Maharah H1 2020 net profit drops 15% to SAR 106.7 mln

12/08/2020 Argaam Exclusive

View other reports

Maharah Human Resources Company reported a net profit after Zakat and tax of SAR 106.7 million for the first half of 2020, a 15% year-on-year (YoY) decrease, compared to SAR 126 million in the same period a year ago.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	740.10	742.24	0.3 %
Gross Income	166.70	152.92	(8.3 %)
Operating Income	131.62	114.21	(13.2 %)
Net Income	126.01	106.68	(15.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.27	0.22	(15.3 %)

The company attributed the profit drop to an 8% decrease in gross profit, 10% slump in income from operations, and SAR 4.6 million decrease in other income.

Maintaining the same level of revenues during the period, whereby the corporate and individual sectors achieved SAR 540 million and SAR 202 million in revenues, also contributed to the profit decrease.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	367.22	352.49	(4.0 %)
Gross Income	86.93	73.89	(15.0 %)
Operating Income	70.77	54.45	(23.1 %)
Net Income	71.99	49.42	(31.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.15	0.10	(31.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	389.76	352.49	(9.6 %)
Gross Income	79.03	73.89	(6.5 %)
Operating Income	59.76	54.45	(8.9 %)
Net Income	57.25	49.42	(13.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.12	0.10	(13.7 %)

The company’s Q2 net profit after Zakat and tax fell 31% YoY to SAR 49.4 million due to a 4% drop in revenues, higher expenses for marketing and awareness campaigns, SAR 3.5 million increase in doubtful debts, and SAR 2.6 million drop in other income.

On a quarterly basis, Q2 net profit slumped 13.7% on decrease in revenue by 10%, higher additional operating costs, and increase in expenses for marketing and awareness campaigns.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×