Maharah Human Resources Company reported a net profit after Zakat and tax of SAR 106.7 million for the first half of 2020, a 15% year-on-year (YoY) decrease, compared to SAR 126 million in the same period a year ago.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 740.10 | 742.24 | 0.3 % |
| Gross Income | 166.70 | 152.92 | (8.3 %) |
| Operating Income | 131.62 | 114.21 | (13.2 %) |
| Net Income | 126.01 | 106.68 | (15.3 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.27 | 0.22 | (15.3 %) |
The company attributed the profit drop to an 8% decrease in gross profit, 10% slump in income from operations, and SAR 4.6 million decrease in other income.
Maintaining the same level of revenues during the period, whereby the corporate and individual sectors achieved SAR 540 million and SAR 202 million in revenues, also contributed to the profit decrease.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 367.22 | 352.49 | (4.0 %) |
| Gross Income | 86.93 | 73.89 | (15.0 %) |
| Operating Income | 70.77 | 54.45 | (23.1 %) |
| Net Income | 71.99 | 49.42 | (31.3 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.15 | 0.10 | (31.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 389.76 | 352.49 | (9.6 %) |
| Gross Income | 79.03 | 73.89 | (6.5 %) |
| Operating Income | 59.76 | 54.45 | (8.9 %) |
| Net Income | 57.25 | 49.42 | (13.7 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.12 | 0.10 | (13.7 %) |
The company’s Q2 net profit after Zakat and tax fell 31% YoY to SAR 49.4 million due to a 4% drop in revenues, higher expenses for marketing and awareness campaigns, SAR 3.5 million increase in doubtful debts, and SAR 2.6 million drop in other income.
On a quarterly basis, Q2 net profit slumped 13.7% on decrease in revenue by 10%, higher additional operating costs, and increase in expenses for marketing and awareness campaigns.
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