Financial Results : Al Mawarid profit rises 7% to SAR 95.4M in 2024, Q4 at SAR 28.7M

Al Mawarid profit rises 7% to SAR 95.4M in 2024, Q4 at SAR 28.7M

27/03/2025 Argaam Exclusive

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Al Mawarid Manpower Co. reported a net profit of SAR 95.4 million in 2024, a 7% growth compared to SAR 88.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,446.01 2,027.75 40.2 %
Gross Income 147.24 184.85 25.5 %
Operating Income 98.29 103.14 4.9 %
Net Income 88.77 95.42 7.5 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 5.92 6.36 7.5 %
EPS (Riyal) 5.92 6.36 7.5 %

Al Mawarid reported a 42% revenue year-on-year (YoY) increase on a higher average number of the workforce, which led to a 26% rise YoY in gross income in 2024.

 

General, administrative and marketing expenses rose in 2024 on higher expenses related to the workforce, and increased marketing expenses to meet growing competition in the market.

 

Provisions for expected credit losses on trade receivables and contract assets increased by SAR 24 million YoY in 2024. Additionally, other revenue for 2024 rose by SAR 3 million YoY due to the increase in grants from HRDF as a result of the rise in the number of Saudi employees during 2024. There is also an increase in gains from investments at fair value through profit or loss.

 

Q4 2024 net earnings jumped 35% to SAR 28.7 million from SAR 21.23 million in Q4 2023.

 

Sequentially, the bottom line jumped 67.7% from SAR 17.1 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 526.78 559.15 6.1 %
Gross Income 40.54 51.09 26.0 %
Operating Income 25.36 29.35 15.7 %
Net Income 21.23 28.68 35.1 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 1.42 1.91 35.1 %
EPS (Riyal) 1.42 1.91 35.1 %

Total shareholders’ equity, no minority interest, stood at SAR 398.01 million by Dec. 31, 2024, compared to SAR 343.88 million a year earlier.

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