Financial Results : Al Mawarid profit jumps 13% to SAR 29.9M in Q1 2025

Al Mawarid profit jumps 13% to SAR 29.9M in Q1 2025

13/05/2025 Argaam Exclusive

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Al Mawarid Manpower Co. reported a net profit rise of 13% to SAR 29.9 million in Q1 2025, compared to SAR 26.4 million in the year-earlier period.

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 439.19 588.68 34.0 %
Gross Income 43.14 53.28 23.5 %
Operating Income 28.57 32.26 12.9 %
Net Income 26.41 29.94 13.4 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 1.76 2.00 13.4 %
EPS (Riyal) 1.76 2.00 13.4 %

The group’s revenues jumped 34% year-on-year (YoY) thanks to a 25% increase in average available workforce.

 

Revenues from the corporate segment leapt 38% YoY in the three-month period, in line with the increase in demand for the workforce across various industries, increasing average workforce in corporate segment by 32% during the current quarter.

 

In the individual segment, revenues grew 20% YoY in line with a 13% increase in workforce.

 

On the other hand, general, administrative and marketing expenses rose by 30% on an annual basis.

 

The company also incurred an impairment loss of SAR 2.3 million on advances to recruitment agents in the first quarter of 2025, compared to null in the first quarter of 2024. There is also an increase in impairment loss on trade receivables.

 

Net earnings grew by 4.4% quarter-on-quarter (QoQ) from SAR 28.6 million in Q4 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 410.42 million as of March 31, 2025, from SAR 354.83 million a year earlier.

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