New Risk • Jun 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks High level of debt (40% net debt to equity). Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. 공고 • Apr 15
Manazel PJSC, Annual General Meeting, May 05, 2026 Manazel PJSC, Annual General Meeting, May 05, 2026, at 10:00 Arabian Standard Time. New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 101% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks High level of debt (40% net debt to equity). Large one-off items impacting financial results. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 30% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Reported Earnings • Aug 20
First half 2025 earnings released: EPS: د.إ0 (vs د.إ0.023 loss in 1H 2024) First half 2025 results: EPS: د.إ0 (improved from د.إ0.023 loss in 1H 2024). Revenue: د.إ47.7m (down 1.1% from 1H 2024). Net loss: د.إ737.0k (loss narrowed 99% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. 공고 • Mar 11
Manazel PJSC, Annual General Meeting, Mar 28, 2025 Manazel PJSC, Annual General Meeting, Mar 28, 2025, at 10:00 Arabian Standard Time. Buy Or Sell Opportunity • Feb 13
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at د.إ0.33. The fair value is estimated to be د.إ0.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 04
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to د.إ0.33. The fair value is estimated to be د.إ0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Emirian stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 75% per year over the past 5 years. Buy Or Sell Opportunity • May 15
Now 20% undervalued Over the last 90 days, the stock has risen 8.5% to د.إ0.33. The fair value is estimated to be د.إ0.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 54% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 02
Full year 2023 earnings released: د.إ0.076 loss per share (vs د.إ0.059 loss in FY 2022) Full year 2023 results: د.إ0.076 loss per share (further deteriorated from د.إ0.059 loss in FY 2022). Revenue: د.إ348.0m (up 138% from FY 2022). Net loss: د.إ198.3m (loss widened 30% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
Full year 2023 earnings released: د.إ0.08 loss per share (vs د.إ0.059 loss in FY 2022) Full year 2023 results: د.إ0.08 loss per share (further deteriorated from د.إ0.059 loss in FY 2022). Revenue: د.إ348.0m (up 138% from FY 2022). Net loss: د.إ222.3m (loss widened 46% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
First half 2023 earnings released: د.إ0.02 loss per share (vs د.إ0.016 loss in 1H 2022) First half 2023 results: د.إ0.02 loss per share (further deteriorated from د.إ0.016 loss in 1H 2022). Revenue: د.إ49.3m (up 8.8% from 1H 2022). Net loss: د.إ60.1m (loss widened 41% from 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.0% operating cash flow to total debt). Earnings have declined by 55% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Feb 18
Full year 2022 earnings released: د.إ0.06 loss per share (vs د.إ0.008 profit in FY 2021) Full year 2022 results: د.إ0.06 loss per share (down from د.إ0.008 profit in FY 2021). Revenue: د.إ146.3m (up 34% from FY 2021). Net loss: د.إ152.8m (down د.إ173.3m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of Fatwa & Shari’a Supervisory Board Hussain Hassan was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
First half 2022 earnings released: د.إ0.02 loss per share (vs د.إ0.028 loss in 1H 2021) First half 2022 results: د.إ0.02 loss per share (up from د.إ0.028 loss in 1H 2021). Revenue: د.إ45.3m (down 27% from 1H 2021). Net loss: د.إ42.7m (loss narrowed 41% from 1H 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of Fatwa & Shari’a Supervisory Board Hussain Hassan was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: د.إ0.008 (vs د.إ0.009 in FY 2020) Full year 2021 results: EPS: د.إ0.008 (down from د.إ0.009 in FY 2020). Revenue: د.إ109.3m (down 86% from FY 2020). Net income: د.إ20.5m (down 8.7% from FY 2020). Profit margin: 19% (up from 2.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Buying Opportunity • Mar 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be د.إ0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% per annum over the last 3 years. Earnings per share has declined by 80% per annum over the last 3 years. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: د.إ0.008 (down from د.إ0.009 in FY 2020). Revenue: د.إ109.3m (down 86% from FY 2020). Net income: د.إ20.5m (down 8.7% from FY 2020). Profit margin: 19% (up from 2.9% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 05
Full year 2020 earnings released: EPS د.إ0.009 (vs د.إ0.093 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.إ787.3m (down 17% from FY 2019). Net income: د.إ22.5m (down 91% from FY 2019). Profit margin: 2.9% (down from 25% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS د.إ0.01 (vs د.إ0.093 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.إ790.3m (down 17% from FY 2019). Net income: د.إ22.5m (down 91% from FY 2019). Profit margin: 2.8% (down from 25% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day high: د.إ0.38 The company is up 21% from its price of د.إ0.31 on 03 November 2020. The Emirian market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 13
New 90-day high: د.إ0.36 The company is up 3.0% from its price of د.إ0.35 on 13 September 2020. The Emirian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 31% over the same period.