Financial Results : SMASCO 9M 2024 profit dips 15% to SAR 103.1M; Q3 at SAR 29M

SMASCO 9M 2024 profit dips 15% to SAR 103.1M; Q3 at SAR 29M

10/11/2024 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) recorded a 15% drop in net profit to SAR 103.1 million in the first nine months of 2024, compared to SAR 121.8 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,366.90 1,417.30 3.7 %
Gross Income 175.06 163.40 (6.7 %)
Operating Income 120.09 106.60 (11.2 %)
Net Income 121.83 103.10 (15.4 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.30 0.26 (15.4 %)

During the nine-month period, SMASCO’s gross profit declined 6.7% year-on-year (YoY), primarily hurt by a decrease in the individuals segment’s gross profit due to reduced revenues from the implementation of service price ceilings and other requirements according to the issued regulations.

 

Additionally, general and administrative expenses (G&A) increased by SAR 6.4 million YoY, due to booking the company’s share of public offering expenses, higher employee costs, end-of-service provisions, and increased depreciation and rent expenses for new buildings.

 

On the other hand, the company’s topline grew by 3.69% YoY on improved revenue from other segments amid better operating activities



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 455.61 463.50 1.7 %
Gross Income 61.72 51.40 (16.7 %)
Operating Income 42.41 29.80 (29.7 %)
Net Income 44.20 29.00 (34.4 %)
Average Shares 400.00 400.00 -
EPS (Riyals) 0.11 0.07 (34.4 %)

The third-quarter net income fell by 34% to SAR 29 million, from SAR 44.2 million in Q3 2023, as gross profit dropped by 16.8% YoY, affected by a decline in the individuals segment’s gross profit and revenue. This was offset by a 1.73% increase in revenue.

 

Compared to the previous quarter, SMASCO’s net earnings dropped 19% from SAR 35.8 million on a 2.75% decline quarter-on-quarter (QoQ) in revenue.

 

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