Al Mawarid Manpower Co. reported a 41% leap in H1 2023 net profit to SAR 44.6 million from SAR 31.8 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 421.84 | 599.16 | 42.0 % |
| Gross Income | 55.92 | 68.57 | 22.6 % |
| Operating Income | 34.61 | 47.01 | 35.8 % |
| Net Income | 31.75 | 44.61 | 40.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 2.12 | 2.97 | 40.5 % |
Revenues increased by 42% year-on-year (YoY), driven by revenues of the corporate and individual segments that rose by 44% and 38%, respectively.
The company also cited growth in other revenues and a decrease of SAR 2.3 million in the provision for expected credit losses from trade receivables compared to H1 2022.
However, general, administrative, and marketing expenses rose in H1 2023 by 14%, or SAR 2.6 million, compared with a year earlier.
Al Mawarid’s net profit rose 19% to SAR 22.5 million in Q2 2023, driven mainly by higher revenues and a decline in provision for expected credit losses.
Compared with the previous quarter, the Q2 2023 net earnings rose 1.3% from SAR 22.16 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 233.41 | 305.29 | 30.8 % |
| Gross Income | 31.91 | 34.12 | 6.9 % |
| Operating Income | 20.46 | 23.24 | 13.6 % |
| Net Income | 18.81 | 22.45 | 19.4 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.25 | 1.50 | 19.4 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 293.87 | 305.29 | 3.9 % |
| Gross Income | 34.93 | 34.12 | (2.3 %) |
| Operating Income | 24.52 | 23.24 | (5.2 %) |
| Net Income | 22.16 | 22.45 | 1.3 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.48 | 1.50 | 1.3 % |
Shareholders’ equity, with no minority interest, reached SAR 321.8 million as of June 30, 2023, compared to SAR 247.12 million a year earlier.
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