Takaful Al Emarat (DFM:TAKAFUL-EM) Beneish M-Score : 0.00 (As of Jun. 24, 2025)

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What is Takaful Al Emarat Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Takaful Al Emarat's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Takaful Al Emarat was -0.91. The lowest was -5.50. And the median was -2.45.

Takaful Al Emarat 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 Takaful Al Emarat for today is based on a combination of the following eight different indices:

-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.إ28.7 Mil.
Revenue was 147.422 + 151.092 + 103.506 + 103.48 = د.إ505.5 Mil.
Gross Profit was 147.422 + 151.092 + 103.506 + 103.48 = د.إ505.5 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ911.5 Mil.
Property, Plant and Equipment(Net PPE) was د.إ1.2 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ0.6 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ38.4 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.0 Mil.
Net Income was -4.123 + 15.233 + 8.779 + -3.921 = د.إ16.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = د.إ0.0 Mil.
Cash Flow from Operations was -17.127 + 39.229 + -29.137 + 53.568 = د.إ46.5 Mil.

Total Receivables was د.إ110.4 Mil.
Revenue was 77.018 + 81.517 + 49.642 + 53.704 = د.إ261.9 Mil.
Gross Profit was 77.018 + 81.517 + 49.642 + 53.704 = د.إ261.9 Mil.
Total Current Assets was د.إ0.0 Mil.
Total Assets was د.إ734.5 Mil.
Property, Plant and Equipment(Net PPE) was د.إ0.7 Mil.
Depreciation, Depletion and Amortization(DDA) was د.إ0.8 Mil.
Selling, General, & Admin. Expense(SGA) was د.إ21.7 Mil.
Total Current Liabilities was د.إ0.0 Mil.
Long-Term Debt & Capital Lease Obligation was د.إ0.0 Mil.

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)
	=	(28.714 / 505.5)	/	(110.388 / 261.881)
	=	0.056803	/	0.42152
	=

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)
	=	(261.881 / 261.881)	/	(505.5 / 505.5)
	=	1	/	1
	=

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 - (0 + 1.18) / 911.455)	/	(1 - (0 + 0.704) / 734.472)
	=	0.998705	/	0.999041
	=

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
	=	505.5	/	261.881
	=

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))
	=	(0.816 / (0.816 + 0.704))	/	(0.568 / (0.568 + 1.18))
	=	0.536842	/	0.324943
	=

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)
	=	(38.35 / 505.5)	/	(21.736 / 261.881)
	=	0.075865	/	0.083
	=

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)
	=	((0 + 0) / 911.455)	/	((0 + 0) / 734.472)
	=	0	/	0
	=

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
	=	(15.968 - 0	-	46.533)	/	911.455
	=	-0.033534

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.

Takaful Al Emarat Beneish M-Score Related Terms

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Takaful Al Emarat Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Insurance » Takaful Al Emarat (DFM:TAKAFUL-EM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Sheikh Zayed Road, P.O. Box 57589, Office 102, 1st Floor, Hassanacore Building, Al Barsha 1, Dubai, ARE

Website

https://www.takafulemarat.com

Takaful Al Emarat is engaged in the insurance business in the United Arab Emirates. The company provides health insurance, life insurance, and credit and savings insurance. Under personal insurance, it provides level term plans, a decreasing term plan, takaful growth plan, whole life plan, educational plan, wealth plan, and Travel protection plan. The Group is organised into two business segments: Takaful and Investment operations. The Takaful operations comprise the takaful business undertaken by the group on behalf of policyholders, and Investment operations comprise investments and cash management of its accounts.