Maharah Human Resources Co.'s net profit after Zakat and tax declined 35% to SAR 177.3 million in 2020 from SAR 272.1 million in 2019.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 1,512.30 | 1,416.36 | (6.3 %) |
| Gross Income | 379.81 | 262.69 | (30.8 %) |
| Operating Income | 303.93 | 183.03 | (39.8 %) |
| Net Income | 272.09 | 177.32 | (34.8 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.57 | 0.37 | (34.8 %) |
The company attributed the profit decline to a 6% drop in revenue due to the decrease in the average number of resources, the effects of the COVID-19 pandemic, and precautionary measures taken by the government.
The company also cited 30% decline in gross profit and 37% rise in marketing expenses for the drop in earnings.
However, general and administrative expenses decreased by 9%.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 385.83 | 332.04 | (13.9 %) |
| Gross Income | 106.84 | 46.98 | (56.0 %) |
| Operating Income | 85.20 | 21.35 | (74.9 %) |
| Net Income | 65.95 | 22.53 | (65.8 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.14 | 0.05 | (65.8 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 342.07 | 332.04 | (2.9 %) |
| Gross Income | 62.79 | 46.98 | (25.2 %) |
| Operating Income | 47.47 | 21.35 | (55.0 %) |
| Net Income | 48.11 | 22.53 | (53.2 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.10 | 0.05 | (53.2 %) |
In Q4 2020, the company’s net profit after Zakat and tax decreased by 66% year-on-year (YoY) to SAR 22.5 million.
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