Abdulaziz Alkathiry, CEO of Maharah Human Resources Co.
The demand for workers is expected to grow in the current period, especially in the individuals segment, due to the holy month of Ramadan, Abdulaziz Alkathiry, CEO of Maharah Human Resources Co., told Argaam.
Maharah plans to establish the Saudi outsourcing sector in 2022, which will be an addition and a new tributary of Maharah’s services.
The human resources services provider is currently working on ambitious plans for 2022, which include expanding the processes of attracting talents and raising the average number of workers for the corporate and individuals segments by 20%.
In addition, the plans include expanding the outsourcing services to Saudi nationals, developing training services for the workforce, as well as offering more services for the corporate and individuals segments.
The company also plans to complete the announced acquisitions and develop the infrastructure and technical systems.
Maharah is also working on its digital transformation strategy, the CEO said.
Touching on the company’s Q4 2021 financials, Alkathiry said all departments cooperated to report positive results for the fourth quarter in terms of revenue and profitability compared to previous periods.
Alkathiry also highlighted a general increase in the recruitment and sourcing costs, in addition to higher travel ticket prices and costs related to the COVID-19 precautionary measures, social distancing and quarantine on the back of the pandemic outbreak.
Despite these costs, the company’s profit margins are deemed “solid”, on the rise in the average number of workers allowed to directly arrive at the Kingdom.
In addition to Maharah’s efforts to increase recruitment rates and control other expenses, collections improved, which was positively reflected on the reversal of some doubtful debt provisions.
The company expects a decline in these costs going forward and normalization of other expenses, especially those related to the Saudi government’s lifting of COVID-19 precautionary measures.
Looking ahead, the firm forecasts positive financial and operating performance.
Q4 2021 net profit jumped 74% to SAR 39.3 million, compared to the year-earlier period, according to data available with Argaam.
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