Al Mawarid profit jumps 13% to SAR 29.9M in Q1 2025

13/05/2025 Argaam Exclusive

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Al Mawarid Manpower Co. reported a net profit rise of 13% to SAR 29.9 million in Q1 2025, compared to SAR 26.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	439.19	588.68	34.0 %
Gross Income	43.14	53.28	23.5 %
Operating Income	28.57	32.26	12.9 %
Net Income	26.41	29.94	13.4 %
Average Shares	15.00	15.00	-
Earnings Per Share before unusual items (Riyal)	1.76	2.00	13.4 %
EPS (Riyal)	1.76	2.00	13.4 %

Item	Q4 2024	Q1 2025	Change‬
Revenues	559.15	588.68	5.3 %
Gross Income	51.09	53.28	4.3 %
Operating Income	29.35	32.26	9.9 %
Net Income	28.68	29.94	4.4 %
Average Shares	15.00	15.00	-
Earnings Per Share before unusual items (Riyal)	1.91	2.00	4.4 %
EPS (Riyal)	1.91	2.00	4.4 %

The group’s revenues jumped 34% year-on-year (YoY) thanks to a 25% increase in average available workforce.

Revenues from the corporate segment leapt 38% YoY in the three-month period, in line with the increase in demand for the workforce across various industries, increasing average workforce in corporate segment by 32% during the current quarter.

In the individual segment, revenues grew 20% YoY in line with a 13% increase in workforce.

On the other hand, general, administrative and marketing expenses rose by 30% on an annual basis.

The company also incurred an impairment loss of SAR 2.3 million on advances to recruitment agents in the first quarter of 2025, compared to null in the first quarter of 2024. There is also an increase in impairment loss on trade receivables.

Net earnings grew by 4.4% quarter-on-quarter (QoQ) from SAR 28.6 million in Q4 2024.

Total shareholders’ equity, no minority interest, increased to SAR 410.42 million as of March 31, 2025, from SAR 354.83 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 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	13.97	-	0.93	0.61	13.36	0.89
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
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
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
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
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
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
2022	75.99	36.5 %	5.07	-	75.99	5.07
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
Q4 2023	21.23	(16.1 %)	1.42	-	21.23	1.42
2023	88.77	16.8 %	5.92	-	88.77	5.92
Q1 2024	26.41	19.2 %	1.76	-	26.41	1.76
Q2 2024	23.23	3.5 %	1.55	-	23.23	1.55
Q3 2024	17.10	(25.4 %)	1.14	-	17.10	1.14
Q4 2024	28.68	35.1 %	1.91	-	28.68	1.91
2024	95.42	7.5 %	6.36	-	95.42	6.36
Q1 2025	29.94	13.4 %	2.00	-	29.94	2.00

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	13.97	-	0.93	0.61	13.36	0.89
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
2022	75.99	36.5 %	5.07	-	75.99	5.07
2023	88.77	16.8 %	5.92	-	88.77	5.92
2024	95.42	7.5 %	6.36	-	95.42	6.36

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
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	-
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
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 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
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 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
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 %
Q4 2023	526.78	91.4 %	40.54	(1.6 %)	25.36	(11.4 %)
2023	1,446.01	53.1 %	147.24	13.5 %	98.29	17.7 %
Q1 2024	439.19	49.4 %	43.14	23.5 %	28.57	17.9 %
Q2 2024	414.63	35.8 %	43.09	24.3 %	25.01	5.1 %
Q3 2024	468.03	46.2 %	46.25	24.6 %	18.91	(24.0 %)
Q4 2024	559.15	6.1 %	51.09	26.0 %	29.35	15.7 %
2024	2,027.75	40.2 %	184.85	25.5 %	103.14	4.9 %
Q1 2025	588.68	34.0 %	53.28	23.5 %	32.26	12.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
2023	1,446.01	53.1 %	147.24	13.5 %	98.29	17.7 %
2024	2,027.75	40.2 %	184.85	25.5 %	103.14	4.9 %

Profitability

Period	Gross Margin	OIBDA Margin
Q1 2016	-	-
Q2 2016	-	-
Q3 2016	-	-
Q4 2016	-	-
2016	-	-
Q1 2017	-	-
Q2 2017	-	-
Q3 2017	-	-
Q4 2017	-	-
2017	-	-
Q1 2018	-	-
Q2 2018	-	-
Q3 2018	-	-
Q4 2018	-	-
2018	9.17 %	2.70 %
Q1 2019	-	-
Q2 2019	-	-
Q3 2019	-	-
Q4 2019	-	-
2019	10.07 %	4.76 %
Q1 2020	-	-
Q2 2020	-	-
Q3 2020	-	-
Q4 2020	11.86 %	6.13 %
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 %
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 %
Q4 2023	10.18 %	6.14 %
2023	10.18 %	6.14 %
Q1 2024	9.77 %	5.85 %
Q2 2024	9.64 %	5.52 %
Q3 2024	9.36 %	4.76 %
Q4 2024	9.76 %	5.07 %
2024	9.12 %	4.71 %
Q1 2025	9.54 %	4.87 %

Period	Gross Margin	OIBDA Margin
2015	-	-
2016	-	-
2017	-	-
2018	9.17 %	2.70 %
2019	10.07 %	4.76 %
2020	11.86 %	6.13 %
2021	14.59 %	7.92 %
2022	13.73 %	8.04 %
2023	10.18 %	6.14 %
2024	9.12 %	4.71 %

Period	Gross Margin	OIBDA Margin
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	10.85 %	5.68 %
Q2 2020	11.17 %	5.86 %
Q3 2020	13.34 %	7.87 %
Q4 2020	12.24 %	5.23 %
Q1 2021	15.67 %	9.11 %
Q2 2021	14.37 %	8.23 %
Q3 2021	15.09 %	8.46 %
Q4 2021	13.33 %	6.01 %
Q1 2022	12.74 %	6.87 %
Q2 2022	13.67 %	8.06 %
Q3 2022	13.16 %	7.64 %
Q4 2022	14.96 %	9.20 %
Q1 2023	11.88 %	7.54 %
Q2 2023	11.36 %	7.35 %
Q3 2023	11.59 %	7.16 %
Q4 2023	7.69 %	4.03 %
Q1 2024	9.82 %	6.01 %
Q2 2024	10.39 %	5.60 %
Q3 2024	9.88 %	3.65 %
Q4 2024	9.14 %	5.13 %
Q1 2025	9.05 %	5.09 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
Q4 2023	15.00	5.92	5.92	22.93
Q1 2024	15.00	6.20	6.20	23.66
Q2 2024	15.00	6.25	6.25	25.25
Q3 2024	15.00	5.86	5.86	25.17
Q4 2024	15.00	6.36	6.36	26.53
Q1 2025	15.00	6.60	6.60	27.36

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	15.00	0.93	0.89	9.64
2019	15.00	2.57	2.27	11.35
2020	15.00	3.06	2.81	13.29
2021	15.00	3.71	3.51	15.53
2022	15.00	5.07	5.07	19.54
2023	15.00	5.92	5.92	22.93
2024	15.00	6.36	6.36	26.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	21.09	21.09	5.44
Q1 2024	20.12	20.12	5.28
Q2 2024	18.84	18.84	4.66
Q3 2024	20.02	20.02	4.66
Q4 2024	16.57	16.57	3.97
Q1 2025	21.07	21.07	5.08

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	21.09	21.09	5.44
2024	16.57	16.57	3.97

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
Q4 2023	430.94	58.08	37.75
Q1 2024	337.32	62.76	39.11
Q2 2024	308.18	67.56	38.88
Q3 2024	362.80	66.88	38.34
Q1 2025	466.64	75.91	46.13

Period	Corporate sector	Individuals sector	Hourly sector
2020	476.27	152.10	58.28
2021	433.68	126.90	103.14
2022	619.53	203.68	121.53
2023	1,045.56	255.57	144.89
2024	1,605.32	265.04	157.39

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	26.83	29.94	11.57 %

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
SNB Capital	27.90	29.94	6.8 %
GIB Capital	27.00	29.94	9.8 %
AlJazira Capital	25.60	29.94	14.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,998.00
Enterprise Value (EV) (M)	1,859.49
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)	20.19
P/E (TTM)	20.19
Price/book	4.87
Return on Average Assets (%) (TTM)	12.4
Return on Average Equity (%) (TTM)	25.9

Al Mawarid Manpower Co. (ALMAWARID)

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Al Mawarid profit jumps 13% to SAR 29.9M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

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) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

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Al Mawarid profit jumps 13% to SAR 29.9M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

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) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

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Business Segments (Million)