Tharwah HR’s 2023 net earnings jump 68% to SAR 16.5M

Tharwah HR Co., slated for listing on Nomu-Parallel Market, saw its 2023 net earnings advancing by 68% to SAR 16.5 million in 2023, from SAR 9.8 million in the previous year.

The annual profit growth was attributed to the year-on-year (YoY) top-line rise to SAR 79.4 million in 2023, compared to SAR 40 million in 2022, thanks to higher revenues from training courses and consulting revenues. Tharwah HR also recognized profits from other revenues last year, against realizing losses in 2022.

On the other hand, the operating profit margin decreased from 25% in 2022 to 20% in 2023. This came as general and administrative expenses climbed to SAR 14.9 million in 2023, versus SAR 10 million in 2022. The gross profit margin also slipped to 40% by 2023-end, from 51% in 2022.

The company generates revenues from two business divisions: Training courses revenues which amounted to SAR 51.9 million by 2023-end (representing 65% of the total), compared to SAR 25.3 million in 2022; and consulting revenues which were valued at SAR 27.5 million last year (or 35% of the total), versus SAR 14.7 million in the year before.

On Oct. 1, 2023, Tharwah HR’s shareholders agreed to distribute dividend worth SAR 9.79 million. Later in December, its extraordinary general meeting (EGM) nodded to topping up capital from SAR 20 million to SAR 23.5 million by issuing 705,735 ordinary shares (15% of the company’s post-IPO capital), to will be floated on the Nomu-Parallel Market.