Since 2011, Sabina Global has been operating in San Bartolomé de Tirajana as a wholesale distributor of perfume and cosmetics products, but behind the commercial facade lies a more delicate financial reality than its financial statements suggest. Although it closed 2023 with a turnover of €32,2 million and a net profit of €990.617, the figures reveal tensions that could jeopardize its sustainability.
In 2021, it became a partner in Intersport Spain, which coordinates purchasing for its network of points of sale. For several years, it has been experiencing financial difficulties, caused by pressure from suppliers, debt that would limit its ability to maneuver, and a persistent tension between the need to maintain a competitive commercial presence and the restriction of available resources. The franchised stores in Sabina's orbit have been operating since August 16, 2025, under the management of a bankruptcy administrator, albeit with significant difficulties, ordered by a Barcelona court. The combination of high debt, tight liquidity, and dependence on internal credit paints a picture in which future profitability could be compromised and where any economic shock would test the company's resilience.
At Sabina Global, the company's short-term debt level reaches a worrying 50,25%, while its debt quality does not exceed 89%, indicating that a significant portion of its obligations may not have solid guarantees. Current liabilities exceed €15 million, including debts with credit institutions totaling almost €11 million, while working capital barely represents 6% of sales, insufficient to absorb unforeseen events or drops in demand.
The profit margin, with an operating profit of just 5,66% of sales, would barely cover financial costs in the event of an increase in interest rates, and interest coverage stands at 3,71 times, far from safe levels. Liquidity, although slightly higher than previous years (1,67 times), still leaves a meager cushion to meet immediate maturities.
The average collection period reaches 170 days, a worrying sign that the company may be financing its customers with its own capital, while the average payment period remains at 36 days, providing some temporary relief but without resolving the structural imbalance between cash inflows and outflows. Furthermore, financial profitability remains at a modest 5,91%, far from offsetting the risks arising from a leverage of 201%. Current assets, at €25,2 million, depend heavily on the group's trade receivables, revealing an internal financing cycle that could weaken solvency in the event of any external setback.
Despite these figures, management appears to be maintaining an optimistic outlook, but the balance sheets suggest the company is walking on shaky ground. With an EBITDA-to-sales ratio of 5,84% and a net margin of just 3,08%, any decline in revenue, non-payments from customers, or increased financial costs could quickly erode profits and jeopardize Sabina Global's medium-term stability.
