Balance sheet Executive Summary | Period:
Total Assets
4,532,486,900
Previous4,457,942,561
YoY1.67%
vs. BudgetUnavailable
Liabilities
2,823,202,450
Previous2,727,272,608
YoY3.52%
vs. BudgetUnavailable
Equity
1,709,284,450
Previous1,730,669,953
YoY-1.24%
vs. BudgetUnavailable
Working Capital
554,986,666
Previous550,168,589
YoY1.00%
vs. BudgetUnavailable
Heads-Up Panel
Cash Survival (Year)
0.42
Moderate — cash covers 42% of annual OPEX (~5 months), still below ideal levels
AP AR Mismatch
231891506.00
Favorable mismatch, but DPO drop weakens funding efficiency
Working Capital to revenue ratio
24.70%
Favorable mismatch, but DPO drop weakens funding efficiency
Revenue coverage ratio
59.57%
Stable, but still high – explore further releases from inventory/receivables
Debt Ratio
62.29%
Stable but still high – continue to manage debt exposure
Equity Ratio
37.71%
Stable – healthy balance between equity and liabilities maintained
Debt-to-Equity Ratio
1.65
Stable but elevated – monitor closely, especially under interest rate hikes
Borrowings to assets
48.88%
Flat – maintain vigilance on debt efficiency and refinancing risks
Working Capital Panel
| WC Last Year | 550,168,589 | 550.17 |
| AR Variation | 12,870,000 | 12.87 |
| Inventory Variation | -5,640,000 | -5.64 |
| AP Variation | -3,010,000 | -3.01 |
| WC Current Year | 554,986,666 | 554.99 |
Increase
Decrease
Total
| Current Year | Last Year | Var | |
|---|---|---|---|
| DSO | 101.83 | 108.25 | -6% |
| DIO | 87.82 | 97.90 | -10% |
| DPO | 61.01 | 67.63 | -10% |
| Cash Conver | 128.63 | 138.51 | -7% |
Executive summary AI generated
2024 confirmed SIIS's ability to maintain financial control — but also highlighted its limits. While revenue grew modestly and profitability held, the balance sheet began to reabsorb risk. Receivables increased again, borrowings rose QAR 121M, and cash conversion gains plateaued. A strategic acquisition of minority interests reduced NCI by QAR 129M, strengthening group control but consuming liquidity.
What improved:
* Retained earnings grew to QAR 109M (+QAR 72M)
* Fair value reserve loss narrowed from QAR 26.7M to just QAR 1.5M
* Cash survival improved slightly to 0.42x (≈5 months of OPEX)
* DSO dropped to 102 days, the lowest in 3 years
What slipped:
* Receivables increased again to QAR 332M
* Borrowings returned to 2.22B, reversing 2023's deleveraging
* DPO declined to 61 days — weakening supplier leverage
* Working capital stayed flat (~28% of revenue)
* Interest expense hit QAR 128M, consuming 75% of operating profit
SIIS ended 2024 with a more stable foundation, but the balance sheet's momentum is slowing. The group must now shift from repair to performance — extracting liquidity from operations, reducing reliance on leverage, and converting invested capital into sustainable cash.
Action plan - AI Generated
- Working Capital Efficiency: Target WC/revenue <25%; unlock QAR 50M through receivables and inventory
- Collections: Shift to milestonebased invoicing; automate invoice generation in projects
- Vendor Terms: Renegotiate top 10 supplier contracts to push DPO back above 65 days
- Cost of Debt: Refinance shortterm debt >6.5% into longer tenors; target net interest <60%
- Retained Cash Allocation: Use retained earnings only for capex with ROI >12%; freeze dividend policy
- Capital Productivity: Roll out ROIC tracking by division; build monthly CapExtocash flow review
- Balance Sheet Scorecard: Report quarterly: debt ratio, cash conversion %, covenant headroom