Financial Results : Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

07/11/2023 Argaam Exclusive

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Al Mawarid Manpower Co. posted a 33% profit increase in the first nine months of 2023 to SAR 67.5 million, compared to SAR 50.7 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 669.58 919.23 37.3 %
Gross Income 88.51 106.70 20.6 %
Operating Income 54.86 72.93 32.9 %
Net Income 50.68 67.54 33.3 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 3.38 4.50 33.3 %
EPS (Riyal) 3.38 4.50 33.3 %

Total revenue jumped 37% year-on-year (YoY) boosted by 40% and 32% topline increase in corporate and individual segments, respectively.

 

The provision for expected credit losses from trade receivables decreased by SAR 2.8 million YoY due to lower value of overdue trade receivables for period exceeding one year (decrease in the age of debts). In addition, other revenues rose by SAR 1.9 million.

 

However, general, administrative and marketing expenses inched up 10% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 247.74 320.07 29.2 %
Gross Income 32.59 37.11 13.8 %
Operating Income 20.25 24.89 22.9 %
Net Income 18.93 22.93 21.1 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 1.26 1.53 21.1 %
EPS (Riyal) 1.26 1.53 21.1 %

In Q3 2023, net profit rose by 21% to SAR 22.9 million from SAR 18.93 million in Q3 2022 mainly due to higher revenue and lower provisions.

 

On a sequential basis, the bottom line grew 2.1% from SAR 22.45 million in Q2 2023.

 

Shareholders’ equity, no minority interest, reached SAR 322.38 million as of Sept. 30, 2023, up from SAR 266.97 million a year earlier.

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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 11.17 - 0.74 - 11.17 0.74
Q2 2020 9.01 - 0.60 - 9.01 0.60
Q3 2020 12.96 - 0.86 - 12.96 0.86
Q4 2020 12.71 - 0.85 3.74 8.97 0.60
Q1 2021 14.58 30.5 % 0.97 - 14.58 0.97
Q2 2021 13.57 50.6 % 0.90 - 13.57 0.90
Q3 2021 14.08 8.7 % 0.94 - 14.08 0.94
Q4 2021 13.43 5.6 % 0.90 3.08 10.35 0.69
Q1 2022 12.94 (11.3 %) 0.86 - 12.94 0.86
Q2 2022 18.81 38.6 % 1.25 - 18.81 1.25
Q3 2022 18.93 34.5 % 1.26 - 18.93 1.26
Q4 2022 25.31 88.4 % 1.69 - 25.31 1.69
Q1 2023 22.16 71.3 % 1.48 - 22.16 1.48
Q2 2023 22.45 19.4 % 1.50 - 22.45 1.50
Q3 2023 22.93 21.1 % 1.53 - 22.93 1.53


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 196.69 - 21.33 - 12.29 -
Q2 2020 153.78 - 17.18 - 9.98 -
Q3 2020 164.70 - 21.97 - 13.38 -
Q4 2020 171.48 - 20.99 - 11.70 -
Q1 2021 160.13 (18.6 %) 25.09 17.6 % 16.15 31.4 %
Q2 2021 164.85 7.2 % 23.68 37.8 % 14.49 45.2 %
Q3 2021 166.44 1.1 % 25.12 14.3 % 15.15 13.3 %
Q4 2021 172.31 0.5 % 22.97 9.4 % 12.27 4.8 %
Q1 2022 188.43 17.7 % 24.01 (4.3 %) 14.15 (12.3 %)
Q2 2022 233.41 41.6 % 31.91 34.7 % 20.46 41.2 %
Q3 2022 247.74 48.8 % 32.59 29.7 % 20.25 33.6 %
Q4 2022 275.15 59.7 % 41.18 79.3 % 28.62 133.2 %
Q1 2023 293.87 56.0 % 34.93 45.5 % 24.24 71.2 %
Q2 2023 305.29 30.8 % 34.67 8.6 % 23.80 16.3 %
Q3 2023 320.07 29.2 % 37.11 13.8 % 24.89 22.9 %

Profitability

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 - -
Q1 2018 - -
Q2 2018 - -
Q3 2018 - -
Q4 2018 - -
Q1 2019 - -
Q2 2019 - -
Q3 2019 - -
Q4 2019 - -
Q1 2020 - -
Q2 2020 - -
Q3 2020 - -
Q4 2020 11.86 % 6.13 %
Q1 2021 13.11 % 7.00 %
Q2 2021 13.87 % 7.57 %
Q3 2021 14.31 % 7.72 %
Q4 2021 14.59 % 7.92 %
Q1 2022 13.84 % 7.36 %
Q2 2022 13.67 % 7.39 %
Q3 2022 13.24 % 7.25 %
Q4 2022 13.73 % 8.04 %
2022 13.73 % 8.04 %
Q1 2023 13.39 % 8.11 %
Q2 2023 12.78 % 7.92 %
Q3 2023 12.38 % 7.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 15.00 - - 12.15
Q2 2020 15.00 - - 12.81
Q3 2020 15.00 - - 12.39
Q4 2020 15.00 3.06 2.81 13.29
Q1 2021 15.00 3.28 3.03 14.23
Q2 2021 15.00 3.59 3.34 13.77
Q3 2021 15.00 3.66 3.41 14.67
Q4 2021 15.00 3.71 3.51 15.53
Q1 2022 15.00 3.60 3.40 16.45
Q2 2022 15.00 3.95 3.74 16.47
Q3 2022 15.00 4.27 4.07 17.80
Q4 2022 15.00 5.07 5.07 19.54
Q1 2023 15.00 5.68 5.68 20.94
Q2 2023 15.00 5.92 5.92 21.45
Q3 2023 15.00 6.19 6.19 21.49

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 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 16.02 16.02 4.42
Q3 2023 19.68 19.68 5.67

Business Segments (Million)

Compared With The
Period Corporate sector Individuals sector Hourly sector
Q1 2020 137.74 39.13 19.82
Q2 2020 111.40 40.56 1.83
Q3 2020 112.37 38.83 13.50
Q4 2020 114.77 33.59 23.13
Q1 2021 102.19 32.46 25.48
Q2 2021 107.05 31.33 26.47
Q3 2021 109.93 30.99 25.51
Q4 2021 114.51 32.11 25.68
Q1 2022 121.36 40.16 26.90
Q2 2022 152.42 50.01 30.99
Q3 2022 164.67 53.21 29.86
Q4 2022 181.08 60.29 33.78
Q1 2023 192.31 67.16 34.41
Q2 2023 202.80 65.81 36.67
Q3 2023 219.51 64.51 36.05

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 23.70 22.93 (3.3 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
AlJazira Capital 23.70 22.93 (3.4) %


Financial Ratios
Current
Market Cap (M Riyal) 1,980.00
Enterprise Value (EV) (M) 1,841.49
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 6.60
Book Value (BV) ( Riyal) 27.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.01
P/E (TTM) 20.01
Price/book 4.82
Return on Average Assets (%) (TTM) 12.4
Return on Average Equity (%) (TTM) 25.9
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Share Price

Al Mawarid Manpower Co.
132.00
(1.00) (0.75 %)

Al Mawarid Manpower Co. (ALMAWARID)

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