SMASCO 9M 2025 profit rises to SAR 110.6M; Q3 at SAR 40.6M

Saudi Manpower Solutions Co. (SMASCO) posted a net profit increase to SAR 110.6 million in the first nine months of 2025, compared to SAR 103.1 million a year earlier.

The nine-month profit jump came amid a 9% year-on-year revenue hike, paired with a 33% annual rise in gross profit.

This was driven by the improved gross income in the company’s core segments: the corporate and individuals segments. This resulted from higher demand, alongside the adoption of initiatives aimed at enhancing profitability in the individuals segment.

Meanwhile, for 9M 2025, general & administrative expenses climbed by approximately SAR 3.5 million on annual basis. This was due to elevated IT and cybersecurity expenses and related subscriptions, increased consulting and professional service costs for enhancing internal processes, as well as higher building depreciation expenses.

Moreover, SMASCO’s nine-month selling & marketing expenses soared by about SAR 3.5 million. This was ascribed to the increased sales and marketing activity, in addition to recognizing a SAR 18.8 million provision for expected credit losses.

The Zakat expenses provision also rose by almost SAR 974,000 in 9M 2025, compared to the same period a year earlier. Additionally, other income shed roughly SAR 1.9 million on a yearly basis by 9M 2025-end.

The company reported a net profit of SAR 40.60 million for Q3 2025, a growth of 40% YoY from SAR 29 million.

On a sequential basis, net profit also expanded by 37.5% from SAR 29.53 million in Q2 2025.

Total shareholders’ equity, no minority interest, amounted to SAR 602.92 million as of Sept. 30, 2025, compared to SAR 579.99 million in the same period a year earlier.

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