Financial Results : Al Mawarid H1 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

Al Mawarid H1 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

08/08/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted an 11% profit increase in H1 2024 to SAR 49.6 million, compared to SAR 44.6 million in the previous year.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 599.16 789.23 31.7 %
Gross Income 69.60 85.75 23.2 %
Operating Income 48.03 53.11 10.6 %
Net Income 44.61 49.64 11.3 %
Average Shares 15.00 15.00 -
EPS (Riyals) 2.97 3.31 11.3 %

The group’s revenues increased 32% year-on-year (YoY) (or by SAR 190.07 million) in H1 2024 due to higher average number of workforces for the current period.

 

In addition, the total profit improved by SAR 16.15 million, or 23% YoY on higher revenues.

 

Other revenues jumped 75% or by SAR 1.47 million on rising gains from investments at fair value through profit or loss and certain other miscellaneous items.

 

This was despite higher general, administrative and marketing expenses by SAR 4.56 million (or 21% YoY), in addition to increased provision for expected credit losses from trade receivables by SAR 6.52 million in line with rising value trade receivables in general as the group revenue increased, as well as higher value of trade receivables overdue for period exceeding one year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 305.29 414.63 35.8 %
Gross Income 34.67 43.09 24.3 %
Operating Income 23.80 25.84 8.6 %
Net Income 22.45 23.23 3.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 1.50 1.55 3.5 %

Q2 2024 net rose 3.5% to SAR 23.2 million from SAR 22.5 million in the year earlier period.

 

On a quarterly basis, Q2 2024 net earnings retreated 12% from SAR 26.4 million in Q1 2024.

 

Shareholders’ equity, after excluding minority interest, reached SAR 378.8 million by June 30, 2024, compared to SAR 321.8 million a year ago.

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