Maharah 2023 profit down 15% to SAR 97.1M; Q4 losses at SAR 3.3M

31/03/2024 Argaam Exclusive

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Share Price

Maharah Human Resources Co. (MAHARAH)

Maharah Human Resources Co. posted a net profit of SAR 97.1 million for 2023, a fall of 15% from SAR 113.5 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,683.60	1,890.02	12.3 %
Gross Income	229.22	235.71	2.8 %
Operating Income	108.20	95.36	(11.9 %)
Net Income	113.46	97.05	(14.5 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.24	0.20	(14.5 %)

The profit decline was attributed to lower revenue from the individual segment and from facility management, logistics, and home healthcare.

Meanwhile, the company realized an increase in the provisions of doubtful debt and financing cost.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	482.78	493.91	2.3 %
Gross Income	65.78	57.21	(13.0 %)
Operating Income	25.05	13.39	(46.5 %)
Net Income	(0.48)	9.28	2053.7 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.00	0.02	2053.7 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	471.49	493.91	4.8 %
Gross Income	56.81	57.21	0.7 %
Operating Income	19.66	13.39	(31.9 %)
Net Income	24.60	9.28	(62.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.05	0.02	(62.3 %)

In Q4 2023, the company expanded losses to SAR 3.3 million from SAR 480,000 a year earlier.

On a sequential basis, Maharah swung to losses in Q4 2023 against a net profit of SAR 24.6 million in Q3 2023.

Shareholders’ equity, after minority interest, amounted to SAR 568.61 million at the end of the 12-month period, from SAR 558.84 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	425.60	-	140.15	-	86.20	-	0.18
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	957.76	125.0 %	264.55	88.8 %	199.19	131.1 %	0.42
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	1,181.43	23.4 %	336.79	27.3 %	238.57	19.8 %	0.50
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	300.87	-	85.38	-	63.26	-	0.13
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	208.08	(12.8 %)	0.44
Q1 2018	327.38	-	62.73	-	48.02	-	0.10
Q2 2018	337.52	-	77.03	-	57.59	-	0.12
Q3 2018	343.90	-	82.49	-	69.35	-	0.15
Q4 2018	343.12	14.0 %	76.13	(10.8 %)	47.30	(25.2 %)	0.10
2018	1,351.92	15.8 %	298.38	(1.6 %)	222.25	6.8 %	0.47
Q1 2019	372.88	13.9 %	79.77	27.2 %	54.02	12.5 %	0.11
Q2 2019	367.22	8.8 %	86.93	12.8 %	71.99	25.0 %	0.15
Q3 2019	386.37	12.3 %	106.27	28.8 %	80.13	15.5 %	0.17
Q4 2019	385.83	12.4 %	106.84	40.3 %	65.95	39.5 %	0.14
2019	1,512.30	11.9 %	379.81	27.3 %	272.09	22.4 %	0.57
Q1 2020	389.76	4.5 %	79.03	(0.9 %)	57.25	6.0 %	0.12
Q2 2020	352.49	(4.0 %)	73.89	(15.0 %)	49.42	(31.3 %)	0.10
Q3 2020	342.07	(11.5 %)	62.79	(40.9 %)	48.11	(40.0 %)	0.10
Q4 2020	332.04	(13.9 %)	46.98	(56.0 %)	22.53	(65.8 %)	0.05
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	177.32	(34.8 %)	0.37
Q1 2021	321.61	(17.5 %)	55.17	(30.2 %)	31.32	(45.3 %)	0.07
Q2 2021	322.62	(8.5 %)	53.86	(27.1 %)	38.71	(21.7 %)	0.08
Q3 2021	324.83	(5.0 %)	54.29	(13.5 %)	35.63	(26.0 %)	0.08
Q4 2021	349.67	5.3 %	56.59	20.5 %	39.27	74.3 %	0.08
2021	1,318.73	(6.9 %)	219.90	(16.3 %)	144.93	(18.3 %)	0.31
Q1 2022	381.28	18.6 %	49.03	(11.1 %)	24.82	(20.7 %)	0.05
Q2 2022	409.29	26.9 %	56.05	4.1 %	27.19	(29.8 %)	0.06
Q3 2022	416.28	28.2 %	58.37	7.5 %	61.93	73.8 %	0.13
Q4 2022	482.78	38.1 %	65.78	16.2 %	(0.48)	(101.2 %)	0.00
2022	1,683.60	27.7 %	229.22	4.2 %	113.46	(21.7 %)	0.24
Q1 2023	462.03	21.2 %	56.75	15.7 %	32.27	30.0 %	0.07
Q2 2023	462.59	13.0 %	64.94	15.9 %	39.30	44.5 %	0.08
Q3 2023	471.49	13.3 %	56.81	(2.7 %)	24.60	(60.3 %)	0.05
Q4 2023	493.91	2.3 %	57.21	(13.0 %)	9.28	2053.7 %	0.02
2023	1,890.02	12.3 %	235.71	2.8 %	97.05	(14.5 %)	0.20

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	425.60	-	140.15	-	86.20	-	0.18
2015	957.76	125.0 %	264.55	88.8 %	199.19	131.1 %	0.42
2016	1,181.43	23.4 %	336.79	27.3 %	238.57	19.8 %	0.50
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	208.08	(12.8 %)	0.44
2018	1,351.92	15.8 %	298.38	(1.6 %)	222.25	6.8 %	0.47
2019	1,512.30	11.9 %	379.81	27.3 %	272.09	22.4 %	0.57
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	177.32	(34.8 %)	0.37
2021	1,318.73	(6.9 %)	219.90	(16.3 %)	144.93	(18.3 %)	0.31
2022	1,683.60	27.7 %	229.22	4.2 %	113.46	(21.7 %)	0.24
2023	1,890.02	12.3 %	235.71	2.8 %	97.05	(14.5 %)	0.20

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	32.93 %	21.20 %	20.25 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	27.62 %	21.75 %	20.80 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	28.51 %	20.94 %	20.19 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	25.96 %	17.67 %	17.60 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	23.49 %	17.47 %	17.99 %
Q4 2018	22.07 %	17.76 %	16.44 %
2018	22.07 %	17.76 %	16.44 %
Q1 2019	22.57 %	18.66 %	16.33 %
Q2 2019	22.80 %	19.09 %	16.88 %
Q3 2019	23.75 %	20.01 %	17.13 %
Q4 2019	25.11 %	21.47 %	17.88 %
2019	25.11 %	21.47 %	17.88 %
Q1 2020	24.79 %	21.22 %	17.89 %
Q2 2020	24.17 %	20.47 %	16.69 %
Q3 2020	21.94 %	18.34 %	15.02 %
Q4 2020	18.55 %	14.60 %	12.52 %
2020	18.55 %	14.60 %	12.52 %
Q1 2021	17.71 %	13.39 %	11.23 %
Q2 2021	16.60 %	12.70 %	10.67 %
Q3 2021	16.16 %	12.07 %	9.85 %
Q4 2021	16.67 %	12.83 %	10.18 %
2021	16.67 %	12.83 %	10.18 %
Q1 2022	15.51 %	11.54 %	9.27 %
Q2 2022	14.74 %	10.14 %	7.93 %
Q3 2022	14.14 %	9.17 %	9.16 %
Q4 2022	13.57 %	8.16 %	6.72 %
2022	13.61 %	8.19 %	6.74 %
Q1 2023	13.38 %	8.22 %	6.83 %
Q2 2023	13.48 %	8.15 %	7.29 %
Q3 2023	13.00 %	7.40 %	5.09 %
Q4 2023	12.47 %	6.83 %	5.58 %
2023	12.47 %	6.83 %	5.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	32.93 %	21.20 %	20.25 %
2015	27.62 %	21.75 %	20.80 %
2016	28.51 %	20.94 %	20.19 %
2017	25.96 %	17.67 %	17.60 %
2018	22.07 %	17.76 %	16.44 %
2019	25.11 %	21.47 %	17.88 %
2020	18.55 %	14.60 %	12.52 %
2021	16.67 %	12.83 %	10.18 %
2022	13.61 %	8.19 %	6.74 %
2023	12.47 %	6.83 %	5.13 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	28.38 %	15.90 %	20.17 %
Q1 2018	19.16 %	13.95 %	14.67 %
Q2 2018	22.82 %	18.92 %	17.06 %
Q3 2018	23.99 %	20.78 %	20.16 %
Q4 2018	22.19 %	17.22 %	13.78 %
Q1 2019	21.39 %	17.78 %	14.49 %
Q2 2019	23.67 %	20.58 %	19.13 %
Q3 2019	27.50 %	24.08 %	20.74 %
Q4 2019	27.69 %	23.29 %	17.09 %
Q1 2020	20.28 %	16.96 %	14.69 %
Q2 2020	20.96 %	17.31 %	14.02 %
Q3 2020	18.36 %	15.38 %	14.07 %
Q4 2020	14.15 %	8.15 %	6.78 %
Q1 2021	17.15 %	12.37 %	9.74 %
Q2 2021	16.69 %	14.84 %	12.00 %
Q3 2021	16.71 %	13.00 %	10.97 %
Q4 2021	16.18 %	11.22 %	8.17 %
Q1 2022	12.86 %	7.79 %	6.51 %
Q2 2022	13.69 %	9.13 %	6.64 %
Q3 2022	14.02 %	8.74 %	14.88 %
Q4 2022	13.62 %	7.11 %	(0.10 %)
Q1 2023	12.28 %	8.08 %	6.98 %
Q2 2023	14.04 %	8.75 %	8.50 %
Q3 2023	12.05 %	5.69 %	5.22 %
Q4 2023	11.58 %	4.96 %	1.88 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	475.00	-	-	0.56
Q1 2018	475.00	-	-	-
Q2 2018	475.00	-	-	-
Q3 2018	475.00	0.50	0.50	0.93
Q4 2018	475.00	0.47	0.47	0.91
Q1 2019	475.00	0.48	0.48	1.02
Q2 2019	475.00	0.51	0.51	1.17
Q3 2019	475.00	0.53	0.53	1.12
Q4 2019	475.00	0.57	0.57	1.24
Q1 2020	475.00	0.58	0.58	1.11
Q2 2020	475.00	0.53	0.53	1.21
Q3 2020	475.00	0.46	0.46	1.13
Q4 2020	475.00	0.37	0.37	1.18
Q1 2021	475.00	0.32	0.32	1.08
Q2 2021	475.00	0.30	0.30	1.16
Q3 2021	475.00	0.27	0.27	1.12
Q4 2021	475.00	0.31	0.28	1.21
Q1 2022	475.00	0.29	0.27	1.10
Q2 2022	475.00	0.27	0.24	1.15
Q3 2022	475.00	0.32	0.30	1.18
Q4 2022	475.00	0.24	0.24	1.18
Q1 2023	475.00	0.25	0.25	1.25
Q2 2023	475.00	0.28	0.28	1.34
Q3 2023	475.00	0.20	0.20	1.31
Q4 2023	475.00	0.22	0.22	1.20

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	475.00	0.18	0.18	0.34
2015	475.00	0.42	0.42	0.54
2016	475.00	0.50	0.50	0.45
2017	475.00	0.44	0.43	0.56
2018	475.00	0.47	0.47	0.91
2019	475.00	0.57	0.57	1.24
2020	475.00	0.37	0.37	1.18
2021	475.00	0.31	0.28	1.21
2022	475.00	0.24	0.24	1.18
2023	475.00	0.20	0.20	1.20

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	13.45	13.54	5.89
Q3 2019	14.80	14.90	7.05
Q4 2019	11.87	11.94	5.47
Q1 2020	7.90	7.95	4.13
Q2 2020	10.24	10.24	4.51
Q3 2020	13.66	13.66	5.60
Q4 2020	15.97	15.97	5.07
Q1 2021	17.89	17.89	5.26
Q2 2021	21.01	21.01	5.37
Q3 2021	23.88	23.88	5.76
Q4 2021	19.67	21.24	4.98
Q1 2022	21.54	23.34	5.71
Q2 2022	18.15	19.82	4.22
Q3 2022	15.10	16.24	4.12
Q4 2022	17.02	17.02	3.46
Q1 2023	18.64	18.64	3.80
Q2 2023	19.05	19.05	4.19
Q3 2023	32.91	32.91	5.07
Q4 2023	33.93	33.93	6.63

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	11.87	11.94	5.47
2020	15.97	15.97	5.07
2021	19.67	21.24	4.98
2022	17.02	17.02	3.46
2023	36.86	36.86	6.63

Business Segments (Million)

Compared With The

Period	Corporate	Individuals	Facility Management	Other	Eliminations
Q4 2017	215.85	85.02	-	-	-
Q1 2018	230.97	96.41	-	-	-
Q2 2018	240.47	97.05	-	-	-
Q3 2018	245.31	98.60	-	-	-
Q4 2018	243.87	99.26	-	-	-
Q1 2019	268.44	104.44	-	-	-
Q2 2019	269.67	97.55	-	-	-
Q3 2019	283.46	102.91	-	-	-
Q4 2019	270.89	114.93	-	-	-
Q1 2020	282.91	106.85	-	-	-
Q2 2020	256.86	95.62	-	-	-
Q3 2020	251.87	90.20	-	-	-
Q4 2020	243.01	89.04	-	-	-
Q1 2021	232.94	88.68	-	-	-
Q2 2021	230.33	92.29	-	-	-
Q3 2021	221.09	89.94	25.39	-	(11.57)
Q4 2021	225.38	103.70	38.32	-	(17.73)
Q1 2022	236.66	121.73	39.90	0.25	(17.26)
Q2 2022	260.84	128.22	78.15	0.99	(36.02)
Q3 2022	274.07	121.76	40.09	1.87	(21.52)
Q4 2022	328.11	128.23	38.03	3.00	(14.60)
Q1 2023	324.13	116.63	33.79	3.43	(14.91)
Q2 2023	327.69	112.39	32.63	6.35	(15.60)
Q3 2023	333.46	107.03	32.49	16.75	(19.06)
Q4 2023	352.98	114.79	28.84	20.38	(23.09)

Period	Corporate	Individuals	Facility Management	Other	Eliminations
2015	-	47.92	-	-	-
2016	992.04	189.39	-	-	-
2017	879.32	288.62	-	-	-
2018	960.61	391.32	-	-	-
2019	1,092.47	419.83	-	-	-
2020	1,034.65	381.71	-	-	-
2021	909.73	374.59	63.71	-	(29.30)
2022	1,096.01	497.59	156.27	5.86	(72.14)
2023	1,338.26	449.74	127.75	46.92	(72.65)

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	39.52	9.28	(76.5 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
OSOOL AND BAKHEET	39.52	9.28	(76.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,992.50
Enterprise Value (EV) (M)	3,441.42
Shares Outstanding ((M))	475.00
EPS ( Riyal) (TTM)	0.26
Book Value (BV) ( Riyal)	1.23
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	24.29
P/E (TTM)	24.29
Price/book	5.14
Return on Average Assets (%) (TTM)	7.1
Return on Average Equity (%) (TTM)	21.0

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Maharah 2023 profit down 15% to SAR 97.1M; Q4 losses at SAR 3.3M

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Share Price

Maharah Human Resources Co. (MAHARAH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Maharah 2023 profit down 15% to SAR 97.1M; Q4 losses at SAR 3.3M

View other reports

Share Price

Maharah Human Resources Co. (MAHARAH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)