SMASCO eyes expansion across all segments, more balanced portfolio: CEO

Abdullah Altimyat, CEO of Saudi Manpower Solutions Co.’s (SMASCO)

Saudi Manpower Solutions Co.’s (SMASCO) current strategy is based on expansion across all segments, while also unlocking a healthier workforce portfolio to boost profit margins, CEO Abdullah Altimyat told Argaam in an interview.

The Saudi-listed company’s balanced growth is progressing on track. The goal is to develop services and specializations in target segments, he highlighted.

SMASCO is a leading player in the HR sector, including the domestic labor market which the company prioritizes in terms of products and output, according to the top executive.

The company has been in the vanguard of the mandatory requirements set by the Ministry of Human Resources and Social Development (HRSD), not to mention its leadership in the domestic labor market — factors counterbalancing potential hurdles amidst business expansion, Altimyat stated.

On another note, manpower growth in the corporate segment is accelerating on par with the pace witnessed in several of the company’s target segments, the CEO noted.

Altimyat also touched on Waad Home Services Marketing Co. — a limited liability firm that was established as a joint venture (JV) between SMASCO and global home services provider Urban Home Experts Pte Ltd.

The JV is enabled to provide exceptional home services solutions to the Saudi market. Launched in early 2025, Waad requires investment and time to establish itself in the local market, said the CEO.

He added that Waad incurred SAR 7.5 million in investment losses by the end of June 2025, before soaring to SAR 14.5 million by the end of 2025, as per SMASCO’s estimates.

Upfront payments are not atypical in the HR sector, where companies pay advances to suppliers, including external recruitment agencies. Therefore, HR companies regularly monitor the status of these agencies and suppliers, setting financial provisions as per the required accounting standards, according to the top executive.

He pointed out that the Saudi economy is on the rise across most sectors — a trend likely to persist going forward. Thus, additional human capital would be in demand in order to sustain such growth, as is the case in the home services sector.

According to Argaam’s data, SMASCO reported lower earnings of SAR 70 million in H1 2025, compared to SAR 74 million a year earlier. The Q2 2025 net profit stood at SAR 29.5 million.