Al Mawarid profit surges 45% to SAR 138.5M in 2025, Q4 at SAR 39.2M

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	147.11	42.6 %
Net Income	95.42	138.47	45.1 %
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyals)	4.77	6.92	45.1 %
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)

Compared With The

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	41.07	39.9 %
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 %

Item	Q3 2025	Q4 2025	Change‬
Revenues	678.78	719.17	6.0 %
Gross Income	61.20	66.94	9.4 %
Operating Income	39.17	41.07	4.8 %
Net Income	36.98	39.16	5.9 %
Average Shares	20.00	20.00	-
Earnings Per Share before unusual items (Riyal)	1.85	1.96	5.9 %
EPS (Riyal)	1.85	1.96	5.9 %

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.

View more financial results

View other reports

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

	Current
Market Cap (M Riyal)	2,066.00
Enterprise Value (EV) (M Riyal)	1,853.68
Shares Outstanding ((M))	20.00
Recurring EPS ( Riyal) (TTM)	8.92
Book Value (BV) ( Riyal)	29.42
Par Value ( Riyal)	10.00
Recurring P/E (TTM)	11.58
P/E (TTM)	11.58
Price/book	3.51
Dividend Yield (%) (Last Year)	2.34
Return on Average Assets (%) (TTM)	16.0
Return on Average Equity (%) (TTM)	34.5
EV/adj EBITDA	8.58
EV/Revenues	0.63

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
Q1 2020	196.69	-	21.33	-	12.29	-
Q2 2020	153.78	-	17.18	-	9.98	-
Q3 2020	164.70	-	21.97	-	13.38	-
Q4 2020	171.48	-	20.99	-	11.70	-
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
Q1 2021	160.13	(18.6 %)	25.09	17.6 %	16.15	31.4 %
Q2 2021	164.85	7.2 %	23.68	37.8 %	14.49	45.2 %
Q3 2021	166.44	1.1 %	25.12	14.3 %	15.15	13.3 %
Q4 2021	172.31	0.5 %	22.97	9.4 %	12.27	4.8 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
Q1 2022	188.43	17.7 %	24.01	(4.3 %)	14.15	(12.3 %)
Q2 2022	233.41	41.6 %	31.91	34.7 %	20.46	41.2 %
Q3 2022	247.74	48.8 %	32.59	29.7 %	20.25	33.6 %
Q4 2022	275.15	59.7 %	41.18	79.3 %	28.62	133.2 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
Q1 2023	293.87	56.0 %	34.93	45.5 %	24.24	71.2 %
Q2 2023	305.29	30.8 %	34.67	8.6 %	23.80	16.3 %
Q3 2023	320.07	29.2 %	37.11	13.8 %	24.89	22.9 %
Q4 2023	526.78	91.4 %	40.54	(1.6 %)	25.36	(11.4 %)
2023	1,446.01	53.1 %	147.24	13.5 %	98.29	17.7 %
Q1 2024	439.19	49.4 %	43.14	23.5 %	28.57	17.9 %
Q2 2024	481.55	57.7 %	43.78	26.3 %	25.70	8.0 %
Q3 2024	548.20	71.3 %	46.85	26.3 %	19.51	(21.6 %)
Q4 2024	558.82	6.1 %	51.09	26.0 %	29.35	15.7 %
2024	2,027.75	40.2 %	184.85	25.5 %	103.14	4.9 %
Q1 2025	588.68	34.0 %	53.28	23.5 %	32.26	12.9 %
Q2 2025	624.36	29.7 %	54.45	24.4 %	34.62	34.7 %
Q3 2025	678.78	23.8 %	61.20	30.6 %	39.17	100.7 %
Q4 2025	719.17	28.7 %	66.94	31.0 %	41.07	39.9 %
2025	2,610.99	28.8 %	235.87	27.6 %	147.11	42.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2018	494.47	-	45.34	-	15.58	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
2023	1,446.01	53.1 %	147.24	13.5 %	98.29	17.7 %
2024	2,027.75	40.2 %	184.85	25.5 %	103.14	4.9 %
2025	2,610.99	28.8 %	235.87	27.6 %	147.11	42.6 %

Profit Performance (Million Riyal)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	13.97	-	0.70	0.61	13.36	0.67
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	38.57	176.1 %	1.93	4.49	34.09	1.70
Q1 2020	11.17	-	0.56	-	11.17	0.56
Q2 2020	9.01	-	0.45	-	9.01	0.45
Q3 2020	12.96	-	0.65	-	12.96	0.65
Q4 2020	12.71	-	0.64	3.74	8.97	0.45
2020	45.86	18.9 %	2.29	3.74	42.11	2.11
Q1 2021	14.58	30.5 %	0.73	-	14.58	0.73
Q2 2021	13.57	50.6 %	0.68	-	13.57	0.68
Q3 2021	14.08	8.7 %	0.70	-	14.08	0.70
Q4 2021	13.43	5.6 %	0.67	3.08	10.35	0.52
2021	55.66	21.4 %	2.78	3.08	52.58	2.63
Q1 2022	12.94	(11.3 %)	0.65	-	12.94	0.65
Q2 2022	18.81	38.6 %	0.94	-	18.81	0.94
Q3 2022	18.93	34.5 %	0.95	-	18.93	0.95
Q4 2022	25.31	88.4 %	1.27	-	25.31	1.27
2022	75.99	36.5 %	3.80	-	75.99	3.80
Q1 2023	22.16	71.3 %	1.11	-	22.16	1.11
Q2 2023	22.45	19.4 %	1.12	-	22.45	1.12
Q3 2023	22.93	21.1 %	1.15	-	22.93	1.15
Q4 2023	21.23	(16.1 %)	1.06	-	21.23	1.06
2023	88.77	16.8 %	4.44	-	88.77	4.44
Q1 2024	26.41	19.2 %	1.32	-	26.41	1.32
Q2 2024	23.23	3.5 %	1.16	-	23.23	1.16
Q3 2024	17.10	(25.4 %)	0.85	-	17.10	0.85
Q4 2024	28.68	35.1 %	1.43	-	28.68	1.43
2024	95.42	7.5 %	4.77	-	95.42	4.77
Q1 2025	29.94	13.4 %	1.50	-	29.94	1.50
Q2 2025	32.38	39.4 %	1.62	-	32.38	1.62
Q3 2025	36.98	116.3 %	1.85	-	36.98	1.85
Q4 2025	39.16	36.5 %	1.96	-	39.16	1.96
2025	138.47	45.1 %	6.92	-	138.47	6.92

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2018	13.97	-	0.70	0.61	13.36	0.67
2019	38.57	176.1 %	1.93	4.49	34.09	1.70
2020	45.86	18.9 %	2.29	3.74	42.11	2.11
2021	55.66	21.4 %	2.78	3.08	52.58	2.63
2022	75.99	36.5 %	3.80	-	75.99	3.80
2023	88.77	16.8 %	4.44	-	88.77	4.44
2024	95.42	7.5 %	4.77	-	95.42	4.77
2025	138.47	45.1 %	6.92	-	138.47	6.92

Profitability

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	9.17 %	3.70 %	2.70 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	10.07 %	6.38 %	4.76 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	11.86 %	8.75 %	6.13 %
2020	11.86 %	8.75 %	6.13 %
Q1 2021	13.11 %	9.92 %	7.00 %
Q2 2021	13.87 %	10.39 %	7.57 %
Q3 2021	14.31 %	10.65 %	7.72 %
Q4 2021	14.59 %	10.76 %	7.92 %
2021	14.59 %	10.76 %	7.92 %
Q1 2022	13.84 %	10.07 %	7.36 %
Q2 2022	13.67 %	10.02 %	7.39 %
Q3 2022	13.24 %	9.73 %	7.25 %
Q4 2022	13.73 %	10.46 %	8.04 %
2022	13.73 %	10.46 %	8.04 %
Q1 2023	13.39 %	10.45 %	8.11 %
Q2 2023	12.78 %	10.20 %	7.92 %
Q3 2023	12.38 %	10.05 %	7.77 %
Q4 2023	10.18 %	8.15 %	6.14 %
2023	10.18 %	8.15 %	6.14 %
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 %	6.02 %	4.54 %
Q2 2025	8.87 %	6.12 %	4.66 %
Q3 2025	8.98 %	6.68 %	5.22 %
Q4 2025	9.03 %	6.78 %	5.30 %
2025	9.03 %	6.78 %	5.30 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
2018	9.17 %	3.70 %	2.70 %
2019	10.07 %	6.38 %	4.76 %
2020	11.86 %	8.75 %	6.13 %
2021	14.59 %	10.76 %	7.92 %
2022	13.73 %	10.46 %	8.04 %
2023	10.18 %	8.15 %	6.14 %
2024	9.12 %	6.20 %	4.71 %
2025	9.03 %	6.78 %	5.30 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	10.85 %	7.64 %	5.68 %
Q2 2020	11.17 %	8.76 %	5.86 %
Q3 2020	13.34 %	10.10 %	7.87 %
Q4 2020	12.24 %	8.74 %	5.23 %
Q1 2021	15.67 %	12.12 %	9.11 %
Q2 2021	14.37 %	10.73 %	8.23 %
Q3 2021	15.09 %	11.11 %	8.46 %
Q4 2021	13.33 %	9.17 %	6.01 %
Q1 2022	12.74 %	9.41 %	6.87 %
Q2 2022	13.67 %	10.35 %	8.06 %
Q3 2022	13.16 %	9.77 %	7.64 %
Q4 2022	14.96 %	11.89 %	9.20 %
Q1 2023	11.88 %	9.77 %	7.54 %
Q2 2023	11.36 %	9.42 %	7.35 %
Q3 2023	11.59 %	9.33 %	7.16 %
Q4 2023	7.69 %	5.80 %	4.03 %
Q1 2024	9.82 %	7.67 %	6.01 %
Q2 2024	9.09 %	6.43 %	4.82 %
Q3 2024	8.55 %	4.60 %	3.12 %
Q4 2024	9.14 %	6.40 %	5.13 %
Q1 2025	9.05 %	6.66 %	5.09 %
Q2 2025	8.72 %	6.70 %	5.19 %
Q3 2025	9.02 %	6.90 %	5.45 %
Q4 2025	9.31 %	6.81 %	5.45 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	20.00	-	-	9.11
Q2 2020	20.00	-	-	9.61
Q3 2020	20.00	-	-	9.29
Q4 2020	20.00	2.29	2.11	9.97
Q1 2021	20.00	2.46	2.28	10.67
Q2 2021	20.00	2.69	2.50	10.32
Q3 2021	20.00	2.75	2.56	11.00
Q4 2021	20.00	2.78	2.63	11.65
Q1 2022	20.00	2.70	2.55	12.34
Q2 2022	20.00	2.96	2.81	12.36
Q3 2022	20.00	3.21	3.05	13.35
Q4 2022	20.00	3.80	3.80	14.65
Q1 2023	20.00	4.26	4.26	15.70
Q2 2023	20.00	4.44	4.44	16.09
Q3 2023	20.00	4.64	4.64	16.12
Q4 2023	20.00	4.44	4.44	17.19
Q1 2024	20.00	4.65	4.65	17.74
Q2 2024	20.00	4.69	4.69	18.94
Q3 2024	20.00	4.40	4.40	18.88
Q4 2024	20.00	4.77	4.77	19.90
Q1 2025	20.00	4.95	4.95	20.52
Q2 2025	20.00	5.41	5.41	22.21
Q3 2025	20.00	6.40	6.40	23.15
Q4 2025	20.00	6.92	6.92	25.30

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2018	20.00	0.70	0.67	7.23
2019	20.00	1.93	1.70	8.51
2020	20.00	2.29	2.11	9.97
2021	20.00	2.78	2.63	11.65
2022	20.00	3.80	3.80	14.65
2023	20.00	4.44	4.44	17.19
2024	20.00	4.77	4.77	19.90
2025	20.00	6.92	6.92	25.30

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	16.02	16.02	4.42
Q3 2023	19.68	19.68	5.67
Q4 2023	21.09	21.09	5.44
Q1 2024	20.12	20.12	5.28
Q2 2024	18.84	18.84	4.66
Q3 2024	20.02	20.02	4.66
Q4 2024	16.57	16.57	3.97
Q1 2025	21.07	21.07	5.08
Q2 2025	19.22	19.22	4.68
Q3 2025	14.52	14.52	4.01
Q4 2025	14.09	14.09	3.86

Period	P/E	Recurring P/E	Price/book
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	21.09	21.09	5.44
2024	16.57	16.57	3.97
2025	14.09	14.09	3.86

Business Segments (Million Riyal)

Compared With The

Period	Corporate sector	Individuals sector	Hourly sector
Q1 2020	137.74	39.13	19.82
Q2 2020	111.40	40.56	1.83
Q3 2020	112.37	38.83	13.50
Q4 2020	114.77	33.59	23.13
Q1 2021	102.19	32.46	25.48
Q2 2021	107.05	31.33	26.47
Q3 2021	109.93	30.99	25.51
Q4 2021	114.51	32.11	25.68
Q1 2022	121.36	40.16	26.90
Q2 2022	152.42	50.01	30.99
Q3 2022	164.67	53.21	29.86
Q4 2022	181.08	60.29	33.78
Q1 2023	192.31	67.16	34.41
Q2 2023	202.80	65.81	36.67
Q3 2023	219.51	64.51	36.05
Q4 2023	430.94	58.08	37.75
Q1 2024	337.32	62.76	39.11
Q2 2024	375.10	67.56	38.88
Q3 2024	442.97	66.88	38.34
Q4 2024	449.92	67.84	41.06
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

Period	Corporate sector	Individuals sector	Hourly sector
2020	476.27	152.10	58.28
2021	433.68	126.90	103.14
2022	619.53	203.68	121.53
2023	1,045.56	255.57	144.89
2024	1,605.32	265.04	157.39
2025	2,120.04	301.23	189.72

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)
AlJazira Capital	38.00	39.16
SNB Capital	37.60	39.16
GIB Capital	32.00	39.16

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Al Mawarid profit surges 45% to SAR 138.5M in 2025, Q4 at SAR 39.2M

Financials (Million Riyal)

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Al Mawarid Manpower Co. (ALMAWARID)

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Financial results

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Profit Performance

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Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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Al Mawarid profit surges 45% to SAR 138.5M in 2025, Q4 at SAR 39.2M

Content Summary:

Comments Analysis:

Financials (Million Riyal)

Current Quarter Comparison (Million Riyal)

View other reports

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

Financial Ratios

Financial results (Million Riyal)

Financial results

Profit Performance (Million Riyal)

Profit Performance

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Business Segments (Million Riyal)