ALSAIF GALLERY
AlSaif Stores for Development and Investment Co.
As of: May 28, 2026
Company Profile
Al Saif Stores for Development and Investment Company (Alsaif Gallery) is a Saudi listed joint stock company. The principal activities of the Group include the sale and import of household utensils, wholesale and retail trading in household items, electrical appliances, and cleaning supplies, as well as general contracting activities including the construction, repair, restoration, and demolition of buildings and public facilities. The Group also undertakes roadworks, water and sewage projects, dam construction, well drilling, operation and maintenance of electrical, mechanical, and electronic facilities, landscaping and green areas, metalwork, carpentry, aluminum works, decoration, gypsum and ornamental works, maintenance and cleaning services, and the management and operation of cities, facilities, buildings, and public and private establishments. In addition, the Group engages in the purchase and ownership of real estate and land for development purposes. As of March 31, 2026, the Group operated 73 leased branches across the Kingdom of Saudi Arabia, the United Arab Emirates, Kuwait, the Sultanate of Oman, and Qatar.
The Story
Alsaif Gallery is a leading Gulf-based household and kitchenware retailer leveraging a 73-branch network to deliver steady revenue growth while maintaining a highly cash-generative, low-reinvestment business model.
Source: Q1 2026 (2026-05-10)
Performance & Distributions
Market Pricing Multiples
Growth Story
Revenue has grown steadily from 719.78 million SAR in FY 2023 to 731.55 million SAR in FY 2024, 758.85 million SAR in FY 2025, and reached 802.78 million SAR on a TTM basis. This represents a consistent upward trajectory, supported by regional expansion across the GCC, including UAE, Kuwait, Oman, and Qatar. However, the company's 5-year average reinvestment rate is deeply negative at -529.97%, reflecting a strategy of harvesting cash and returning capital to shareholders rather than heavy internal reinvestment. Consequently, the calculated sustainable growth rate is negative at -71.62%, indicating that long-term growth is not driven by heavy capital retention but rather by operational efficiency, brand strength, and working capital management.
Profitability Dynamics
Alsaif Gallery demonstrates strong value creation, with a 5-year average ROIC of 13.51% comfortably exceeding its WACC of 6.83%, yielding a positive value-creation gap of 6.68%. Operating margins have recovered significantly to 9.07% TTM from a low of 1.84% in FY 2024, where operating income was 13.47 million SAR, though still below the 13.08% level seen in FY 2023. Net profit margin stands at 7.62% TTM, translating to a NOPAT of 62.99 million SAR. With a low TTM Capex of 8.68 million SAR, the business model is highly efficient at converting operating profits into free cash flow, supporting regular dividend distributions such as the 21 million SAR dividend approved in April 2026.
Risk & Capital Structure
Risk Factors
The company carries a latest total debt of 296.39 million SAR against a cash balance of 59.06 million SAR, resulting in a net debt position. However, its market risk is relatively low, as reflected by a relevered beta of 0.67. Key operational risks stem from its reliance on 73 leased branches, which exposes the company to lease renewal risks and rental inflation, including significant related-party lease transactions with the Chairman. Additionally, the company faces contingent liabilities in the form of outstanding letters of credit for goods purchases amounting to 30.13 million SAR, and geographic concentration, with the vast majority of revenues still originating within Saudi Arabia.
Governance Disclosures
We track 10 key governance and oversight matters for this company in our database.
Concentrated Family Ownership Structure
The list of major shareholders of the Group consists entirely of members of the Alsaif family, indicating a highly concentrated family ownership structure.
Purchases from Board Member-Related Entity
The Group made purchases of goods or services amounting to SAR 377,138 from Wixana Medical Company, an entity related to a member of the Board of Directors, during the three-month period ended March 31, 2026.
Research Report
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