International Human Resources turns to SAR 2.5 mln profit in 2021

13/07/2022 Argaam Exclusive

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International Human Resources Co., which plans to list shares on Nomu-Parallel Market soon, swung to a net profit of SAR 2.5 million in 2021, against a net loss of SAR 973,000 a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	74.85	77.99	4.2 %
Gross Income	8.48	15.67	84.7 %
Operating Income	(0.09)	3.21	3777.8 %
Net Income	(0.97)	2.46	352.8 %
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items (Halala)	(1.95)	4.92	352.8 %
EPS (Halala)	(1.95)	4.92	352.8 %

The annual profit was driven by a 10% year-on-year (YoY) growth in revenue. Gross income also jumped by 85% YoY, coupled with a rise in operating income despite a 45% YoY drop in administrative and marketing expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬

Item	H1 2021	H2 2021	Change‬
Revenues	41.41	36.58	(11.7 %)
Gross Income	8.90	6.77	(23.9 %)
Operating Income	3.19	0.02	(99.3 %)
Net Income	3.00	(0.54)	(118.1 %)
Average Shares	50.00	50.00	-
Earnings Per Share before unusual items (Halala)	6.01	(1.09)	(118.1 %)
EPS (Halala)	6.01	(1.09)	(118.1 %)

Shareholders’ equity increased to SAR 18.97 million by the end of 2021, from SAR 16.20 million a year earlier.

The company’s cash balance dropped to SAR 1.5 million in 2021, compared to SAR 4.5 million in 2020.

On a segment level, the outsourcing services saw its annual revenues higher to SAR 69.9 million from SAR 65.7 million a year earlier.

The recruitment segment’s revenues rose to SAR 628,000 from SAR 356,000 in 2020.

The logistics, financial and consulting services segment reported revenues of SAR 7.55 million in 2021, compared to SAR 8.78 million a year earlier.

The technical products business posted SAR 4 million revenues during the same period.

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