SALudi Logistics Services Co (SAU:4263) Beneish M-Score : -2.82 (As of Mar. 30, 2025)

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What is SALudi Logistics Services Co Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SALudi Logistics Services Co's Beneish M-Score or its related term are showing as below:

SAU:4263' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.82 Max: -2.82
Current: -2.82

During the past 3 years, the highest Beneish M-Score of SALudi Logistics Services Co was -2.82. The lowest was -2.82. And the median was -2.82.

SALudi Logistics Services Co Beneish M-Score Historical Data

The historical data trend for SALudi Logistics Services Co'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.

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SALudi Logistics Services Co Beneish M-Score Chart

SALudi Logistics Services Co Annual Data

Trend

Dec22

Dec23

Dec24

Beneish M-Score

-2.82

SALudi Logistics Services Co Quarterly Data
	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-2.82

Competitive Comparison of SALudi Logistics Services Co's Beneish M-Score

For the Integrated Freight & Logistics subindustry, SALudi Logistics Services Co'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.

SALudi Logistics Services Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, SALudi Logistics Services Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SALudi Logistics Services Co's Beneish M-Score falls into.

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SALudi Logistics Services Co 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 SALudi Logistics Services Co 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 * 1.1361

0.528 * 0.9512

0.404 * 0.4559

0.892 * 1.1224

0.115 * 0.9674

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9578

4.679 * -0.041597

0.327 * 0.8953

-2.82

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ﷼521 Mil.
Revenue was 408.69 + 367.257 + 405.484 + 452.526 = ﷼1,634 Mil.
Gross Profit was 223.321 + 208.485 + 222.426 + 260.983 = ﷼915 Mil.
Total Current Assets was ﷼1,978 Mil.
Total Assets was ﷼3,232 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1,243 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼109 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼85 Mil.
Total Current Liabilities was ﷼487 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼1,243 Mil.
Net Income was 142.033 + 155.504 + 155.452 + 208.446 = ﷼661 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 278.64 + 269.062 + 104.585 + 143.609 = ﷼796 Mil.

Total Receivables was ﷼408 Mil.
Revenue was 410.623 + 365.762 + 339.355 + 339.972 = ﷼1,456 Mil.
Gross Profit was 242.601 + 169.693 + 183.318 + 179.958 = ﷼776 Mil.
Total Current Assets was ﷼1,664 Mil.
Total Assets was ﷼3,285 Mil.
Property, Plant and Equipment(Net PPE) was ﷼1,595 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼135 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼39 Mil.
Total Current Liabilities was ﷼385 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼1,578 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)
	=	(520.682 / 1633.957)	/	(408.302 / 1455.712)
	=	0.318663	/	0.280483
	=	1.1361

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)
	=	(775.57 / 1455.712)	/	(915.215 / 1633.957)
	=	0.532777	/	0.560122
	=	0.9512

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 - (1978.093 + 1242.657) / 3232.436)	/	(1 - (1663.824 + 1595.103) / 3284.973)
	=	0.003615	/	0.007929
	=	0.4559

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
	=	1633.957	/	1455.712
	=	1.1224

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))
	=	(134.704 / (134.704 + 1595.103))	/	(108.787 / (108.787 + 1242.657))
	=	0.077872	/	0.080497
	=	0.9674

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)
	=	(84.752 / 1633.957)	/	(38.568 / 1455.712)
	=	0.051869	/	0.026494
	=	1.9578

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)
	=	((1243.349 + 486.677) / 3232.436)	/	((1578.25 + 385.42) / 3284.973)
	=	0.535208	/	0.597774
	=	0.8953

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
	=	(661.435 - 0	-	795.896)	/	3232.436
	=	-0.041597

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.

SALudi Logistics Services Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

SALudi Logistics Services Co Beneish M-Score Related Terms

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SALudi Logistics Services Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » SAL Saudi Logistics Services Co (SAU:4263) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Prince Sultan Street, P.O. Box 23525, Zahran Building, As Salamah District, Jeddah, SAU, 2661

Website

https://www.sal.sa

SAL Saudi Logistics Services Co is a company engaged in providing supply chain solutions in the Kingdom of Saudi Arabia. It provides cargo ground handling services at airport terminals, freight brokerage services, warehouse management services, administrative services, and storage services. The company's reportable segments are Logistics and Handling. Maximum revenue is generated from the Handling segment, which provides cargo handling services to air cargo carriers operating at the Kingdom's airports and consignees for warehouse handling and storage thereof. The Logistics segment provides end-to-end logistic solutions services, customs clearance, inventory management, and warehouse management solutions.

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