Maharah 2020 net profit declines 35% to SAR 177.3 mln

08/03/2021 Argaam Exclusive

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Maharah Human Resources Co.'s net profit after Zakat and tax declined 35% to SAR 177.3 million in 2020 from SAR 272.1 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,512.30	1,416.36	(6.3 %)
Gross Income	379.81	262.69	(30.8 %)
Operating Income	303.93	183.03	(39.8 %)
Net Income	272.09	177.32	(34.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.57	0.37	(34.8 %)

The company attributed the profit decline to a 6% drop in revenue due to the decrease in the average number of resources, the effects of the COVID-19 pandemic, and precautionary measures taken by the government.

The company also cited 30% decline in gross profit and 37% rise in marketing expenses for the drop in earnings.

However, general and administrative expenses decreased by 9%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	385.83	332.04	(13.9 %)
Gross Income	106.84	46.98	(56.0 %)
Operating Income	85.20	21.35	(74.9 %)
Net Income	65.95	22.53	(65.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.14	0.05	(65.8 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	342.07	332.04	(2.9 %)
Gross Income	62.79	46.98	(25.2 %)
Operating Income	47.47	21.35	(55.0 %)
Net Income	48.11	22.53	(53.2 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.10	0.05	(53.2 %)

In Q4 2020, the company’s net profit after Zakat and tax decreased by 66% year-on-year (YoY) to SAR 22.5 million.

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