509; Total stockholders’ equity SAR 86,313,790; PPE net SAR 86,964,306; Net debt to cash position: net debt SAR -1,755,035
Balance Sheet and Leverage:
- Net debt position remains negative (net cash), reflecting a conservative balance sheet stance for a REIT with substantial fixed assets. Equity is strong at SAR 86.314 million against total assets of SAR 89.011 million, underscoring a substantial cushion to potential portfolio adjustments.
- The company maintains a heavy PPE base typical of warehouse/logistics real estate assets, which may support stable long-term rental income but requires ongoing capex and maintenance.
Note on quarterly delta:
- The notable delta between operating performance (positive margin) and net income (loss) is primarily driven by other income/expenses, which turned negative by SAR 2.424 million in QQ3 2024. This non-operating line item is a key swing factor for reported profitability and warrants close monitoring in coming quarters.