SMASCO H1 2024 profit falls 5% to SAR 74.1M; Q2 at SAR 35.8M

07/08/2024 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) posted a 5% fall in H1 2024 net profit to SAR 74.1 million, compared to SAR 77.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	911.22	953.82	4.7 %
Gross Income	113.35	112.04	(1.1 %)
Operating Income	77.67	76.82	(1.1 %)
Net Income	77.63	74.09	(4.6 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.19	0.19	(4.6 %)

Revenues from the individual segment decreased by 4.5% compared to the same period of the previous year, primarily due to the implementation of the price ceiling for services and other conditions as per the regulations, despite a 24% increase in the average number of workers.

Additionally, general and administrative expenses increased by SAR 900,000 compared with H1 2023 due to non-recurring items.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	460.64	476.62	3.5 %
Gross Income	58.47	52.27	(10.6 %)
Operating Income	41.20	36.69	(10.9 %)
Net Income	42.10	35.82	(14.9 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.11	0.09	(14.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	477.20	476.62	(0.1 %)
Gross Income	59.77	52.27	(12.6 %)
Operating Income	40.13	36.69	(8.6 %)
Net Income	38.27	35.82	(6.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.10	0.09	(6.4 %)

However, provision for doubtful debts fell by SAR 1.05 million, as per the expected credit loss model. Other income from investments also increased on improved operating activities.

The second-quarter net earnings dropped 15% year-on-year to SAR 35.8 million from SAR 42.1 million, principally due to lower business revenues as well as higher general and administrative expenses.

Compared to Q1 2024, the bottom line fell 6.5% from SAR 38.3 million.

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