Financial Results : SMASCO earnings decline 24% to SAR 126.4M in 2024; Q4 at SAR 23.3M

SMASCO earnings decline 24% to SAR 126.4M in 2024; Q4 at SAR 23.3M

26/03/2025 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) posted a 24% net profit slump to SAR 126.4 million in 2024, compared to SAR 166.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,827.19 1,892.89 3.6 %
Gross Income 243.37 210.96 (13.3 %)
Operating Income 166.38 132.43 (20.4 %)
Net Income 166.29 126.42 (24.0 %)
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyals) 0.42 0.32 (24.0 %)
EPS (Riyal) 0.42 0.32 (24.0 %)

SMASCO cited a SAR 3.2 million (5.9%) annual increase in administrative and general expenses due to higher professional consulting fees, depreciation, maintenance, cleaning costs for new buildings, and listing fees for 2024.

 

During the same year, other revenues decreased by SAR 3.7 million on an annual basis. This was primarily due to lower returns on Islamic Murabaha investments, impacted by changes in invested amounts and maturity rates.

 

The company's overall gross profit declined by 13% year-on-year (YoY) in 2024, mainly due to the individuals segment that was hurt by the recent price caps and other regulatory requirements.

 

The corporate segment revenues fell by 1.3% YoY in 2024 on the expiry of some labor contracts.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 460.36 475.60 3.3 %
Gross Income 68.31 47.57 (30.4 %)
Operating Income 46.29 25.86 (44.1 %)
Net Income 44.46 23.34 (47.5 %)
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyal) 0.11 0.06 (47.5 %)
EPS (Riyal) 0.11 0.06 (47.5 %)

Further, on an annual basis, the individuals segment’s revenues shed 2.2% due to the recent pricing caps and regulatory requirements, despite a 12% increase in the company's workforce.

 

The fourth-quarter net earnings dropped 48% to SAR 23.3 million, from SAR 44.46 million in Q4 2023.

 

Compared to Q3 2024, the bottom line fell 19.6% from SAR 29 million.

 

Shareholders’ equity, no minority interest, reached SAR 600.4 million by the end of 2024, inching up from SAR 521.7 million a year earlier.

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