Al Mawarid H1 2023 profit leaps 41% to SAR 44.6 mln; Q2 at SAR 22.5 mln

08/08/2023 Argaam Exclusive

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Al Mawarid Manpower Co. reported a 41% leap in H1 2023 net profit to SAR 44.6 million from SAR 31.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	421.84	599.16	42.0 %
Gross Income	55.92	69.60	24.5 %
Operating Income	34.61	48.03	38.8 %
Net Income	31.75	44.61	40.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	2.12	2.97	40.5 %

Revenues increased by 42% year-on-year (YoY), driven by revenues of the corporate and individual segments that rose by 44% and 38%, respectively.

The company also cited growth in other revenues and a decrease of SAR 2.3 million in the provision for expected credit losses from trade receivables compared to H1 2022.

However, general, administrative, and marketing expenses rose in H1 2023 by 14%, or SAR 2.6 million, compared with a year earlier.

Al Mawarid’s net profit rose 19% to SAR 22.5 million in Q2 2023, driven mainly by higher revenues and a decline in provision for expected credit losses.

Compared with the previous quarter, the Q2 2023 net earnings rose 1.3% from SAR 22.16 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	233.41	305.29	30.8 %
Gross Income	31.91	34.67	8.6 %
Operating Income	20.46	23.80	16.3 %
Net Income	18.81	22.45	19.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.25	1.50	19.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	293.87	305.29	3.9 %
Gross Income	34.93	34.67	(0.7 %)
Operating Income	24.24	23.80	(1.8 %)
Net Income	22.16	22.45	1.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.48	1.50	1.3 %

Shareholders’ equity, with no minority interest, reached SAR 321.8 million as of June 30, 2023, compared to SAR 247.12 million a year earlier.

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