Revenue and profitability metrics (Q1 2024, SAR):
- Revenue: 16,596,604; YoY change +3.90%; QoQ change -51.83%
- Gross Profit: 15,645,579; Gross margin 0.943; YoY +4.13%; QoQ -46.22%
- Operating Income: 15,576,826; Operating margin 0.939; YoY +15.87%; QoQ -46.30%
- EBITDA: 15,576,827; EBITDA margin 0.939; YoY activity supports cash flow resilience amid higher other expenses
- Other income/expenses: net -7,830,764 (material negative swing in QoQ);
- Income Before Tax: 7,746,062; Margin 0.467; YoY flat to positive; QoQ -57.83%
- Net Income: 7,746,062; Net margin 0.467; YoY -4.18%; QoQ -61.52%
- EPS: 0.15 SAR; Diluted EPS: 0.15 SAR; YoY -6.25%; QoQ -61.54%
- Dividends paid: -8,160,000; Payout ratio: 1.053x; indicates distributions funded beyond current period net income
- Cash flow from operations: 10,903,662; Free cash flow: 10,903,662; Net cash from operating activities supports dividend capacity despite negative period-end cash balance.
- Balance sheet highlights: Total assets 857,251,035; Total liabilities 308,270,652; Equity 548,980,383; Long-term debt 297,629,589; Current ratio 14.47x; Debt ratio 0.347; Net debt 297,076,587.
- Liquidity and efficiency: Receivables turnover implied by reported days of receivables outstanding (822 days) suggests seasonality and potential collection timing effects; cash ratio is low (0.0520x) relative to current assets, highlighting reliance on non-cash working capital components.
- Valuation and returns: Price-to-book ~1.03x; Price-to-sales ~34.05x; Dividend yield ~1.44%; Implied leverage and payout policy influence total return profile.
Notes: YoY and QoQ figures reflect quarterly volatility and seasonal patterns common to property rental REITs with education-focused assets. The strong gross margin indicates stable rental yields within the portfolio, while the large negative other income/expense line in the quarter suggests non-operating items influenced quarterly profitability.