IHR reports net profit decline of 34% to SAR 2.8M in 2023

28/03/2024 Argaam Exclusive

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International Human Resources Co. (Aldawliah) reported a 34% decline in net profit year-on-year (YoY) to SAR 2.8 million in 2023, from SAR 4.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	77.23	112.09	45.1 %
Gross Income	16.23	18.47	13.8 %
Operating Income	6.74	4.61	(31.6 %)
Net Income	4.30	2.84	(34.1 %)
Average Shares	50.00	50.00	-
EPS (Halala)	8.60	5.67	(34.1 %)

This was ascribed to setting aside credit loss provisions at SAR 1.3 million in 2023, compared to zero provisions in 2022. The company also cited a 74% increase year-on-year (YoY) in Zakat expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	38.04	64.27	69.0 %
Gross Income	7.24	9.68	33.7 %
Operating Income	4.34	2.24	(48.4 %)
Net Income	0.58	1.18	102.0 %
Average Shares	50.00	50.00	-
EPS (Halala)	1.17	2.36	102.0 %

Item	H1 2023	H2 2023	Change‬
Revenues	47.82	64.27	34.4 %
Gross Income	8.79	9.68	10.1 %
Operating Income	2.37	2.24	(5.6 %)
Net Income	1.65	1.18	(28.6 %)
Average Shares	50.00	50.00	-
EPS (Halala)	3.31	2.36	(28.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 43.36 million by Dec. 31, 2023, compared to SAR 39.79 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2021	41.41	3.00	0.06
H2 2021	36.58	(0.54)	(0.09)
H1 2022	39.20	3.72	0.07
H2 2022	38.03	0.58	0.01
H1 2023	47.82	1.65	0.03
H2 2023	64.27	1.19	0.02

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