IHR posts 56% drop in H1 2023 profit to SAR 1.7 mln

24/08/2023 Argaam Exclusive

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International Human Resources Co. (IHR) posted a 56% drop in H1 2023 net profit to SAR 1.7 million from SAR 3.7 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	39.20	47.82	22.0 %
Gross Income	8.99	8.79	(2.3 %)
Operating Income	2.40	2.37	(1.2 %)
Net Income	3.72	1.65	(55.5 %)
Average Shares	50.00	50.00	-
EPS (Halala)	7.43	3.31	(55.5 %)

The first-half earnings were impacted by higher operating expenses (OpEx) due to some changes in the medical insurance regulations. IHR reported higher finance costs, compared to H1 2022, when the company benefited from the extended payments program during the COVID-19 pandemic.

On the other hand, revenues grew by 22% year-on-year (YoY), while general and administrative expenses dropped by 12.65% YoY in H1 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	39.20	47.82	22.0 %
Gross Income	8.99	8.79	(2.3 %)
Operating Income	2.40	2.37	(1.2 %)
Net Income	3.72	1.65	(55.5 %)
Average Shares	50.00	50.00	-
EPS (Halala)	7.43	3.31	(55.5 %)

Item	H2 2022	H1 2023	Change‬
Revenues	38.04	47.82	25.7 %
Gross Income	7.24	8.79	21.4 %
Operating Income	4.34	2.37	(45.4 %)
Net Income	0.58	1.65	183.0 %
Average Shares	50.00	50.00	-
EPS (Halala)	1.17	3.31	183.0 %

Total shareholders’ equity, no minority interest, reached SAR 41.45 million as of June 30, 2023, compared to SAR 22.70 million a year earlier.

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

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