Balance Sheet Statement
Balance Sheet
| Note | Current Month | Previous Month | Var. | Budget | Var. | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Non-current assets | ||||||
| Property and equipment | 9 | 341,939,074 | 260,170,628 | 31.43% | Data unavailable | Data unavailable |
| Right-of-use assets | 10 (I) | 81,398,306 | 68,982,943 | 18.00% | Data unavailable | Data unavailable |
| Intangible assets and goodwill | 11 | 67,114,217 | 70,410,197 | -4.68% | Data unavailable | Data unavailable |
| Investment properties | 12 | 2,245,886,112 | 2,243,726,706 | 0.10% | Data unavailable | Data unavailable |
| Equity-accounted investees | 13 | 214,220,250 | 209,751,637 | 2.13% | Data unavailable | Data unavailable |
| Investment securities | 14 | 97,662,178 | 93,843,039 | 4.07% | Data unavailable | Data unavailable |
| Retention receivables | 15 (I) | 31,562,300 | 34,137,381 | -7.54% | Data unavailable | Data unavailable |
| Loans to associate companies | 18 (b) | 24,741,406 | 24,435,928 | 1.25% | Data unavailable | Data unavailable |
| Other assets | 16 | 9,330,825 | 10,471,620 | -10.89% | Data unavailable | Data unavailable |
| Non-current assets | 3,113,854,668 | 3,015,930,079 | 3.25% | Data unavailable | Data unavailable | |
| Current assets | ||||||
| Inventories | 17 | 286,909,609 | 291,948,052 | -1.73% | Data unavailable | Data unavailable |
| Due from related parties | 18 (d) | 284,640,184 | 276,930,306 | 2.78% | Data unavailable | Data unavailable |
| Retention receivables | 15 (I) | 28,710,403 | 30,813,534 | -6.83% | Data unavailable | Data unavailable |
| Contract assets | 19 | 137,146,568 | 147,850,834 | -7.24% | Data unavailable | Data unavailable |
| Trade and other receivables | 20 | 332,015,541 | 308,440,320 | 7.64% | Data unavailable | Data unavailable |
| Other assets | 16 | 109,756,014 | 128,034,642 | -14.28% | Data unavailable | Data unavailable |
| Cash and cash equivalents | 21 | 239,453,913 | 257,994,794 | -7.19% | Data unavailable | Data unavailable |
| Current assets | 1,418,632,232 | 1,442,012,482 | -1.62% | Data unavailable | Data unavailable | |
| Total assets | 4,532,486,900 | 4,457,942,561 | 1.67% | Data unavailable | Data unavailable | |
| Equity | ||||||
| Share capital | 22 | 1,143,145,870 | 1,143,145,870 | 0.00% | Data unavailable | Data unavailable |
| Legal reserve | 23 | 325,126,582 | 319,987,382 | 1.61% | Data unavailable | Data unavailable |
| Fair value reserve | -1,481,598 | -26,704,981 | -94.45% | Data unavailable | Data unavailable | |
| Revaluation reserve | 1,435,112 | - | 100.00% | Data unavailable | Data unavailable | |
| Retained earnings | 108,950,795 | 36,454,600 | 198.87% | Data unavailable | Data unavailable | |
| Equity attributable to owners of the Company | 1,577,176,761 | 1,472,882,871 | 7.08% | Data unavailable | Data unavailable | |
| Non-controlling interests | 24 | 132,107,689 | 257,787,082 | -48.75% | Data unavailable | Data unavailable |
| Total equity | 1,709,284,450 | 1,730,669,953 | -1.24% | Data unavailable | Data unavailable | |
| Liabilities | ||||||
| Non-current liabilities | ||||||
| Borrowings | 25 | 1,753,846,844 | 1,764,089,424 | -0.58% | Data unavailable | Data unavailable |
| Lease liabilities | 10 (II) | 69,914,584 | 59,155,872 | 18.19% | Data unavailable | Data unavailable |
| Employees' end of service benefits | 26 | 51,577,575 | 52,687,100 | -2.11% | Data unavailable | Data unavailable |
| Retention payables | 15 (II) | 7,079,826 | 3,576,979 | 97.93% | Data unavailable | Data unavailable |
| Trade and other payables | 28 | - | 550,000 | -100.00% | Data unavailable | Data unavailable |
| Non-current liabilities | 1,882,418,829 | 1,880,059,375 | 0.13% | Data unavailable | Data unavailable | |
| Current liabilities | ||||||
| Due to related parties | 18 (e) | 1,288,459 | 2,042,955 | -36.93% | Data unavailable | Data unavailable |
| Bank overdrafts | 21 | 58,300,580 | 50,438,787 | 15.59% | Data unavailable | Data unavailable |
| Borrowings | 25 | 461,471,246 | 329,724,836 | 39.96% | Data unavailable | Data unavailable |
| Lease liabilities | 10 (II) | 10,383,246 | 8,149,001 | 27.42% | Data unavailable | Data unavailable |
| Retention payables | 15 (II) | 12,858,858 | 10,379,358 | 23.89% | Data unavailable | Data unavailable |
| Advances from customers | 19 | 45,099,964 | 72,752,258 | -38.01% | Data unavailable | Data unavailable |
| Contract liabilities | 19 | 36,185,551 | 39,073,992 | -7.39% | Data unavailable | Data unavailable |
| Other liabilities | 27 | 114,110,665 | 136,581,429 | -16.45% | Data unavailable | Data unavailable |
| Trade and other payables | 28 | 201,085,052 | 198,070,617 | 1.52% | Data unavailable | Data unavailable |
| Current liabilities | 940,783,621 | 847,213,233 | 11.04% | Data unavailable | Data unavailable | |
| Total liabilities | 2,823,202,450 | 2,727,272,608 | 3.52% | Data unavailable | Data unavailable | |
| Total equity and liabilities | 4,532,486,900 | 4,457,942,561 | 1.67% | Data unavailable | Data unavailable | |
AI Insights
1. Liquidity and Cash Reserves
Cash and cash equivalents decreased slightly to QAR 239.5 million from QAR 258 million in 2023. However, the net available cash, after adjusting for bank overdrafts (QAR 58.3M) and restricted deposits, stood at approximately QAR 125M. The resulting cash survival ratio rose slightly to 0.42, equivalent to around 5 months of operational runway, assuming no new inflows. Although this represents an improvement from the 0.35 level in 2023, SIIS's cash buffer remains modest for a group of its size. Notably, bank overdrafts and short-term borrowing structures still play a role in day-to-day liquidity
2. Working Capital and Operating Cycle
Working capital dynamics remain constrained. Current assets decreased slightly to QAR 1.42 billion, with declines in receivables and contract assets, while payables and short-term obligations increased. * Trade and other receivables increased to QAR 332 million (from QAR 308 million), while contract assets declined slightly to QAR 137 million. * Contract liabilities, advances from customers, and other short-term liabilities increased, tightening operational cash flow. * Inventories stayed stable at QAR 287 million, but provisions rose slightly to QAR 85.2 million, showing continued pressure from slow-moving stock. The AR/AP mismatch stood at ~QAR 132 million, still tilted toward receivables, putting pressure on internal funding. Working capital to revenue ratio hovered around 28%, signaling that a significant portion of revenue is still tied in operations, though lower than the 30% seen in 2023.
3. Receivables and Credit Risk
Receivables are a major driver of the balance sheet, but credit quality remains a concern: * Total ECL (Expected Credit Loss) provision on receivables is still significant, though down from QAR 319M to QAR 271M after a QAR 16M write-off on retention receivables and lower impairment additions. * Trade receivables net of provisions reached QAR 332 million, and retention receivables stood at QAR 60 million, supported by contractual terms extending beyond 12 months for some clients. * DSO dropped to 102 days (from 108), reflecting improved billing-to-collection cycle but still elevated for project-driven businesses.
4. Payables and Funding Sources
Trade and other payables increased to QAR 201 million, while contract liabilities rose to QAR 36 million. DPO declined to 61 days, suggesting SIIS is paying vendors faster, which may reduce supplier-based financing. * Retention payables increased to QAR 20 million, reflecting higher project-related obligations. * AP–AR mismatch widened again, signaling internal working capital strain. This shift, combined with short-term advances (QAR 45 million), implies that SIIS is partially relying on customer prepayments to finance its operational delivery.
5. Inventory and Project Assets
Inventory held at QAR 287 million, flat year-on-year. * A provision of QAR 3.6 million was booked, offset by QAR 3.3 million in write-offs, keeping the net provision stable at QAR 85.2 million. * DIO improved modestly, and inventory turnover was better managed in 2024. However, nearly 30% of total inventory still sits with provision, suggesting deeper issues in luxury retail or capital goods segments.
6. Borrowings and Capital Structure
Borrowings increased to QAR 2.215 billion, up QAR 121M from 2023, mainly due to new term loans to support capex and refinance upcoming maturities. * Borrowings to assets held steady at 49%, with debt-to-equity reaching 1.3x, signaling persistent financial leverageSIIL Console FS_FY24_En…. * Interest expense for the year stood at QAR 128M, representing 75% of operating profit — a high burden. * All debt covenants remain met, and most facilities are long-term, with diversified maturity profiles across 2025–2040. * Approximately QAR 2.17 billion in investment properties and QAR 91M in equipment are pledged as security, confirming asset-backed financing.
7. Equity and Shareholder Movements
Total equity declined slightly to QAR 1.709 billion, due to the acquisition of minority interests (QAR 129M outflow) and dividend distributions. * Retained earnings rose to QAR 109 million (+QAR 72 million), supported by profit retention. * Fair value reserve improved materially, ending at QAR -1.48 million compared to QAR -26.7 million in 2023, driven by gains on equity investments at FVOCI. * Legal reserve grew slightly to QAR 325 million, reinforcing capital discipline.