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4061

Governance: D

ANAAM HOLDING

Anaam International Holding Group

10.16 SAR / Share

As of: May 28, 2026

— P/E Ratio Trailing 12 Months

1.3x P/B Ratio Price to Book Value

— Dividend Yield Annual Dividend / Share

320.04M SAR Market Cap Total Valuation

0.78 Beta Systematic Risk Index

-42.5% Net Margin Net Profit / Revenue

The Story

Anaam Holding is transitioning from its historical agricultural and marine transport roots into a real estate and investment holding company, currently facing severe liquidity constraints, negative operating profitability, and material going concern uncertainties.

Source: Q1 2026 (2026-05-18)

Value Creation -13.4% Excess Return on Capital (Spread between ROIC/ROE and Cost of Capital)

Cash Flow Payback — Estimated years of operating cash flows required to cover Enterprise Value

Performance & Distributions

Dividend Yield Trailing annual dividends paid relative to share price

—

Sustainable Growth Rate Rate at which company can grow internally using reinvested profits

+2383.9%

Payout Ratio Percent of net profits distributed as dividends

—

Net Margin Net profit margin generated from total operational revenue

-42.5%

ROIC Return on Invested Capital

-8.1%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings

—

P/B Ratio Market capitalization compared to corporate book value

1.3x

EV / EBITDA Operating multiple reflecting core operational leverage

16191.8x

EV / SALES Asset pricing multiple relative to total topline revenue

11.6x

Growth Story

Grounded in the financial results, Anaam's revenue has experienced significant volatility, moving from a nominal 51,156 SAR in FY 2023 to 43,874,710 SAR in FY 2024, before declining to 40,148,398 SAR in FY 2025 and 39,846,271 SAR in the TTM period. This top-line trajectory reflects the company's structural pivot away from livestock and agricultural operations toward real estate leasing and warehousing. However, this transition has not yet translated into sustainable growth capacity. The company's five-year average Return on Invested Capital (ROIC) stands at -8.11%, and when coupled with a highly negative five-year average reinvestment rate of -293.77%, the resulting sustainable growth rate of 23.84% is mathematically distorted and does not reflect actual operational expansion. In separate forward-looking developments, management is attempting to stabilize the business by focusing on leasing activities, expecting a 6% growth in rental revenues and an additional 1.7 million SAR from new lease contracts on the Prince Sultan Street property, though these initiatives remain subject to execution risks.

Profitability Dynamics

Anaam's profitability profile highlights a persistent struggle to generate positive returns on its capital base. The company's TTM operating margin is deeply negative at -11.41% (EBIT TTM of -4,544,571 SAR), while its TTM profit margin stands at -42.49% due to a net loss of -16,929,228 SAR. This represents a continuation of historical losses, with net losses of -21,765,395 SAR in FY 2025 and -2,086,951 SAR in FY 2024. The company's five-year average ROIC of -8.11% fails to clear its WACC of 5.24%, creating a negative value creation gap of -13.35%. This persistent destruction of economic value is compounded by weak cash flows. To address these pressures, management has initiated cost-optimization measures aiming to reduce operating expenses by 6% in 2026, alongside the strategic disposal of its 63% stake in the Saudi Wasit entertainment subsidiary for 38.2 million SAR to provide immediate liquidity support.

Risk & Capital Structure

Beta Systematic market risk indicator relative to the TASI index

0.78

Cost of Equity Minimum required rate of return demanded by shareholders

7.7%

WACC Weighted average cost of total debt and equity funding

5.2%

Debt-to-Equity Ratio Proportion of corporate funding financed by debt creditors

45.0%

Risk Factors

The risk profile of Anaam Holding is dominated by severe liquidity and solvency concerns. As of the latest reporting period, the company carries a total debt of 143,912,924 SAR against a cash balance of only 543,708 SAR, leaving it highly vulnerable to short-term shocks. Footnotes reveal a critical working capital deficit of 139 million SAR and accumulated losses of 69.3 million SAR as of March 31, 2026, triggering a material uncertainty regarding its ability to continue as a going concern. The company faces a massive Zakat provision of 101.3 million SAR (representing 59.4% of current liabilities) currently under reassessment with ZATCA. Furthermore, Anaam has breached covenants on its Alinma Bank facilities, leading to the classification of certain loans as current, although it secured a temporary waiver and rescheduled 25.5 million SAR in repayments. Adding to the risk, the company withdrew its planned 105 million SAR rights issue in April 2026 due to market conditions, eliminating a key anticipated funding source and leaving the company dependent on asset sales and operational improvements to meet its obligations.

Governance Disclosures

Rating: D

We track 15 key governance and oversight matters for this company in our database.

Significance: 3/10 Propping

Working Capital Loans from Non-Controlling Shareholders

The subsidiary Saudi Wasit received working capital loans totaling SR 2,957,835 from its non-controlling shareholders, Mr. Mohammed Ibrahim Haidari and Mr. Tariq Mohammed Ibrahim Haidari, which remain outstanding as of 31 March 2026.

Significance: 7/10 Tunneling

Disposal of Subsidiary Stake to Non-Controlling Shareholder

Subsequent to the reporting period, on 12 April 2026, the Group agreed to sell its entire 63% equity interest in Saudi Wasit Factory for Entertainment and Beauty Systems to Eng. Tariq Mohammed Al-Haidari, a non-controlling shareholder of the subsidiary, for a total consideration of SR 38,182,218.

Mitigating Factors: The buyer has provided promissory notes for the deferred payments, and the transfer of ownership will only occur upon receipt of the first installment of SR 25.2 million.

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In-Depth Analysis