Financial Results : SMASCO earnings decline to SAR 70M in H1 2025; Q2 at SAR 29.5M

SMASCO earnings decline to SAR 70M in H1 2025; Q2 at SAR 29.5M

10/08/2025 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) said net profit fell to SAR 70 million in H1 2025, compared to SAR 74 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 953.82 1,011.80 6.1 %
Gross Income 112.04 136.15 21.5 %
Operating Income 76.82 81.80 6.5 %
Net Income 74.09 70.01 (5.5 %)
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyals) 0.19 0.18 (5.5 %)
EPS (Riyal) 0.19 0.18 (5.5 %)

The decline in profit was due to a 4.1% year-on-year (YoY) fall in revenue from other sectors. The company reported a SAR 4.9 million (19%) increase in administrative expenses from higher consulting, IT, and cybersecurity costs, and a SAR 1.5 million (16.5%) rise in marketing expenses.

 

The company also recorded SAR 7.5 million in investment losses from the launch of Waad Home Services, SAR 6.8 million in additional provisions for trade receivables, and SAR 5.9 million in impairment losses on supplier advances.

 

This was despite a 6.1% YoY increase in H1 2025 revenue, driven by 5.1% growth in the business sector and 11.7% growth in the individual sector on the back of stronger demand for workforce services.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 476.62 513.80 7.8 %
Gross Income 52.27 66.66 27.5 %
Operating Income 36.69 35.55 (3.1 %)
Net Income 35.82 29.53 (17.6 %)
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyal) 0.09 0.07 (17.6 %)
EPS (Riyal) 0.09 0.07 (17.6 %)

The second-quarter net earnings dropped 17.6% to SAR 29.5 million, from SAR 35.82 million in Q2 2023.

 

Sequentially, the bottom line fell 27.1% from SAR 40.49 million in Q1 2025.

 

Shareholders’ equity, excluding minority interest, reached SAR 613.9 million by the end of the current period, rising from SAR 599.3 million a year earlier.

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