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

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.

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.

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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