Ghitha Holding PJSC Beneish M-Score Historical Data
The historical data trend for Ghitha Holding PJSC's Beneish M-Score can be seen below:
* 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.
Ghitha Holding PJSC Beneish M-Score Chart
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Ghitha Holding PJSC Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.00 |
0.00 |
2.36 |
-1.40 |
-0.39 |
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Ghitha Holding PJSC Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-8.43 |
-0.84 |
-0.96 |
-0.39 |
0.00 |
ADX:GHITHA vs SYY, USFD, PFGC: Beneish M-Score Comparison
For the Food Distribution subindustry, Ghitha Holding PJSC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ghitha Holding PJSC Beneish M-Score vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Ghitha Holding PJSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ghitha Holding PJSC's Beneish M-Score falls into.
Ghitha Holding PJSC 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 Ghitha Holding PJSC 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was د.إ1,255 Mil.
Revenue was 1346.601 + 1298.165 + 1220.21 + 1191.73 = د.إ5,057 Mil.
Gross Profit was 307.86 + 264.501 + 226.531 + 244.495 = د.إ1,043 Mil.
Total Current Assets was د.إ2,574 Mil.
Total Assets was د.إ9,623 Mil.
Property, Plant and Equipment(Net PPE) was د.إ2,275 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ247 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ231 Mil.
Total Current Liabilities was د.إ1,956 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ783 Mil.
Net Income was 18.883 + -183.227 + 26.067 + 48.679 = د.إ-90 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0 Mil.
Cash Flow from Operations was 31.159 + 129.463 + 48.161 + 120.889 = د.إ330 Mil.
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Total Receivables was د.إ0 Mil.
Revenue was 1256.608 + 1248.748 + 1244.488 + 1174.002 = د.إ4,924 Mil.
Gross Profit was 242.256 + 252.185 + 214.307 + 180.792 = د.إ890 Mil.
Total Current Assets was د.إ0 Mil.
Total Assets was د.إ0 Mil.
Property, Plant and Equipment(Net PPE) was د.إ0 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ138 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ209 Mil.
Total Current Liabilities was د.إ0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0 Mil.
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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) |
| = | (1254.753 / 5056.706) | / | (0 / 4923.846) |
| = | 0.248136 | / | 0 |
| | = | |
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) |
| = | (889.54 / 4923.846) | / | (1043.387 / 5056.706) |
| = | 0.18066 | / | 0.206337 |
| | = | |
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 - (2573.968 + 2274.717) / 9622.819) | / | (1 - (0 + 0) / 0) |
| = | 0.496126 | / | |
| | = | |
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 |
| = | 5056.706 | / | 4923.846 |
| | = | |
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)) |
| = | (138.372 / (138.372 + 0)) | / | (246.871 / (246.871 + 2274.717)) |
| = | 1 | / | 0.097903 |
| | = | |
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) |
| = | (231.264 / 5056.706) | / | (209.483 / 4923.846) |
| = | 0.045734 | / | 0.042545 |
| | = | |
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) |
| = | ((782.609 + 1956.427) / 9622.819) | / | ((0 + 0) / 0) |
| = | 0.28464 | / | |
| | = | |
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 |
| = | (-89.598 - 0 | - | 329.672) | / | 9622.819 |
| | = | -0.04357 |
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.
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