SMASCO earnings rise 33% to SAR 93.2M in H1 2026; Q2 at SAR 44.6M

09/08/2026 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) net profit rose to SAR 93.2 million in H1 2026, compared with SAR 70 million a year earlier.



Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 1,011.80 1,127.76 11.5 %
Gross Income 136.15 166.42 22.2 %
Operating Income 87.70 99.25 13.2 %
Net Income 70.01 93.19 33.1 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyals) 0.19 0.23 22.8 %
EPS (Riyal) 0.18 0.23 33.1 %

The company attributed the increase to a SAR 116 million, or 11.46%, year-on-year (YoY) rise in consolidated revenue.

 

Revenue growth was driven by stronger performance across the company's core segments. Revenue from the corporate services segment increased 10.7%, while revenue from the individual services segment rose 17.9%, supported by higher demand.

 

Gross profit increased by SAR 30.3 million, or 22.2%, reflecting improved profitability across the company's main segments. Gross profit from the individual services segment rose by SAR 20.6 million, or 44%, supported by stronger demand, balanced supply, and continued initiatives to improve margins through portfolio diversification aligned with market needs.

 

Gross profit from the corporate services segment also increased 10%, or SAR 7.3 million, in line with the 10.7% growth in revenue.

 

Other income increased by approximately SAR 3 million, due to a SAR 1.6 million gain from the sale of fully depreciated assets during the period. In the year-earlier period, the company recorded a loss of about SAR 0.9 million related to the closure of certain distribution centers.

 

The gains were partly offset by a SAR 3 million increase in general and administrative expenses, due to higher employee costs, IT expenses, and related subscriptions, as well as increased depreciation expenses.

 

Selling and marketing expenses also rose by about SAR 2.7 million due to higher sales and marketing activity, while the provision for doubtful debts increased by SAR 6.5 million in line with the expected credit loss model.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 513.80 570.74 11.1 %
Gross Income 66.66 80.98 21.5 %
Operating Income 41.46 48.11 16.1 %
Net Income 29.53 44.62 51.1 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyal) 0.09 0.11 25.9 %
EPS (Riyal) 0.07 0.11 51.1 %

Net profit for Q2 2026 rose 51.1% YoY to SAR 44.6 million from SAR 29.53 million due to an 11.1% increase in consolidated revenue to SAR 56.9 million, driven by higher revenue from corporate services, individual services, and logistics services segments.

 

The improvement was further supported by higher other income, and a SAR 3.16 million decrease in the provision for supplier payment losses.

 

Sequentially, Q2 2026 fell 8.1% from SAR 48.58 million in Q1 2026.

 

Shareholders’ equity, with no minority interest, reached SAR 670.41 million by the end of the period, rising from SAR 613.9 million a year earlier.

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