Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

07/11/2023 Argaam Exclusive

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Al Mawarid Manpower Co. posted a 33% profit increase in the first nine months of 2023 to SAR 67.5 million, compared to SAR 50.7 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	669.58	919.23	37.3 %
Gross Income	88.51	106.70	20.5 %
Operating Income	54.86	74.50	35.8 %
Net Income	50.68	67.54	33.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.38	4.50	33.3 %

Total revenue jumped 37% year-on-year (YoY) boosted by 40% and 32% topline increase in corporate and individual segments, respectively.

The provision for expected credit losses from trade receivables decreased by SAR 2.8 million YoY due to lower value of overdue trade receivables for period exceeding one year (decrease in the age of debts). In addition, other revenues rose by SAR 1.9 million.

However, general, administrative and marketing expenses inched up 10% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	247.74	320.07	29.2 %
Gross Income	32.59	37.10	13.8 %
Operating Income	20.25	25.42	25.5 %
Net Income	18.93	22.93	21.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.26	1.53	21.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	305.29	320.07	4.8 %
Gross Income	34.67	37.10	7.0 %
Operating Income	23.80	25.42	6.8 %
Net Income	22.45	22.93	2.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.50	1.53	2.1 %

In Q3 2023, net profit rose by 21% to SAR 22.9 million from SAR 18.93 million in Q3 2022 mainly due to higher revenue and lower provisions.

On a sequential basis, the bottom line grew 2.1% from SAR 22.45 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 322.38 million as of Sept. 30, 2023, up from SAR 266.97 million a year earlier.

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