Al-Aqariya Trading Investment (XPAE:AQARIYA) Beneish M-Score : -0.25 (As of Apr. 24, 2025)

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What is Al-Aqariya Trading Investment 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.

Warning Sign:

Beneish M-Score -0.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XPAE:AQARIYA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.01 Med: -1.03 Max: 0.58
Current: -0.25

During the past 13 years, the highest Beneish M-Score of Al-Aqariya Trading Investment was 0.58. The lowest was -4.01. And the median was -1.03.

Al-Aqariya Trading Investment Beneish M-Score Historical Data

The historical data trend for Al-Aqariya Trading Investment'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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Al-Aqariya Trading Investment Beneish M-Score Chart

Al-Aqariya Trading Investment Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.80

0.58

-3.24

0.44

-0.25

Al-Aqariya Trading Investment Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															0.44	-0.60	-0.12	4.51	-0.25

Competitive Comparison of Al-Aqariya Trading Investment's Beneish M-Score

For the Real Estate - Development subindustry, Al-Aqariya Trading Investment'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.

Al-Aqariya Trading Investment's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Al-Aqariya Trading Investment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Al-Aqariya Trading Investment's Beneish M-Score falls into.

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Al-Aqariya Trading Investment 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 Al-Aqariya Trading Investment 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 * 5.8018

0.528 * 0.8478

0.404 * 0.9572

0.892 * 0.1438

0.115 * 0.9002

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 5.9077

4.679 * -0.115328

0.327 * 0.7744

-0.25

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $4.93 Mil.
Revenue was 0.166 + 0.074 + 0.412 + 0.116 = $0.77 Mil.
Gross Profit was 0.036 + 0.067 + 0.171 + -0.005 = $0.27 Mil.
Total Current Assets was $9.66 Mil.
Total Assets was $16.23 Mil.
Property, Plant and Equipment(Net PPE) was $0.32 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $0.08 Mil.
Total Current Liabilities was $3.89 Mil.
Long-Term Debt & Capital Lease Obligation was $1.16 Mil.
Net Income was -0.104 + -0.084 + -0.081 + -0.221 = $-0.49 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.315 + 0.396 + 0.167 + 0.504 = $1.38 Mil.

Total Receivables was $5.91 Mil.
Revenue was 0.049 + 2.061 + 1.935 + 1.296 = $5.34 Mil.
Gross Profit was 0.134 + 0.464 + 0.535 + 0.453 = $1.59 Mil.
Total Current Assets was $11.26 Mil.
Total Assets was $19.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.39 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $0.09 Mil.
Total Current Liabilities was $5.18 Mil.
Long-Term Debt & Capital Lease Obligation was $2.63 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)
	=	(4.933 / 0.768)	/	(5.913 / 5.341)
	=	6.423177	/	1.107096
	=	5.8018

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)
	=	(1.586 / 5.341)	/	(0.269 / 0.768)
	=	0.296948	/	0.35026
	=	0.8478

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 - (9.664 + 0.322) / 16.232)	/	(1 - (11.256 + 0.39) / 19.475)
	=	0.384795	/	0.402003
	=	0.9572

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
	=	0.768	/	5.341
	=	0.1438

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))
	=	(0.082 / (0.082 + 0.39))	/	(0.077 / (0.077 + 0.322))
	=	0.173729	/	0.192982
	=	0.9002

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)
	=	(0.079 / 0.768)	/	(0.093 / 5.341)
	=	0.102865	/	0.017412
	=	5.9077

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)
	=	((1.155 + 3.886) / 16.232)	/	((2.63 + 5.18) / 19.475)
	=	0.310559	/	0.401027
	=	0.7744

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
	=	(-0.49 - 0	-	1.382)	/	16.232
	=	-0.115328

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.

Al-Aqariya Trading Investment has a M-score of -0.25 signals that the company is likely to be a manipulator.

Al-Aqariya Trading Investment Beneish M-Score Related Terms

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Al-Aqariya Trading Investment Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Al-Aqariya Trading Investment (XPAE:AQARIYA) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jaffa Steet Building No 17, Second floor, PO Box 662, Ramallah, PSE

Website

http://www.aqariya.ps

Al-Aqariya Trading Investment is a real estate development and investment company, real estate activities in owned or leased properties and real estate activities on the basis of a contract or in exchange for a fee and the construction of complete facilities or parts thereof, civil engineering activities, installation of buildings and other activities.

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