Financial Results : Maharah 9M 2023 profit falls 23% to SAR 87.8 mln; Q3 at SAR 20.4 mln

Maharah 9M 2023 profit falls 23% to SAR 87.8 mln; Q3 at SAR 20.4 mln

09/11/2023 Argaam Exclusive

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Maharah Human Resources Co. posted a net profit of SAR 87.8 million for the nine-month period ended Sept. 30, 2023, a fall of 23% from SAR 113.9 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 1,200.81 1,396.11 16.3 %
Gross Income 163.44 183.65 12.4 %
Operating Income 83.15 81.97 (1.4 %)
Net Income 113.94 87.77 (23.0 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyals) 0.24 0.18 (23.0 %)
EPS (Riyal) 0.24 0.18 (23.0 %)

The individual segment's revenues decreased by 14% year-on-year (YoY) due to the implementation of price ceilings for individual services in accordance with the applied regulations.

 

General, administrative, and marketing expenses increased by SAR 4 million compared with a year earlier.

 

Financing costs rose by SAR 28 million, compared with SAR 2 million in 2023.

 

However, revenue increased by 16% YoY, backed by some of the main segments, including the corporate and hourly services whose revenues increased by 28% and 15%, respectively compared to the same period of the previous year.

 

Gross profit increased by 9% YoY, mainly driven by improved results of some key segments, including the corporate segment, hourly services segment, and facility management.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 416.28 471.49 13.3 %
Gross Income 58.37 61.96 6.2 %
Operating Income 30.02 19.66 (34.5 %)
Net Income 61.93 20.40 (67.1 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyal) 0.13 0.04 (67.1 %)
EPS (Riyal) 0.13 0.04 (67.1 %)

In Q3 2023, net profit fell 67% to SAR 20.4 million from SAR 61.9 million a year earlier, mainly due to a 13% rise in revenues backed by some main segments, including the corporate and hourly services whose revenues grew by 22% and 18% YoY, respectively.

 

On a sequential basis, Q3 2023 net profit dropped 41.9% from SAR 35.10 million.

 

Shareholders’ equity, after minority interest, amounted to SAR 620.58 million at the end of the nine-month period, from SAR 561.24 million a year earlier.

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