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Saudi Manpower Solutions Co. announces its Annual Financial results for the period ending on 2024-12-31
AI Summary
Content Summary: 
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Revenues for the current year 2024 increased by 3.6% compared to the previous year, supported by improvements in the performance of Other sectors whose revenues rose by 108% due to the increase in operational activities from contracts. Meanwhile, the revenues of the Business sector decreased by 1.3% due to the expiration of contracts for some workers. As for the Individual sector, its revenues decreased by 2.2% due to the implementation of service price ceilings and other requirements according to the issued legislative regulations, despite the increase in the overall workforce number across the company by 12%. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is |
The net profit for this year decreased by 24% compared to the previous year due to the following reasons:
A 13% decrease in the company's gross profit across its sectors, mainly affected by the results of the individual sector due to the implementation of service price ceilings and other requirements in accordance with the issued legislative regulations.
An increase in administrative and general expenses by 3.2 million riyals (5.9%) due to higher consulting expenses, depreciation, maintenance, and cleaning for new buildings, as well as booking the listing fees.
A decrease in other revenues by 3.7 million riyals, mainly due to a reduction in financial returns from Islamic Murabaha transactions, caused by changes in invested amounts and rates of return.
An increase in finance charges of employees defined benefit liabilities for employees’ and lease liabilities by 2 million, related to the re-measurement of employee benefits and new lease contracts. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | The consolidated financial statements of the Group for the year ended December 31, 2023 were audited by another auditor who expressed an unmodified opinion dated 31 March 2024. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified and presented for the purpose of better presentation. However, the effect of those reclassifications was not significant. |
| Additional Information | Not applicable |
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