MEFIC REIT Fund reported Q2 2025 revenue of SAR 16.26 million with a net income of SAR 3.86 million, yielding a net margin of 23.7% and an EBITDA margin of approximately 70.0%. The company continues to exhibit a high gross margin (100%) driven by the stated cost structure, but revenue declined by 43.5% year-over-year, while QoQ revenue remained flat. Operating income rose sharply year-over-year by ~464% despite the absence of tax expense, suggesting leverage of structural cost efficiency and portfolio performance against a backdrop of a one-off or non-operating charge in the period. Net income aesthetics are supported by an EBITDA-driven profitability foundation, yet the balance sheet shows modest liquidity and elevated receivables dynamics. Management commentary is not included in the provided data; no earnings call transcript was supplied for direct quotes.
Key Performance Indicators
Revenue
Decreasing
16.26M
QoQ: 0.00% | YoY: -43.46%
Gross Profit
Increasing
16.26M
1.00% margin
QoQ: 0.00% | YoY: 20.69%
Operating Income
Increasing
9.28M
QoQ: 0.00% | YoY: 464.49%
Net Income
Increasing
3.86M
QoQ: 0.00% | YoY: 115.77%
EPS
Increasing
0.05
QoQ: 0.00% | YoY: 115.94%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: SAR 16,262,872; YoY change: -43.46%; QoQ change: 0.00%
Gross Profit: SAR 16,262,872; YoY: +20.69%; QoQ: 0.00%
Operating Income: SAR 9,278,286; YoY: +464.49%; QoQ: 0.00%
Net Income: SAR 3,855,955; YoY: +115.77%; QoQ: 0.00%
EPS: SAR 0.0526; YoY: +115.94%; QoQ: 0.00%
EBITDA: SAR 11,381,880; EBITDARatio: 0.6999; Operating Income Margin: 57.05%
Net Profit Margin: 23.71%; Gross Margin: 100%
Liquidity: Current ratio 1.081x; Quick ratio 1.081x; Cash ratio 0.0048x
Leverage: Debt ratio 0.436x; Debt to equity 0.823x; Long-term debt to capitalization 0.402x; Total debt to capitalization 0.451x
Efficiency: Receivables turnover 0.699x; Asset turnover 0.0165x; Fixed asset turnover 0.0198x; CFO per share SAR 0.284; FCF per share SAR 0.284
Valuation (as of 2025-06-30): P/E 17.77x; P/S 16.85x; P/BV 0.524x; EV/EBITDA 61.90x; Dividend yield 0.00%
Source: Company filings and peer data provided.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
16.26M
-43.46%
0.00%
Gross Profit
16.26M
20.69%
0.00%
Operating Income
9.28M
464.49%
0.00%
Net Income
3.86M
115.77%
0.00%
EPS
0.05
115.94%
0.00%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
57.10%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
23.70%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.39%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.74%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.08
Current ratio meets minimum requirements but limited cushion
MEFIC REIT Fund (4346.SR) QQ4 2023 Results Analysis – Revenue SAR 28.77m, Net Loss SAR 24.45m; EBITDA SAR 5.92m; Leverage and Cash Flow in a Diversi...