Maharah Human Resources Co. posted a net profit of SAR 97.1 million for 2023, a fall of 15% from SAR 113.5 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,683.60 | 1,890.02 | 12.3 % |
| Gross Income | 229.22 | 235.71 | 2.8 % |
| Operating Income | 108.20 | 95.36 | (11.9 %) |
| Net Income | 113.46 | 97.05 | (14.5 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.24 | 0.20 | (14.5 %) |
The profit decline was attributed to lower revenue from the individual segment and from facility management, logistics, and home healthcare.
Meanwhile, the company realized an increase in the provisions of doubtful debt and financing cost.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 482.78 | 493.91 | 2.3 % |
| Gross Income | 65.78 | 57.21 | (13.0 %) |
| Operating Income | 25.05 | 13.39 | (46.5 %) |
| Net Income | (0.48) | 9.28 | 2053.7 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.00 | 0.02 | 2053.7 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 471.49 | 493.91 | 4.8 % |
| Gross Income | 56.81 | 57.21 | 0.7 % |
| Operating Income | 19.66 | 13.39 | (31.9 %) |
| Net Income | 24.60 | 9.28 | (62.3 %) |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.05 | 0.02 | (62.3 %) |
In Q4 2023, the company expanded losses to SAR 3.3 million from SAR 480,000 a year earlier.
On a sequential basis, Maharah swung to losses in Q4 2023 against a net profit of SAR 24.6 million in Q3 2023.
Shareholders’ equity, after minority interest, amounted to SAR 568.61 million at the end of the 12-month period, from SAR 558.84 million a year earlier.
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