Al Mawarid 9M 2024 profit dips to SAR 66.7M; Q3 at SAR 17.1M

Al Mawarid Manpower Co. posted a profit of SAR 66.7 million in the first nine months of 2024, down from SAR 67.5 million in the year-earlier period.

The company posted lower gross income in the hourly segment due to the intense competition and its impact on selling prices and operating rates resulting from the summer school vacation and the workforce percentages imposed by the legislator. In addition, Al Mawarid incurred cost of expansions as branches opened in several new cities.

General, administrative and marketing expenses rose 20% year-on-year (YoY). The number of employees in the subsidiary company, Sawaid Recruitment Co., also edged up.

Al Mawarid also noted an increase in the provision for expected credit losses from trade receivables by SAR 19.56 million.

Meanwhile, topline rose 37% YoY and gross profit increased by 24% YoY. Other income grew by SAR 2.06 million or 66%, which is mainly due to the increase in grant from HRDF as a result of the increase in the number of Saudi employees YoY and higher gains from investments at fair value through profit or loss.

In Q3 2024, net profit fell by 25% to SAR 17.1 million from SAR 22.9 million in Q3 2023.

On a sequential basis, the bottom line dropped 26.4% from SAR 23.23 million in Q2 2024.

Shareholders’ equity, no minority interest, reached SAR 377.62 million as of Sept. 30, 2024, up from SAR 322.38 million a year earlier.

View More Financial Results