International Human Resources posts 24% profit growth to SAR 3.7 mln in H1 2022

14/09/2022 Argaam Exclusive

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International Human Resources Co. posted a rise of 24% in H1 2022 net profit after Zakat and tax to SAR 3.7 million, compared to SAR 3 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	41.41	39.20	(5.3 %)
Gross Income	8.90	8.99	1.1 %
Operating Income	3.19	2.40	(24.8 %)
Net Income	3.00	3.72	23.8 %
Average Shares	50.00	50.00	-
EPS (Halala)	6.01	7.43	23.8 %

The higher profit was driven by lower operating expenses (OPEX) in the current period, due to the replacement of non-Saudi employees with nationals for some projects. This, in turn, reduced the government fees related to residency renewals, work licenses and transfer of sponsorship.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	41.41	39.20	(5.3 %)
Gross Income	8.90	8.99	1.1 %
Operating Income	3.19	2.40	(24.8 %)
Net Income	3.00	3.72	23.8 %
Average Shares	50.00	50.00	-
EPS (Halala)	6.01	7.43	23.8 %

Item	H2 2021	H1 2022	Change‬
Revenues	36.58	39.20	7.2 %
Gross Income	6.77	8.99	32.8 %
Operating Income	0.02	2.40	10804.5 %
Net Income	(0.54)	3.72	783.5 %
Average Shares	50.00	50.00	-
EPS (Halala)	(1.09)	7.43	783.5 %

Shareholders equity, after minority interest, came in at SAR 22.689 million as of June 30, 2022, up from SAR 19.204 million a year earlier.

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