Al Mawarid profit surges 45% to SAR 138.5M in 2025, Q4 at SAR 39.2M
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Al Mawarid Manpower Co. reported a net profit of SAR 138.5 million in 2025, a 45% growth compared to SAR 95.4 million a year earlier.
Financials (Million Riyal)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 2,027.75 | 2,610.99 | 28.8 % |
| Gross Income | 184.85 | 235.87 | 27.6 % |
| Operating Income | 103.14 | 152.41 | 47.8 % |
| Net Income | 95.42 | 138.46 | 45.1 % |
| Average Shares | 20.00 | 20.00 | - |
| Earnings Per Share before unusual items (Riyals) | 4.77 | 7.19 | 50.7 % |
| EPS (Riyal) | 4.77 | 6.92 | 45.1 % |
The profit surge was attributed to a 29% year-on-year (YoY) rise in revenue to SAR 583 million, driven by a 20% growth in the average workforce, reflecting the company’s operational expansion.
Corporate segment revenue rose 32% YoY to SAR 515 million, supported by a 23% increase in workforce, stronger demand, successful contract wins.
Meanwhile, the retail segment recorded 16% YoY revenue growth of SAR 69 million, backed by a 12% increase in workforce and improved utilization rates.
Gross profit rose by 28% YoY to SAR 51 million, with corporate and retail segments contributing SAR 28 million and SAR 23 million, respectively, while the retail segment’s gross margin improved to 11.3% in 2025 from 7.7% in 2024. Impairment losses on trade receivables declined by SAR 15 million due to non-recurring provisions recorded in 2024. Other operating income increased by SAR 2.4 million, supported by higher time deposit returns and HRDF support, while other income rose by SAR 0.8 million due to improved returns on financial investments.
On the other hand, general, administrative, and marketing expenses increased by SAR 17 million due to higher workforce-related costs and expanded marketing activities.
In addition, the company recorded SAR 5 million in impairment losses on advances to recruitment agencies, compared to none in the previous year.
Q4 2025 net earnings grew 36.5% to SAR 39.2 million from SAR 28.7 million in Q4 2024.
Sequentially, the bottom line edged up 5.9% from SAR 37 million in Q3 2025.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 558.82 | 719.17 | 28.7 % |
| Gross Income | 51.09 | 66.94 | 31.0 % |
| Operating Income | 29.35 | 44.25 | 50.8 % |
| Net Income | 28.68 | 39.16 | 36.5 % |
| Average Shares | 20.00 | 20.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.43 | 1.96 | 36.5 % |
| EPS (Riyal) | 1.43 | 1.96 | 36.5 % |
Total shareholders’ equity, with no minority interest, rose to SAR 506.04 million by Dec. 31, 2025, compared to SAR 398.01 million a year earlier.
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 588.68 | 34.0 % | 53.28 | 23.5 % | 34.08 | 19.3 % |
| Q2 2025 | 624.36 | 29.7 % | 54.45 | 24.4 % | 34.62 | 34.7 % |
| Q3 2025 | 678.78 | 23.8 % | 61.20 | 30.6 % | 42.17 | 116.1 % |
| Q4 2025 | 719.17 | 28.7 % | 66.94 | 31.0 % | 44.25 | 50.8 % |
| 2025 | 2,610.99 | 28.8 % | 235.87 | 27.6 % | 152.41 | 47.8 % |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 29.94 | 13.4 % | 1.50 | (2.30) | 32.24 | 1.61 |
| Q2 2025 | 32.38 | 39.4 % | 1.62 | - | 32.38 | 1.62 |
| Q3 2025 | 36.98 | 116.3 % | 1.85 | (3.00) | 39.98 | 2.00 |
| Q4 2025 | 39.16 | 36.5 % | 1.96 | - | 39.16 | 1.96 |
| 2025 | 138.46 | 45.1 % | 6.92 | (5.30) | 143.77 | 7.19 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 9.77 % | 7.72 % | 5.85 % |
| Q2 2024 | 9.31 % | 7.08 % | 5.31 % |
| Q3 2024 | 8.73 % | 6.03 % | 4.41 % |
| Q4 2024 | 9.12 % | 6.20 % | 4.71 % |
| 2024 | 9.12 % | 6.20 % | 4.71 % |
| Q1 2025 | 8.96 % | 6.11 % | 4.65 % |
| Q2 2025 | 8.87 % | 6.20 % | 4.76 % |
| Q3 2025 | 8.98 % | 6.88 % | 5.44 % |
| Q4 2025 | 9.03 % | 7.08 % | 5.51 % |
| 2025 | 9.03 % | 6.98 % | 5.51 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 20.00 | 4.95 | 5.06 | 20.52 |
| Q2 2025 | 20.00 | 5.41 | 5.52 | 22.21 |
| Q3 2025 | 20.00 | 6.40 | 6.66 | 23.15 |
| Q4 2025 | 20.00 | 6.92 | 7.19 | 25.30 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 21.07 | 20.59 | 5.08 |
| Q2 2025 | 19.22 | 18.82 | 4.68 |
| Q3 2025 | 14.52 | 13.94 | 4.01 |
| Q4 2025 | 14.09 | 13.57 | 3.86 |
Business Segments (Million Riyal)
Q4 2025
| Period | Corporate sector | Individuals sector | Hourly sector |
|---|---|---|---|
| Q1 2025 | 466.64 | 75.91 | 46.13 |
| Q2 2025 | 505.01 | 73.31 | 46.04 |
| Q3 2025 | 558.27 | 74.08 | 46.43 |
| Q4 2025 | 590.12 | 77.94 | 51.12 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 35.87 | 39.16 |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| AlJazira Capital | 38.00 | 39.16 | |
| SNB Capital | 37.60 | 39.16 | |
| GIB Capital | 32.00 | 39.16 |
| Current | |
| Market Cap (M Riyal) | 1,868.00 |
| Enterprise Value (EV) (M Riyal) | 1,664.71 |
| Shares Outstanding ((M)) | 20.00 |
| Recurring EPS ( Riyal) (TTM) | 8.19 |
| Book Value (BV) ( Riyal) | 26.64 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 11.41 |
| P/E (TTM) | 11.62 |
| Price/book | 3.51 |
| Return on Average Assets (%) (TTM) | 16.1 |
| Return on Average Equity (%) (TTM) | 34.1 |
| EV/Revenues | 0.60 |
Share Price
Al Mawarid Manpower Co. (ALMAWARID)
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