Maharah Human Resources Co. reported a net profit after Zakat and tax of SAR 57 million for the first quarter of 2020, a 6% year-on-year (YoY), compared to SAR 54 million in the same period last year.
The higher profit was attributed to a 5% increase in revenues, driven by growth in corporate and individual sectors despite partially being affected by the suspension of Khidmah program due to the government’s precautionary procedures to curb the spread of COVID-19.
In addition, general and administrative (G&A) expenses fell by 5% and doubtful debts expenses falling by SAR 4.5 million.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 372.88 | 389.76 | 4.5 % |
| Gross Income | 79.77 | 79.03 | (0.9 %) |
| Operating Income | 60.85 | 59.76 | (1.8 %) |
| Net Income | 54.02 | 57.25 | 6.0 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.11 | 0.12 | 6.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 385.83 | 389.76 | 1.0 % |
| Gross Income | 106.84 | 79.03 | (26.0 %) |
| Operating Income | 85.20 | 59.76 | (29.9 %) |
| Net Income | 65.95 | 57.25 | (13.2 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.14 | 0.12 | (13.2 %) |
When compared to the previous quarter, Q1 net profit fell 13.2% due to decline in individual sector revenue and higher operating costs.
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