Maharah Q1 2024 net profit jumps 55% to SAR 50M

Maharah Human Resources Co. reported a net profit of SAR 50 million in Q1 2024, an increase of 55% from SAR 32.3 million the year-earlier period.

Revenue increased by 12% year-on-year (YoY) as earnings improved from some key segments. Revenues of the corporate segment and hourly services segment (Khidmah) increased by 18% and 60%, respectively. In addition, revenues grew from subsidiaries (other sectors).

Gross profit margins increased by 12% YoY due to improved gross operating profit (mainly corporate and hourly services segments), in addition to the improved performance of some other segments such as the facility management and logistics. This came despite the continued impact on the individual segment, as it faces challenges due to the implementation of price caps for individual services in accordance with the applied regulations. This led to lower average price per workforce.

Q1 2024 figures included investment gains from associates at SAR 26.1 million, up by 140% compared to the same quarter of the last year.

Conversely, general and administrative expenses increased by SAR 2.7 million YoY as a result of some non-recurring items. Marketing expenses increased by SAR 1.2 million compared to the same quarter of last year.

On a quarterly basis, net profit increased by more than five-fold from SAR 9.28 million in Q4 2023.

Shareholders’ equity, no minority interest, reached SAR 582.2 million by March 31, 2024, compared to SAR 593.9 million in the prior-year period.

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