Al Mawarid 2023 profit up 17% to SAR 88.8M; Q4 at SAR 21.2M

27/03/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted a 17% profit increase in 2023 to SAR 88.8 million, compared to SAR 76 million in the previous year.

Financials (M)

Item	2022	2023	Change‬
Revenues	944.73	1,260.91	33.5 %
Gross Income	129.69	145.33	12.1 %
Operating Income	83.48	96.38	15.5 %
Net Income	75.99	88.77	16.8 %
Average Shares	15.00	15.00	-
EPS (Riyals)	5.07	5.92	16.8 %

The company attributed the annual profit hike to the increase in revenues by SAR 316 million, or 33%, year-on-year (YoY). This was due to the 18% YoY rise in the average workforce, paired with the YoY Increase in corporate segment revenues of 39%, or SAR 241 million, as revenues of the retail segment also soared YoY by 23%, or SAR 75 million.

Meanwhile, the company's general and administrative expenses rose YoY by 7%, or SAR 2.9 million, in 2023. Zakat expenses also grew YoY by SAR 1.7 million during the same year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	275.15	341.68	24.2 %
Gross Income	41.18	38.93	(5.5 %)
Operating Income	28.62	23.76	(17.0 %)
Net Income	25.31	21.23	(16.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.69	1.42	(16.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	320.07	341.68	6.8 %
Gross Income	37.10	38.93	4.9 %
Operating Income	25.42	23.76	(6.5 %)
Net Income	22.93	21.23	(7.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.53	1.42	(7.4 %)

Shareholders' equity, no minority interest, ascended to SAR 343.88 million, from SAR 293.07 million a year ago.

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