Financial Results : Al Mawarid profit jumps 19% to SAR 26.4M in Q1 2024

Al Mawarid profit jumps 19% to SAR 26.4M in Q1 2024

15/05/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted a 19% profit rise in Q1 2024 to SAR 26.4 million, compared to SAR 22.2 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 293.87 374.60 27.5 %
Gross Income 34.93 42.66 22.1 %
Operating Income 24.24 28.09 15.9 %
Net Income 22.16 26.41 19.2 %
Average Shares 15.00 15.00 -
EPS (Riyals) 1.48 1.76 19.2 %
The profit growth was buoyed by a 27% year-on-year (YoY) increase in the first-quarter revenue.
 
Gross profit also leapt by 22% YoY on better revenue.
 
Other income grew by SAR 1.17 million on gains from investments in financial instruments at fair value through profit or loss and certain other miscellaneous income items.
 
Meanwhile, general, administrative and marketing expenses for the first quarter increased by 12% YoY, mainly due to a rise in the number of the workforce and certain expenses associated with listing the company on Tadawul.

The company’s net profit jumped 24.4% from SAR 21.23 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, rose to SAR 354.83 million by March 31, 2024, from SAR 314.09 billion a year earlier.

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