Maharah Human Resources Co. reported a drop of 26% in H1 2022 net profit after Zakat and tax to SAR 52 million, from SAR 70 million in the prior-year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 644.23 | 790.56 | 22.7 % |
| Gross Income | 109.03 | 105.07 | (3.6 %) |
| Operating Income | 75.44 | 53.13 | (29.6 %) |
| Net Income | 70.03 | 52.01 | (25.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.15 | 0.11 | (25.7 %) |
The company said that general and administrative (G&A) expenses increased by SAR 13.3 million year-on-year (YoY) due to the consolidation of the newly-acquired companies.
Advertising and marketing expenses rose by SAR 2 million YoY, as the company carried out various advertising and marketing campaigns on social media.
Moreover, investment in financial instruments through profit or loss increased by SAR 2.5 million YoY.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 322.62 | 409.29 | 26.9 % |
| Gross Income | 53.86 | 56.05 | 4.1 % |
| Operating Income | 41.94 | 30.19 | (28.0 %) |
| Net Income | 38.71 | 27.19 | (29.8 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.08 | 0.06 | (29.8 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 381.28 | 409.29 | 7.3 % |
| Gross Income | 49.03 | 56.05 | 14.3 % |
| Operating Income | 22.94 | 30.19 | 31.6 % |
| Net Income | 24.82 | 27.19 | 9.5 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.05 | 0.06 | 9.5 % |
In Q2 2022, Maharah’s net profit after Zakat and tax fell 30% to SAR 27.2 million, from SAR 38.7 million in the prior-year period. Maharah reported that G&A rose by SAR 7.5 million compared to Q2 2021. It also cited an increase of SAR 1.5 million in marketing expenses, while investment in financial instruments through profit or loss decreased by SAR 1.8 million quarter-on-quarter (QoQ).
The company said that general and administrative (G&A) expenses increased by SAR 13.3 million compared to H1 2021, due to the consolidation of the newly-acquired companies.
The advertising and marketing expenses rose by SAR 2 million year-on-year (YoY), as the company carried various advertising and marketing campaigns through social media.
Moreover, investment in the financial instruments through profit or loss increased by SAR 2.5 million YoY.
On a quarterly basis, the second-quarter net profit grew by 9.6% from SAR 24.82 million.
Shareholders’ equity, after minority interest, declined to SAR 546.18 million as of June 30, 2022, from SAR 550 million a year earlier.
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