International Human Resources turns to SAR 2.5 mln profit in 2021

International Human Resources Co., which plans to list shares on Nomu-Parallel Market soon, swung to a net profit of SAR 2.5 million in 2021, against a net loss of SAR 973,000 a year earlier.

The annual profit was driven by a 10% year-on-year (YoY) growth in revenue. Gross income also jumped by 85% YoY, coupled with a rise in operating income despite a 45% YoY drop in administrative and marketing expenses.

Shareholders’ equity increased to SAR 18.97 million by the end of 2021, from SAR 16.20 million a year earlier.

The company’s cash balance dropped to SAR 1.5 million in 2021, compared to SAR 4.5 million in 2020.

On a segment level, the outsourcing services saw its annual revenues higher to SAR 69.9 million from SAR 65.7 million a year earlier.

The recruitment segment’s revenues rose to SAR 628,000 from SAR 356,000 in 2020.

The logistics, financial and consulting services segment reported revenues of SAR 7.55 million in 2021, compared to SAR 8.78 million a year earlier.

The technical products business posted SAR 4 million revenues during the same period.