Saudi Arabia United Arab Emiratessoon Qatarsoon Kuwaitsoon Bahrainsoon Omansoon All GCCsoon How asset-heavy is each business?
FY2022 · industries and their companies
0% 20% 40% 60% 80% 100% -5% 0% 5% 10% 15% 20% Tangibility (PP&E ÷ assets) → CapEx % of revenue → stc (7010): Tangibility (PP&E ÷ assets) 44.6%, CapEx % of revenue 11.8% Mobily (7020): Tangibility (PP&E ÷ assets) 71.3%, CapEx % of revenue 15.5% Zain KSA (7030): Tangibility (PP&E ÷ assets) 72.9%, CapEx % of revenue 14.8% First Milling (2283): Tangibility (PP&E ÷ assets) 35.5%, CapEx % of revenue 4.2% Modern Mills (2284): Tangibility (PP&E ÷ assets) 80.4%, CapEx % of revenue 3.5% Arabian Mills (2285): Tangibility (PP&E ÷ assets) 44.7%, CapEx % of revenue 8.1% Fourth Milling (2286): Tangibility (PP&E ÷ assets) 79.2%, CapEx % of revenue 12.8% Budget Saudi (4260): Tangibility (PP&E ÷ assets) 88.0%, CapEx % of revenue 1.3% Theeb (4261): Tangibility (PP&E ÷ assets) 76.2%, CapEx % of revenue 0.6% Lumi (4262): Tangibility (PP&E ÷ assets) 84.1%, CapEx % of revenue 0.3% Maharah (1831): Tangibility (PP&E ÷ assets) 10.0%, CapEx % of revenue 0.8% Al Mawarid (1833): Tangibility (PP&E ÷ assets) 7.4%, CapEx % of revenue 0.4% SMASCO (1834): Tangibility (PP&E ÷ assets) 17.1%, CapEx % of revenue 0.9% Tamkeen (1835): Tangibility (PP&E ÷ assets) 12.1%, CapEx % of revenue 1.8% Telecom: Tangibility (PP&E ÷ assets) 34.6%, CapEx % of revenue 12.2% Telecom Mills: Tangibility (PP&E ÷ assets) 35.2%, CapEx % of revenue 4.9% Mills Car Rental: Tangibility (PP&E ÷ assets) 79.0%, CapEx % of revenue 0.7% Car Rental Manpower: Tangibility (PP&E ÷ assets) 8.8%, CapEx % of revenue 0.9% Manpower
FY2022 by industry Show companies Industry CapEx % of revenue Tangibility CapEx ÷ operating cash flow Operating cash flow ÷ CapEx ▸ Telecom3 of 4 companies 12.2% 34.6% 0.33 3.01 stc7010 11.8% 44.6% 0.30 3.32 Mobily7020 15.5% 71.3% 0.43 2.34 Zain KSA7030 14.8% 72.9% 0.48 2.07 ▸ Mills4 of 4 companies 4.9% 35.2% 0.14 7.21 First Milling2283 4.2% 35.5% 0.16 6.27 Modern Mills2284 3.5% 80.4% 0.09 11.13 Arabian Mills2285 8.1% 44.7% 0.21 4.79 Fourth Milling2286 12.8% 79.2% 0.09 10.75 ▸ Car Rental3 of 3 companies 0.7% 79.0% n.m. n.m. Budget Saudi4260 1.3% 88.0% n.m. n.m. Theeb4261 0.6% 76.2% n.m. n.m. Lumi4262 0.3% 84.1% n.m. n.m. ▸ Manpower4 of 4 companies 0.9% 8.8% 0.09 11.46 Maharah1831 0.8% 10.0% 0.07 14.12 Al Mawarid1833 0.4% 7.4% 0.08 12.36 SMASCO1834 0.9% 17.1% 0.09 11.23 Tamkeen1835 1.8% 12.1% 0.14 6.93 All covered industries – – – –
How asset-heavy is each business?
FY2023 · industries and their companies
0% 20% 40% 60% 80% 100% -5% 0% 5% 10% 15% 20% Tangibility (PP&E ÷ assets) → CapEx % of revenue → stc (7010): Tangibility (PP&E ÷ assets) 41.8%, CapEx % of revenue 13.6% Mobily (7020): Tangibility (PP&E ÷ assets) 70.9%, CapEx % of revenue 12.1% Zain KSA (7030): Tangibility (PP&E ÷ assets) 72.4%, CapEx % of revenue 15.4% First Milling (2283): Tangibility (PP&E ÷ assets) 39.7%, CapEx % of revenue 12.4% Modern Mills (2284): Tangibility (PP&E ÷ assets) 79.3%, CapEx % of revenue 6.0% Arabian Mills (2285): Tangibility (PP&E ÷ assets) 53.1%, CapEx % of revenue 2.3% Fourth Milling (2286): Tangibility (PP&E ÷ assets) 82.2%, CapEx % of revenue 1.8% Budget Saudi (4260): Tangibility (PP&E ÷ assets) 86.4%, CapEx % of revenue 0.8% Theeb (4261): Tangibility (PP&E ÷ assets) 79.0%, CapEx % of revenue 1.0% Lumi (4262): Tangibility (PP&E ÷ assets) 86.8%, CapEx % of revenue 1.1% Maharah (1831): Tangibility (PP&E ÷ assets) 35.5%, CapEx % of revenue 0.8% Al Mawarid (1833): Tangibility (PP&E ÷ assets) 9.3%, CapEx % of revenue 0.4% SMASCO (1834): Tangibility (PP&E ÷ assets) 16.0%, CapEx % of revenue 0.9% Tamkeen (1835): Tangibility (PP&E ÷ assets) 12.7%, CapEx % of revenue 2.9% Telecom: Tangibility (PP&E ÷ assets) 32.1%, CapEx % of revenue 13.0% Telecom Mills: Tangibility (PP&E ÷ assets) 39.5%, CapEx % of revenue 6.1% Mills Car Rental: Tangibility (PP&E ÷ assets) 81.0%, CapEx % of revenue 0.9% Car Rental Manpower: Tangibility (PP&E ÷ assets) 8.1%, CapEx % of revenue 0.8% Manpower
FY2023 by industry Show companies Industry CapEx % of revenue Tangibility CapEx ÷ operating cash flow Operating cash flow ÷ CapEx ▸ Telecom3 of 4 companies 13.0% 32.1% 0.43 2.34 stc7010 13.6% 41.8% 0.44 2.29 Mobily7020 12.1% 70.9% 0.35 2.83 Zain KSA7030 15.4% 72.4% 0.57 1.76 ▸ Mills4 of 4 companies 6.1% 39.5% 0.19 5.32 First Milling2283 12.4% 39.7% 0.37 2.67 Modern Mills2284 6.0% 79.3% 0.24 4.20 Arabian Mills2285 2.3% 53.1% 0.05 18.56 Fourth Milling2286 1.8% 82.2% 0.06 18.04 ▸ Car Rental3 of 3 companies 0.9% 81.0% n.m. n.m. Budget Saudi4260 0.8% 86.4% 1.20 0.83 Theeb4261 1.0% 79.0% n.m. n.m. Lumi4262 1.1% 86.8% n.m. n.m. ▸ Manpower4 of 4 companies 0.8% 8.1% 0.09 11.33 Maharah1831 0.8% 35.5% 0.07 13.56 Al Mawarid1833 0.4% 9.3% 0.05 20.42 SMASCO1834 0.9% 16.0% 0.08 12.19 Tamkeen1835 2.9% 12.7% 0.27 3.74 All covered industries – – – –
How asset-heavy is each business?
FY2024 · industries and their companies
0% 20% 40% 60% 80% 100% -5% 0% 5% 10% 15% 20% Tangibility (PP&E ÷ assets) → CapEx % of revenue → stc (7010): Tangibility (PP&E ÷ assets) 35.3%, CapEx % of revenue 15.7% Mobily (7020): Tangibility (PP&E ÷ assets) 70.4%, CapEx % of revenue 14.7% Zain KSA (7030): Tangibility (PP&E ÷ assets) 69.8%, CapEx % of revenue 6.8% First Milling (2283): Tangibility (PP&E ÷ assets) 39.7%, CapEx % of revenue 5.5% Modern Mills (2284): Tangibility (PP&E ÷ assets) 75.8%, CapEx % of revenue 10.6% Arabian Mills (2285): Tangibility (PP&E ÷ assets) 50.7%, CapEx % of revenue 1.9% Fourth Milling (2286): Tangibility (PP&E ÷ assets) 76.2%, CapEx % of revenue 2.5% Budget Saudi (4260): Tangibility (PP&E ÷ assets) 81.0%, CapEx % of revenue 2.2% Theeb (4261): Tangibility (PP&E ÷ assets) 82.4%, CapEx % of revenue 0.9% Lumi (4262): Tangibility (PP&E ÷ assets) 88.2%, CapEx % of revenue 1.5% Maharah (1831): Tangibility (PP&E ÷ assets) 10.2%, CapEx % of revenue 1.7% Al Mawarid (1833): Tangibility (PP&E ÷ assets) 8.6%, CapEx % of revenue 0.2% SMASCO (1834): Tangibility (PP&E ÷ assets) 19.8%, CapEx % of revenue 0.8% Tamkeen (1835): Tangibility (PP&E ÷ assets) 11.9%, CapEx % of revenue 2.3% Telecom: Tangibility (PP&E ÷ assets) 28.7%, CapEx % of revenue 14.5% Telecom Mills: Tangibility (PP&E ÷ assets) 38.6%, CapEx % of revenue 5.2% Mills Car Rental: Tangibility (PP&E ÷ assets) 79.3%, CapEx % of revenue 1.6% Car Rental Manpower: Tangibility (PP&E ÷ assets) 8.5%, CapEx % of revenue 1.0% Manpower
FY2024 by industry Show companies Industry CapEx % of revenue Tangibility CapEx ÷ operating cash flow Operating cash flow ÷ CapEx ▸ Telecom3 of 4 companies 14.5% 28.7% 0.53 1.88 stc7010 15.7% 35.3% 0.60 1.67 Mobily7020 14.7% 70.4% 0.42 2.37 Zain KSA7030 6.8% 69.8% 0.24 4.24 ▸ Mills4 of 4 companies 5.2% 38.6% 0.16 6.26 First Milling2283 5.5% 39.7% 0.18 5.71 Modern Mills2284 10.6% 75.8% 0.38 2.61 Arabian Mills2285 1.9% 50.7% 0.05 19.37 Fourth Milling2286 2.5% 76.2% 0.05 19.23 ▸ Car Rental3 of 3 companies 1.6% 79.3% n.m. n.m. Budget Saudi4260 2.2% 81.0% 0.56 1.77 Theeb4261 0.9% 82.4% n.m. n.m. Lumi4262 1.5% 88.2% n.m. n.m. ▸ Manpower4 of 4 companies 1.0% 8.5% 0.23 4.40 Maharah1831 1.7% 10.2% 0.55 1.83 Al Mawarid1833 0.2% 8.6% 0.04 28.09 SMASCO1834 0.8% 19.8% 0.11 8.90 Tamkeen1835 2.3% 11.9% 0.47 2.14 All covered industries – – – –
How asset-heavy is each business?
FY2025 · industries and their companies
0% 20% 40% 60% 80% 100% -5% 0% 5% 10% 15% 20% Tangibility (PP&E ÷ assets) → CapEx % of revenue → stc (7010): Tangibility (PP&E ÷ assets) 38.9%, CapEx % of revenue 15.2% Mobily (7020): Tangibility (PP&E ÷ assets) 71.4%, CapEx % of revenue 16.4% Zain KSA (7030): Tangibility (PP&E ÷ assets) 67.6%, CapEx % of revenue 4.5% First Milling (2283): Tangibility (PP&E ÷ assets) 43.1%, CapEx % of revenue 7.4% Modern Mills (2284): Tangibility (PP&E ÷ assets) 84.1%, CapEx % of revenue 13.3% Arabian Mills (2285): Tangibility (PP&E ÷ assets) 48.6%, CapEx % of revenue 5.8% Fourth Milling (2286): Tangibility (PP&E ÷ assets) 70.5%, CapEx % of revenue 5.4% Budget Saudi (4260): Tangibility (PP&E ÷ assets) 81.8%, CapEx % of revenue 1.3% Theeb (4261): Tangibility (PP&E ÷ assets) 80.8%, CapEx % of revenue 0.7% Lumi (4262): Tangibility (PP&E ÷ assets) 86.6%, CapEx % of revenue 1.9% Maharah (1831): Tangibility (PP&E ÷ assets) 8.9%, CapEx % of revenue 0.4% Al Mawarid (1833): Tangibility (PP&E ÷ assets) 7.0%, CapEx % of revenue 0.1% SMASCO (1834): Tangibility (PP&E ÷ assets) 19.5%, CapEx % of revenue 1.5% Tamkeen (1835): Tangibility (PP&E ÷ assets) 10.6%, CapEx % of revenue 0.6% Telecom: Tangibility (PP&E ÷ assets) 29.9%, CapEx % of revenue 14.1% Telecom Mills: Tangibility (PP&E ÷ assets) 40.6%, CapEx % of revenue 8.1% Mills Car Rental: Tangibility (PP&E ÷ assets) 79.1%, CapEx % of revenue 1.1% Car Rental Manpower: Tangibility (PP&E ÷ assets) 7.7%, CapEx % of revenue 0.5% Manpower
FY2025 by industry Show companies Industry CapEx % of revenue Tangibility CapEx ÷ operating cash flow Operating cash flow ÷ CapEx ▸ Telecom3 of 4 companies 14.1% 29.9% 0.57 1.75 stc7010 15.2% 38.9% 0.65 1.55 Mobily7020 16.4% 71.4% 0.48 2.06 Zain KSA7030 4.5% 67.6% 0.14 7.15 ▸ Mills4 of 4 companies 8.1% 40.6% 0.25 4.08 First Milling2283 7.4% 43.1% 0.24 4.18 Modern Mills2284 13.3% 84.1% 0.52 1.92 Arabian Mills2285 5.8% 48.6% 0.13 7.51 Fourth Milling2286 5.4% 70.5% 0.15 6.78 ▸ Car Rental3 of 3 companies 1.1% 79.1% n.m. n.m. Budget Saudi4260 1.3% 81.8% 0.23 4.34 Theeb4261 0.7% 80.8% n.m. n.m. Lumi4262 1.9% 86.6% 0.13 7.99 ▸ Manpower4 of 4 companies 0.5% 7.7% 0.11 8.81 Maharah1831 0.4% 8.9% n.m. n.m. Al Mawarid1833 0.1% 7.0% 0.01 84.17 SMASCO1834 1.5% 19.5% 0.18 5.70 Tamkeen1835 0.6% 10.6% 0.03 37.68 All covered industries – – – –
Industry rows add company figures first, then take the ratio, so larger companies weigh more. A dash means not every company was listed at that year end, or the figure is being corrected for a share-count change (stc before FY2022, Zain KSA before FY2020).
Read with care
Car rental companies report fleet purchases inside operating cash flow, so their CapEx here is close to zero and the cash-flow ratios are not meaningful.
Definitions CapEx Purchases of PP&E and intangibles, from the investing section of the cash flow statement. Tangibility Net PP&E ÷ total assets.