Al Mawarid Manpower Co. posted a 17% profit increase in 2023 to SAR 88.8 million, compared to SAR 76 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 944.73 | 1,260.91 | 33.5 % |
| Gross Income | 129.69 | 145.33 | 12.1 % |
| Operating Income | 83.48 | 96.38 | 15.5 % |
| Net Income | 75.99 | 88.77 | 16.8 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 5.07 | 5.92 | 16.8 % |
The company attributed the annual profit hike to the increase in revenues by SAR 316 million, or 33%, year-on-year (YoY). This was due to the 18% YoY rise in the average workforce, paired with the YoY Increase in corporate segment revenues of 39%, or SAR 241 million, as revenues of the retail segment also soared YoY by 23%, or SAR 75 million.
Meanwhile, the company's general and administrative expenses rose YoY by 7%, or SAR 2.9 million, in 2023. Zakat expenses also grew YoY by SAR 1.7 million during the same year.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 275.15 | 341.68 | 24.2 % |
| Gross Income | 41.18 | 38.93 | (5.5 %) |
| Operating Income | 28.62 | 24.26 | (15.2 %) |
| Net Income | 25.31 | 21.23 | (16.1 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.69 | 1.42 | (16.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 320.07 | 341.68 | 6.8 % |
| Gross Income | 36.27 | 38.93 | 7.3 % |
| Operating Income | 24.05 | 24.26 | 0.9 % |
| Net Income | 22.93 | 21.23 | (7.4 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.53 | 1.42 | (7.4 %) |
Shareholders' equity, no minority interest, ascended to SAR 343.88 million, from SAR 293.07 million a year ago.
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