Mobile Telecommunication Company Saudi Arabia (Zain KSA)
The smallest of the three by revenue and the most leveraged, which makes its equity the most sensitive in the cohort to the cost of debt. Strategic shareholding by its Kuwaiti parent. Recent years include material infrastructure monetisation, so headline returns need to be read against the underlying operating trend rather than in isolation.
Overview
What it is. Mobile Telecommunication Company Saudi Arabia, trading as Zain KSA, was created after Council of Ministers Resolution No. 175 of 11 June 2007 licensed a third mobile network in the Kingdom. It listed on Tadawul on 22 March 2008. It is the smallest of the three operators, at roughly a seventh of stc's revenue, and the most leveraged. Its Kuwaiti parent, Zain Group, holds a strategic shareholding.
What it sells. Mobile telecommunications across Saudi Arabia — voice, data and related services — under licence from the regulator. It has a history of moving early on network generations: it was the first operator in the Middle East to launch 4G/LTE commercially, in September 2011, and launched 5G in October 2019 across 28 cities on a reported 2,600 towers.
Where it operates. Saudi Arabia only. One structural point matters more than any other for reading its accounts: in a transaction approved in 2022 and completed in January 2023, Zain KSA sold 8,069 towers to a consortium led by the Public Investment Fund for SAR 3.02bn, receiving roughly SAR 2.4bn in cash and retaining a 20% stake in the resulting vehicle, Golden Lattice Investment Company. Tower ownership and maintenance therefore sit outside the company, which is the single biggest reason its reported capital expenditure looks so different from its peers'.
The financial picture
Business & sector context
The smallest operator in the cohort at SAR 10,983mn of FY2025 revenue, 10.1% of the cohort total and 14.1% of stc's scale. Main Market listing with full IFRS-KSA disclosure. It is also the most leveraged: debt-to-equity of 0.79x against a cohort median of 0.28x, with interest cover of 6.1x versus 15.3x at Mobily and 24.0x at stc. That combination — smallest scale, highest leverage, lowest returns — means the equity is the most sensitive in the cohort to any move in the cost of debt.
Zain KSA earned a 4.7% return on invested capital in FY2025 against a 6.2% cost of capital — a −1.5 point spread, meaning the company destroyed value on every riyal of capital employed. It has cleared its cost of capital in exactly one year out of eight (FY2023, +1.2 points). The metric that drives the view is the ROIC trend itself, not the headline capital expenditure of 2.3% of revenue. That capex number is down from 19.6% in FY2018 against a cohort median of 15.2%, but it is not comparable: Zain KSA sold 8,069 towers to a PIF-led consortium in a deal completed in January 2023, moving tower ownership off its balance sheet. The relevant question is therefore not whether it is underinvesting but why, having shed the most capital-intensive part of its asset base, it still fails to earn its cost of capital.
Value creation
Quality of earnings
Cash conversion is not the problem: operating cash flow of SAR 1,776mn against NOPAT of SAR 1,068mn is 1.66x, comfortably above 1.0x. The problem is what the cash flow statement shows underneath. Free cash flow of SAR 1,528mn looks healthy at 13.9% of revenue, but it is produced by capital expenditure of SAR 248mn — 2.3% of revenue — rather than by operating strength. That low capex is structural rather than discretionary following the 2023 tower disposal, but the economics did not disappear with the towers: they reappear as operating lease payments, which the NOPAT bridge deducts and free cash flow as defined here does not. Free cash flow therefore flatters Zain KSA relative to peers who still own their towers. Separately, days sales outstanding deteriorated from 92.6 in FY2018 to 168.2 in FY2025, an increase of 75.6 days and 37.6 days worse than the cohort median of 130.6 — the worst receivables trend in the cohort by a wide margin. EBITDA margin fell from 40.2% to 31.7%, an 8.5 point compression, the largest in the cohort.
Ratio analysis vs cohort benchmark
| FY2025 | Company | Cohort median | Verdict |
|---|---|---|---|
| Current ratio | 1.3x | 1.3x | in line with cohort +0.0x |
| Quick ratio | 1.3x | 1.3x | in line with cohort +0.0x |
| Debt-to-equity | 78.7% | 28.2% | worse than cohort +50.6pt |
| Interest coverage | 6.1x | 15.3x | worse than cohort -9.2x |
| Days sales outstanding | 168 | 131 | worse than cohort +38d |
| Cash conversion cycle | -206 | -55 | better than cohort -151d |
| Capex % of revenues | 2.3% | 15.2% | worse than cohort -12.9pt |
| Gross margin | 59.9% | 54.7% | better than cohort +5.2pt |
| EBITDA margin | 31.7% | 31.9% | in line with cohort -0.2pt |
| EBIT margin | 12.0% | 18.7% | worse than cohort -6.7pt |
| Net margin | 5.5% | 17.6% | worse than cohort -12.2pt |
| Return on assets | 2.1% | 8.2% | worse than cohort -6.1pt |
| Return on equity | 5.6% | 17.1% | worse than cohort -11.5pt |
| Return on invested capital | 4.7% | 11.0% | worse than cohort -6.3pt |
| WACC | 6.2% | 6.2% | in line with cohort +0.0pt |
| P/E | 15.5x | 14.6x | worse than cohort +0.9x |
| EV/EBITDA | 5.4x | 7.3x | better than cohort -1.9x |
| Dividend yield | 0.0% | 3.8% | worse than cohort -3.8pt |
Cohort median is the median of stc, Mobily and Zain KSA for FY2025. Etihad Atheeb Telecom (GO, 7040) is excluded on fiscal-year-end grounds, so this is a three-company median and not a full-sector median. Every underlying figure and its formula is shown on the Ratios, ROIC & WACC and Valuation tabs.
Valuation cross-check
Multiple-based. The shares trade on 15.5x trailing earnings and 5.4x EV/EBITDA, against cohort medians of 14.6x and 7.3x respectively.
Intrinsic. Applying the key value driver formula V = NOPATt+1 × (1 − g ÷ ROIC) ÷ (WACC − g) to FY2025 NOPAT of SAR 1,068mn at ROIC 4.7% and WACC 6.2%, then deducting net debt of SAR 9,425mn and dividing by 898,729,175 net shares, gives an implied value of SAR 3.2 per share at a 3% perpetual growth rate — -70% versus the FY2025 share price of SAR 10.43.
| Implied value per share, SAR | g = 2% | g = 3% | g = 4% |
|---|---|---|---|
| WACC 5.2% | 11.2 +7% | 9.4 -10% | n/m |
| WACC 6.2% | 6.0 -42% | 3.2 -70% | -2.5 -124% |
| WACC 7.2% | 2.8 -73% | -0.1 -101% | -5.0 -148% |
A perpetuity is highly sensitive when WACC − g is small: a one-point move in WACC changes the implied value materially, which is why the grid is shown rather than a single point estimate. The grid is a sanity check on what the market multiple implies about growth and returns — it is not a valuation opinion and no price objective is expressed or implied.
Catalysts & risks
What would have to happen for the analysis above to move in either direction, with a rough subjective weighting. These are scenarios to test, not forecasts, and no buy, sell or hold recommendation is made on this site.
Bull case
Equity rose from SAR 4,012mn in FY2018 to SAR 10,876mn in FY2025 and debt-to-equity fell from 2.54x to 0.79x, so the capital structure is far less fragile than it was. A further deleveraging step would lower the cost of equity, and the WACC has already fallen from 8.3% to 6.2%.
Zain KSA sold 8,069 towers to a PIF-led consortium for SAR 3.02bn, completed January 2023, retaining a 20% stake in the vehicle. Tower ownership and maintenance now sit outside the company, so reported capital expenditure genuinely should be lower than peers who still own their towers — the 2.3% figure is not like-for-like against a cohort median of 15.2%. The economic cost has moved from the capex line to operating lease payments.
Bear case
Capex has run below 10% of revenue for three consecutive years while peers invest 15–16%. In a network business, a three-year investment gap of that size typically surfaces as coverage and speed disadvantage, and then as churn, on a two-to-four year lag.
DSO at 168.2 days and rising for four straight years, on a balance sheet where equity is SAR 10,876mn, means a 10% provision against the receivables book would consume a material share of a single year's net profit of SAR 604mn.
Market, tax and disclosure profile
Market. Tadawul Main Market. Full IFRS-KSA disclosure, quarterly reporting under CMA rules, and Main Market liquidity — so the analysis is not constrained by disclosure depth, and no Nomu illiquidity premium is applied to the cost of equity. Had this been a Nomu Parallel Market listing, the lighter disclosure obligations and thinner free float would require an explicit illiquidity loading in WACC and a wider margin of safety on any recommendation.
Zakat / tax profile. Zain KSA has a strategic GCC-domiciled parent shareholding. Whether that holding is treated as GCC-national for zakat purposes materially changes the after-tax cost of debt, and the split is not yet confirmed on this site. WACC uses the effective reported charge.
Share price performance
Performance summary
| 2018–2025 | First close | Last close | Total | Annualised | Max drawdown | Volatility | Best year | Worst year |
|---|---|---|---|---|---|---|---|---|
| stc | 27.27 | 42.98 | +58% | +5.9% | -40% | 21% | 2018 +35% | 2022 -21% |
| Mobily | 16.10 | 66.00 | +310% | +19.3% | -31% | 28% | 2019 +51% | 2018 +3% |
| Zain KSA | 7.34 | 10.43 | +42% | +4.5% | -40% | 29% | 2019 +42% | 2024 -27% |
| TASI | 7,194.15 | 10,490.69 | +46% | +4.8% | -36% | 15% | 2021 +30% | 2025 -13% |
Total and annualised returns are price returns from the first to the last close in the series. Max drawdown is the largest peak-to-trough decline on closing prices. Volatility is the annualised standard deviation of daily returns (252 trading days). Calendar-year returns are measured close-to-close across the year boundary.
Commentary
Over the eight years to 31 December 2025, Mobily was the strongest performer in the cohort, rising +310% from SAR 16.10 to SAR 66.00, an annualised +19.3%. Zain KSA was the weakest at +42% in total, or +4.5% a year. The TASI returned +46% over the same period (+4.8% annualised), so on price alone Mobily and stc outperformed the index.
Drawdowns separate the cohort as sharply as returns do. Mobily fell 31% peak-to-trough at its worst point against 40% for Zain KSA, on annualised volatility of 28% and 29% respectively. The single best calendar year in the cohort was Mobily in 2019 at +51%; the worst was Zain KSA in 2024 at -27%.
These are price series only. They say nothing about whether the underlying businesses earned their cost of capital over the same period — that comparison is on the ROIC & WACC tab, and the two do not line up neatly.
Daily closing prices as recorded in the model workbook, covering 2 January 2018 to 31 December 2025. The rebased chart sets every series to 100 at the first trading day so relative performance is comparable across shares that trade at very different absolute levels; the second chart shows actual closing prices in Saudi Riyals. Prices are not adjusted for dividends, so the rebased lines understate total return — materially so for stc, which paid a dividend in every year of the window, and least so for Zain KSA, which paid none in five of the eight years. No daily move in any series exceeds the ±10% Tadawul limit, so the series contains no unadjusted corporate-action gap. Where shares outstanding changed materially, this is flagged under Data checks below.
Data checks
- Zain KSA, FY2020. Shares outstanding moved from 583,729,175 to 898,729,175, a change of +54%, while the year-end closing price moved +13.8%. Earnings, book value and dividends per share — and every price multiple built on them — are not comparable across that boundary, and the daily price series above contains no corresponding adjustment. Worth confirming against the issuer's corporate-action history before reading the periods either side of it as one continuous series.
Income Statement — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 7,531 | 8,386 | 7,917 | 7,901 | 9,075 | 9,883 | 10,365 | 10,983 |
| Network Access Charges | 740 | 1,071 | 1,312 | 1,411 | 1,669 | 1,842 | 1,974 | 2,123 |
| Government Charges | 332 | 0 | 0 | 663 | 670 | 671 | 583 | 649 |
| Cost of Devices | 0 | 1,106 | 807 | 758 | 1,126 | 1,088 | 1,060 | 1,315 |
| Other Costs of Revenues | 1,034 | 240 | 353 | 185 | 294 | 424 | 277 | 322 |
| Salaries & Wages | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profits | 5,425 | 5,969 | 5,445 | 4,885 | 5,315 | 5,857 | 6,471 | 6,574 |
| Employee Costs & Benefits | 668 | 623 | 560 | 576 | 660 | 764 | 1,272 | 1,353 |
| Marketing & Advertising Expenses | 73 | 112 | 91 | 102 | 139 | 173 | 168 | 142 |
| General & Administrative Expenses | 1,675 | 1,164 | 1,111 | 1,071 | 1,148 | 1,717 | 1,279 | 1,227 |
| Other Expenses | 0 | 247 | 241 | 7 | 215 | 228 | 444 | 378 |
| Other Income | (17) | (11) | (164) | (20) | (48) | (1,136) | (73) | (4) |
| EBITDA | 3,026 | 3,833 | 3,605 | 3,149 | 3,203 | 4,112 | 3,381 | 3,477 |
| Depreciation | 1,790 | 2,312 | 2,439 | 2,430 | 2,066 | 2,106 | 2,124 | 2,161 |
| Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 1,236 | 1,522 | 1,166 | 719 | 1,137 | 2,005 | 1,257 | 1,316 |
| Interest and Finance Charges | 931 | 961 | 819 | 417 | 498 | 632 | 646 | 573 |
| Interest on Lease Liabilities | 0 | 84 | 79 | 73 | 76 | 87 | 89 | 107 |
| Others | 0 | 0 | 0 | 0 | 0 | — | — | — |
| Interest Income | (27) | (26) | (12) | (1) | (10) | (70) | (32) | (15) |
| EBT | 332 | 504 | 280 | 231 | 574 | 1,356 | 554 | 651 |
| Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Zakat | 0 | 19 | 20 | 17 | 24 | 89 | (42) | 47 |
| Net Profits | 332 | 485 | 260 | 214 | 550 | 1,267 | 596 | 604 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profits | 332 | 485 | 260 | 214 | 550 | 1,267 | 596 | 604 |
As reported under IFRS as endorsed in Saudi Arabia.
Common-Size P&L — % of net revenues
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net Revenues | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Network Access Charges | 9.8% | 12.8% | 16.6% | 17.9% | 18.4% | 18.6% | 19.0% | 19.3% |
| Government Charges | 4.4% | 0.0% | 0.0% | 8.4% | 7.4% | 6.8% | 5.6% | 5.9% |
| Cost of Devices | 0.0% | 13.2% | 10.2% | 9.6% | 12.4% | 11.0% | 10.2% | 12.0% |
| Other Costs of Revenues | 13.7% | 2.9% | 4.5% | 2.3% | 3.2% | 4.3% | 2.7% | 2.9% |
| Salaries & Wages | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Gross Profits | 72.0% | 71.2% | 68.8% | 61.8% | 58.6% | 59.3% | 62.4% | 59.9% |
| Employee Costs & Benefits | 8.9% | 7.4% | 7.1% | 7.3% | 7.3% | 7.7% | 12.3% | 12.3% |
| Marketing & Advertising Expenses | 1.0% | 1.3% | 1.2% | 1.3% | 1.5% | 1.7% | 1.6% | 1.3% |
| General & Administrative Expenses | 22.2% | 13.9% | 14.0% | 13.5% | 12.6% | 17.4% | 12.3% | 11.2% |
| Other Expenses | 0.0% | 2.9% | 3.0% | 0.1% | 2.4% | 2.3% | 4.3% | 3.4% |
| Other Income | (0.2%) | (0.1%) | (2.1%) | (0.3%) | (0.5%) | (11.5%) | (0.7%) | (0.0%) |
| EBITDA | 40.2% | 45.7% | 45.5% | 39.9% | 35.3% | 41.6% | 32.6% | 31.7% |
| Depreciation | 23.8% | 27.6% | 30.8% | 30.8% | 22.8% | 21.3% | 20.5% | 19.7% |
| Amortization | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBIT | 16.4% | 18.1% | 14.7% | 9.1% | 12.5% | 20.3% | 12.1% | 12.0% |
| Interest and Finance Charges | 12.4% | 11.5% | 10.3% | 5.3% | 5.5% | 6.4% | 6.2% | 5.2% |
| Interest on Lease Liabilities | 0.0% | 1.0% | 1.0% | 0.9% | 0.8% | 0.9% | 0.9% | 1.0% |
| Others | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Interest Income | (0.4%) | (0.3%) | (0.2%) | (0.0%) | (0.1%) | (0.7%) | (0.3%) | (0.1%) |
| EBT | 4.4% | 6.0% | 3.5% | 2.9% | 6.3% | 13.7% | 5.3% | 5.9% |
| Taxes | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Zakat | 0.0% | 0.2% | 0.2% | 0.2% | 0.3% | 0.9% | (0.4%) | 0.4% |
| Net Profits | 4.4% | 5.8% | 3.3% | 2.7% | 6.1% | 12.8% | 5.8% | 5.5% |
| Discontinued Operations | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Profits | 4.4% | 5.8% | 3.3% | 2.7% | 6.1% | 12.8% | 5.8% | 5.5% |
Every line divided by net revenues of the same year. Formula: line item ÷ row 23 net revenues.
Balance Sheet — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,417 | 1,157 | 1,103 | 512 | 375 | 946 | 840 | 951 |
| Trade and other receivables | 1,865 | 2,258 | 2,858 | 3,296 | 3,868 | 4,670 | 5,018 | 5,103 |
| Inventory | 223 | 242 | 187 | 214 | 147 | 158 | 362 | 181 |
| Other Current Assets | 440 | (253) | (765) | (240) | 2,636 | 980 | 1,092 | 1,907 |
| Total Current Assets | 3,945 | 3,405 | 3,383 | 3,781 | 7,026 | 6,753 | 7,313 | 8,142 |
| Property, plant and equipment | 6,123 | 6,080 | 6,857 | 6,640 | 4,926 | 4,736 | 4,977 | 4,770 |
| Right of Use Assets | 0 | 1,448 | 1,285 | 1,331 | 790 | 843 | 1,098 | 1,401 |
| Intangible Assets | 16,241 | 16,216 | 16,280 | 15,561 | 14,967 | 14,245 | 13,557 | 13,270 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred tax Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others | 15 | 589 | 353 | 564 | 648 | 801 | 1,190 | 1,170 |
| Total Noncurrent Assets | 22,379 | 24,334 | 24,775 | 24,096 | 21,330 | 20,625 | 20,823 | 20,611 |
| Total Assets | 26,323 | 27,738 | 28,158 | 27,877 | 28,356 | 27,378 | 28,135 | 28,753 |
| Trade and other payables | 1,117 | 966 | 1,401 | 1,447 | 2,020 | 1,662 | 2,203 | 2,691 |
| Short-term Loans & Borrowings | 2,527 | 0 | 0 | 3,214 | 837 | 1,187 | 5,965 | 233 |
| Short-term Leases | 0 | 364 | 319 | 264 | 110 | 216 | 187 | 282 |
| Other Current Liabilities | 3,708 | 3,187 | 7,379 | 5,376 | 5,920 | 4,941 | 4,427 | 3,159 |
| Total Current Liabilities | 7,352 | 4,517 | 9,099 | 10,300 | 8,887 | 8,006 | 12,782 | 6,366 |
| Indemnity Provision | 93 | 105 | 125 | 135 | 161 | 177 | 179 | 148 |
| Long-term Loans & Borrowings | 7,668 | 6,707 | 3,836 | 2,638 | 5,171 | 6,533 | 2,234 | 8,329 |
| Long-term Leases | 0 | 1,112 | 1,065 | 1,209 | 570 | 1,017 | 1,302 | 1,531 |
| Deferred tax liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-current Liabilities | 7,198 | 11,194 | 5,304 | 4,556 | 3,767 | 1,055 | 931 | 1,504 |
| Total Noncurrent Liabilities | 14,959 | 19,118 | 10,330 | 8,538 | 9,669 | 8,781 | 4,647 | 11,512 |
| Total Liabilities | 22,311 | 23,635 | 19,429 | 18,837 | 18,556 | 16,787 | 17,429 | 17,877 |
| Share capital | 5,837 | 5,837 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 |
| Reserves | (25) | (126) | (204) | (87) | 179 | 277 | 43 | 58 |
| Retained Earnings | (1,800) | (1,608) | (54) | 139 | 634 | 1,327 | 1,677 | 1,831 |
| Other Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 4,012 | 4,103 | 8,729 | 9,040 | 9,800 | 10,591 | 10,707 | 10,876 |
| Total Liabilities and Equity | 26,323 | 27,738 | 28,158 | 27,877 | 28,356 | 27,378 | 28,135 | 28,753 |
| Match Check | match | match | match | match | match | match | match | match |
Common-Size Balance Sheet — % of total assets
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 5.4% | 4.2% | 3.9% | 1.8% | 1.3% | 3.5% | 3.0% | 3.3% |
| Trade and other receivables | 7.1% | 8.1% | 10.1% | 11.8% | 13.6% | 17.1% | 17.8% | 17.7% |
| Inventory | 0.8% | 0.9% | 0.7% | 0.8% | 0.5% | 0.6% | 1.3% | 0.6% |
| Other Current Assets | 1.7% | (0.9%) | (2.7%) | (0.9%) | 9.3% | 3.6% | 3.9% | 6.6% |
| Total Current Assets | 15.0% | 12.3% | 12.0% | 13.6% | 24.8% | 24.7% | 26.0% | 28.3% |
| Property, plant and equipment | 23.3% | 21.9% | 24.4% | 23.8% | 17.4% | 17.3% | 17.7% | 16.6% |
| Right of Use Assets | 0.0% | 5.2% | 4.6% | 4.8% | 2.8% | 3.1% | 3.9% | 4.9% |
| Intangible Assets | 61.7% | 58.5% | 57.8% | 55.8% | 52.8% | 52.0% | 48.2% | 46.2% |
| Goodwill | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Deferred tax Assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Others | 0.1% | 2.1% | 1.3% | 2.0% | 2.3% | 2.9% | 4.2% | 4.1% |
| Total Noncurrent Assets | 85.0% | 87.7% | 88.0% | 86.4% | 75.2% | 75.3% | 74.0% | 71.7% |
| Total Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Trade and other payables | 4.2% | 3.5% | 5.0% | 5.2% | 7.1% | 6.1% | 7.8% | 9.4% |
| Short-term Loans & Borrowings | 9.6% | 0.0% | 0.0% | 11.5% | 3.0% | 4.3% | 21.2% | 0.8% |
| Short-term Leases | 0.0% | 1.3% | 1.1% | 0.9% | 0.4% | 0.8% | 0.7% | 1.0% |
| Other Current Liabilities | 14.1% | 11.5% | 26.2% | 19.3% | 20.9% | 18.0% | 15.7% | 11.0% |
| Total Current Liabilities | 27.9% | 16.3% | 32.3% | 36.9% | 31.3% | 29.2% | 45.4% | 22.1% |
| Indemnity Provision | 0.4% | 0.4% | 0.4% | 0.5% | 0.6% | 0.6% | 0.6% | 0.5% |
| Long-term Loans & Borrowings | 29.1% | 24.2% | 13.6% | 9.5% | 18.2% | 23.9% | 7.9% | 29.0% |
| Long-term Leases | 0.0% | 4.0% | 3.8% | 4.3% | 2.0% | 3.7% | 4.6% | 5.3% |
| Deferred tax liability | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Other Non-current Liabilities | 27.3% | 40.4% | 18.8% | 16.3% | 13.3% | 3.9% | 3.3% | 5.2% |
| Total Noncurrent Liabilities | 56.8% | 68.9% | 36.7% | 30.6% | 34.1% | 32.1% | 16.5% | 40.0% |
| Total Liabilities | 84.8% | 85.2% | 69.0% | 67.6% | 65.4% | 61.3% | 61.9% | 62.2% |
| Share capital | 22.2% | 21.0% | 31.9% | 32.2% | 31.7% | 32.8% | 31.9% | 31.3% |
| Reserves | (0.1%) | (0.5%) | (0.7%) | (0.3%) | 0.6% | 1.0% | 0.2% | 0.2% |
| Retained Earnings | (6.8%) | (5.8%) | (0.2%) | 0.5% | 2.2% | 4.8% | 6.0% | 6.4% |
| Other Equity | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Equity | 15.2% | 14.8% | 31.0% | 32.4% | 34.6% | 38.7% | 38.1% | 37.8% |
| Total Liabilities and Equity | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Every line divided by total assets of the same year. Formula: line item ÷ total assets.
Cash Flow Summary — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Beginning Cash Balance | 1,115 | 1,417 | 1,157 | 1,103 | 512 | 375 | 946 | 840 |
| Net Cash From Operating Activities | 1,836 | 3,326 | 4,029 | 1,574 | 1,912 | 1,716 | 2,159 | 1,776 |
| Net Cash From Investing Activities | (1,520) | (2,035) | (1,825) | (1,085) | (1,344) | 1,618 | (628) | (490) |
| Net Cash From Financing Activities | (15) | (1,550) | (2,258) | (1,080) | (705) | (2,763) | (1,637) | (1,175) |
| Ending Cash Balance | 1,417 | 1,157 | 1,103 | 512 | 375 | 946 | 840 | 951 |
Beginning cash, the three activity subtotals, and closing cash. Operating + investing + financing equals the net movement in cash for the year.
Cash Flow Indicators — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash Flow (CF) | 1,836 | 3,326 | 4,029 | 1,574 | 1,912 | 1,716 | 2,159 | 1,776 |
| Free Cash Flow (FCF) | 358 | 1,546 | 2,458 | 657 | 989 | 739 | 1,649 | 1,528 |
| Free Cash Flow to Equity (FCFE) | (263) | 1,926 | 2,523 | 2,647 | 1,092 | (695) | 1,333 | 1,627 |
| Unlevered Free Cash Flow to Equity (FCFF) | 4,423 | 4,881 | 5,803 | 3,587 | 3,628 | 3,535 | 4,522 | 4,406 |
FCF = operating cash flow − acquisition of PPE. FCFE = FCF + net loan issuance. Unlevered FCF = NOPAT + D&A − capex − change in working capital.
Growth
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| YoY Revenue Growth Rate | 3.1% | 11.4% | (5.6%) | (0.2%) | 14.9% | 8.9% | 4.9% | 6.0% |
| 5Yr CAGR | — | — | — | 1.6% | 3.8% | 3.3% | 5.5% | 6.8% |
Working Capital Turnover
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Accounts Receivables Turnover | 3.94 | 4.07 | 3.09 | 2.57 | 2.53 | 2.32 | 2.14 | 2.17 |
| Inventory Turnover | 4.53 | 4.61 | 6.11 | 7.04 | 9.26 | 12.10 | 7.59 | 7.82 |
| Accounts Payables Turnover | 0.81 | 1.03 | 1.11 | 0.99 | 0.96 | 1.00 | 1.02 | 0.87 |
Receivables turnover = revenues ÷ trade receivables. Inventory turnover = cost of devices ÷ inventory. Payables turnover = cost of revenues ÷ trade payables.
Cash Conversion Cycle — days
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Days Sales Outstanding | 93 | 90 | 118 | 142 | 144 | 158 | 171 | 168 |
| Days Inventory Outstanding | 81 | 79 | 60 | 52 | 39 | 30 | 48 | 47 |
| Days Payables Outstanding | 452 | 355 | 330 | 368 | 379 | 365 | 358 | 421 |
| Cash Conversion Cycle | (279) | (186) | (152) | (174) | (196) | (177) | (139) | (206) |
DSO = receivables ÷ revenues × days. DIO = inventory ÷ cost of devices × days. DPO = payables ÷ cost of revenues × days. CCC = DSO + DIO − DPO.
Capital Expenditure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| CapEx % of Revenues | 19.6% | 21.2% | 19.8% | 11.6% | 10.2% | 9.9% | 4.9% | 2.3% |
| Tangibility | 23.3% | 21.9% | 24.4% | 23.8% | 17.4% | 17.3% | 17.7% | 16.6% |
| Capex-to-CF Ratio | 0.81 | 0.54 | 0.39 | 0.58 | 0.48 | 0.57 | 0.24 | 0.14 |
| CF-to-CapEx Ratio | 1.24 | 1.87 | 2.56 | 1.72 | 2.07 | 1.76 | 4.24 | 7.15 |
Liquidity
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.75 | 0.37 | 0.37 | 0.79 | 0.84 | 0.57 | 1.28 |
| Quick Ratio | 0.51 | 0.70 | 0.35 | 0.35 | 0.77 | 0.82 | 0.54 | 1.25 |
| Cash ratio | 0.19 | 0.26 | 0.12 | 0.05 | 0.04 | 0.12 | 0.07 | 0.15 |
| Operating Cash Flow Ratio | 0.25 | 0.74 | 0.44 | 0.15 | 0.22 | 0.21 | 0.17 | 0.28 |
Current ratio = current assets ÷ current liabilities. Quick ratio excludes inventory. Cash ratio = cash ÷ current liabilities. OCF ratio = operating cash flow ÷ current liabilities.
Solvency & Capital Structure
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debt ratio | 71.8% | 62.0% | 30.5% | 39.3% | 38.0% | 42.2% | 43.4% | 44.0% |
| Debt-to-equity ratio | 2.54 | 1.63 | 0.44 | 0.65 | 0.61 | 0.73 | 0.77 | 0.79 |
| Interest coverage ratio | 3.25 | 3.99 | 4.40 | 7.56 | 6.43 | 6.51 | 5.23 | 6.07 |
| Fixed Charge Coverage Ratio | 3.25 | 6.26 | 6.53 | (248.49) | 320.52 | 11.73 | 7.48 | 9.96 |
Debt ratio = interest-bearing debt ÷ total assets. D/E = interest-bearing debt ÷ total equity. Interest coverage = EBIT ÷ interest expense.
Efficiency
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Goodwill to Assets Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenues per FTE | 5,193,467 | 5,905,794 | 5,654,675 | 5,441,216 | 6,030,015 | 6,404,825 | 6,438,175 | 6,656,524 |
Fixed asset turnover = revenues ÷ net PPE. Total asset turnover = revenues ÷ total assets. Revenues per FTE = revenues ÷ year-end headcount. Rows absent from a given sheet are omitted rather than estimated.
Profit Margins
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Gross Profits | 72.0% | 71.2% | 68.8% | 61.8% | 58.6% | 59.3% | 62.4% | 59.9% |
| EBITDA | 40.2% | 45.7% | 45.5% | 39.9% | 35.3% | 41.6% | 32.6% | 31.7% |
| EBIT | 16.4% | 18.1% | 14.7% | 9.1% | 12.5% | 20.3% | 12.1% | 12.0% |
| NOPAT | 16.4% | 13.2% | 10.7% | 3.7% | 7.1% | 17.2% | 10.0% | 9.7% |
| EBT | 4.4% | 6.0% | 3.5% | 2.9% | 6.3% | 13.7% | 5.3% | 5.9% |
| Net Profits | 4.4% | 5.8% | 3.3% | 2.7% | 6.1% | 12.8% | 5.8% | 5.5% |
Returns
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Return on Assets | 1.3% | 1.7% | 0.9% | 0.8% | 1.9% | 4.6% | 2.1% | 2.1% |
| Return on Equity | 8.3% | 11.8% | 3.0% | 2.4% | 5.6% | 12.0% | 5.6% | 5.6% |
ROA = net profits ÷ total assets. ROE = net profits ÷ total equity (DuPont: net margin × asset turnover × equity multiplier).
Return on Invested Capital — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| NOPAT | 1,236 | 1,107 | 850 | 292 | 648 | 1,698 | 1,033 | 1,068 |
| Invested Capital | 21,498 | 23,585 | 19,378 | 21,055 | 20,415 | 20,775 | 21,505 | 22,903 |
| ROIC | 5.8% | 4.7% | 4.4% | 1.4% | 3.2% | 8.2% | 4.8% | 4.7% |
NOPAT = EBIT + amortisation of acquired intangibles − operating lease payments − cash taxes. Invested capital = net working capital + net PPE + acquired intangibles + other long-term assets, and reconciles to the financing-method total of debt + other long-term liabilities + equity. ROIC = NOPAT ÷ invested capital.
Cost of Capital
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cost of Debt | 9.1% | 12.8% | 17.2% | 6.7% | 8.6% | 8.0% | 7.6% | 6.6% |
| After Tax Cost of Debt | 9.1% | 12.8% | 17.2% | 6.7% | 8.6% | 8.0% | 7.6% | 6.6% |
| Cost of Equity | 6.8% | 7.4% | 6.0% | 5.4% | 7.3% | 6.3% | 6.1% | 5.8% |
| Weighted Average Cost of Capital (WACC) | 8.3% | 10.3% | 9.3% | 5.9% | 7.9% | 7.0% | 6.8% | 6.2% |
Cost of debt = interest expense ÷ interest-bearing debt; the after-tax figure applies the effective tax and zakat charge actually reported, not an assumed statutory shield. Cost of equity = Saudi sukuk risk-free rate + beta × equity risk premium + country risk premium. WACC weights the two by market value of equity and debt.
Market Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Share Price | 10.240 | 11.950 | 13.600 | 12.040 | 10.060 | 14.080 | 10.260 | 10.430 |
| Number of Shares Outstanding | 583,729,175 | 583,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 |
| Market Value | 5,977 | 6,976 | 12,223 | 10,821 | 9,041 | 12,654 | 9,221 | 9,374 |
Enterprise Value — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash | 1,417 | 1,157 | 1,103 | 512 | 375 | 946 | 840 | 951 |
| Debt | 10,195 | 8,183 | 5,220 | 7,324 | 6,688 | 8,953 | 9,688 | 10,376 |
| Enterprise Value | 14,755 | 14,001 | 16,340 | 17,633 | 15,353 | 20,661 | 18,069 | 18,799 |
EV = market value of equity + interest-bearing debt − cash.
Per-Share Performance
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Earnings per Share | 0.569 | 0.831 | 0.289 | 0.238 | 0.612 | 1.410 | 0.664 | 0.672 |
| Sales per Share | 12.901 | 14.367 | 8.809 | 8.791 | 10.098 | 10.996 | 11.533 | 12.221 |
| Cash Flow per Share | 3.146 | 5.697 | 4.483 | 1.752 | 2.128 | 1.909 | 2.402 | 1.976 |
| Book Value per Share | 6.873 | 7.029 | 9.713 | 10.058 | 10.904 | 11.785 | 11.913 | 12.101 |
EPS = net profits ÷ net shares. BVPS = total equity ÷ net shares.
Price Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 17.98 | 14.38 | 47.02 | 50.49 | 16.45 | 9.99 | 15.46 | 15.52 |
| P/S Ratio | 0.79 | 0.83 | 1.54 | 1.37 | 1.00 | 1.28 | 0.89 | 0.85 |
| P/CF Ratio | 3.26 | 2.10 | 3.03 | 6.87 | 4.73 | 7.37 | 4.27 | 5.28 |
| P/B Ratio | 1.49 | 1.70 | 1.40 | 1.20 | 0.92 | 1.19 | 0.86 | 0.86 |
Enterprise Value Multiples
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| EV/Revenues | 1.96 | 1.67 | 2.06 | 2.23 | 1.69 | 2.09 | 1.74 | 1.71 |
| EV/EBITDA | 4.88 | 3.65 | 4.53 | 5.60 | 4.79 | 5.02 | 5.34 | 5.41 |
| EV/Book Value | 3.68 | 3.41 | 1.87 | 1.95 | 1.57 | 1.95 | 1.69 | 1.73 |
Share Capital — number of shares
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid | 583,729,175 | 583,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Shares | 583,729,175 | 583,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 | 898,729,175 |
Share Capital — Saudi Riyals — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Issued & Fully Paid [p= SAR10] | 5,837 | 5,837 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Shares | 5,837 | 5,837 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 | 8,987 |
Dividends — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends Declared | 0 | 0 | 0 | 0 | 0 | 449 | 449 | — |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 448 | 448 | 452 |
| Dividends Received | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividend Ratios
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| Dividends per Share | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.500 | 0.500 | 0.000 |
| Dividends Payout Ratio | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 35.5% | 75.4% | 0.0% |
| Dividends Coverage Ratio | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 2.820 | 1.327 | 0.000 |
| Dividends Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.6% | 4.9% | 0.0% |
Payout = dividends declared ÷ net profits. Coverage = net profits ÷ dividends declared. Yield = dividends per share ÷ share price.
Audit & Headcount — SAR millions unless stated
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|
| External Auditor | GT | BDO | BDO | EY | EY | EY | EY | KPMG |
| Audit Fees | — | — | — | — | — | 6 | 6 | 7 |
| Number of Employees | 1,450 | 1,420 | 1,400 | 1,452 | 1,505 | 1,543 | 1,610 | 1,650 |
Audit fees disclosed only where the company reports them. Headcount is the year-end figure per the annual report; blank years are not disclosed at this granularity.
Not yet populated. This tab will carry the shareholder register (major holders, free float, PIF / strategic foreign stakes), the resulting zakat-versus-corporate-income-tax split, and board composition. Until the ownership split is confirmed from the issuer's disclosures, the tax profile shown elsewhere on this site is flagged as unconfirmed rather than estimated.