Financial Results : Maharah 2024 profit jumps 27% to SAR 127.5M; Q4 at SAR 2M

Maharah 2024 profit jumps 27% to SAR 127.5M; Q4 at SAR 2M

31/03/2025 Argaam Exclusive

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Maharah Human Resources Co. posted a net profit rise of 27% to SAR 127.5 million in 2024 from SAR 100.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,890.02 2,235.43 18.3 %
Gross Income 244.28 258.62 5.9 %
Operating Income 96.70 127.64 32.0 %
Net Income 100.23 127.48 27.2 %
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyals) 0.21 0.27 27.2 %
EPS (Riyal) 0.21 0.27 27.2 %

The company’s consolidated revenue climbed 18% year-on-year (YoY) in 2024. This was mainly fueled by the SAR 11 million rise in other revenues and the 6% annual uptick in the full-year gross income.

 

This came despite the SAR 4 million increase in financing costs and the SAR 3.5 million hike in general and administrative expenses on human capital investments for the same year.

 

Also limiting Maharah’s 2024 profit growth, share of income from investment in two associates retreated by 30% (SAR 12.2 million) by year-end.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 493.91 621.41 25.8 %
Gross Income 60.63 61.70 1.8 %
Operating Income 14.73 29.08 97.4 %
Net Income 12.46 1.98 (84.1 %)
Average Shares 475.00 475.00 -
Earnings Per Share before unusual items (Riyal) 0.03 0.00 (84.1 %)
EPS (Riyal) 0.03 0.00 (84.1 %)

In Q4 2024, net profit plunged 84% to SAR 2 million from SAR 12.4 million in Q4 2023.

 

Similarly, net earnings tumbled 91.9% from SAR 24.3 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 625.12 million as of Dec. 31, 2024, up from SAR 568.95 million a year earlier.

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