Maharah net profit down 25% SAR 154.8 mln in 9M 2020

03/11/2020 Argaam Exclusive

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Maharah Human Resources Co. reported a net profit after Zakat and tax of SAR 154.8 million for the first nine months of 2020, a 25% decline, compared to SAR 206.1 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	1,126.47	1,084.31	(3.7 %)
Gross Income	272.97	215.71	(21.0 %)
Operating Income	218.73	161.68	(26.1 %)
Net Income	206.13	154.79	(24.9 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.43	0.33	(24.9 %)

The company attributed the net profit decline to lower revenue from both corporate and individual segments due to the decrease in the average number of resources as a result of the effects of the spread of COVID-19 and precautionary measures taken by the government, including the temporary suspension during the second quarter of Khidmah program (part-time services).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	386.37	342.07	(11.5 %)
Gross Income	106.27	62.79	(40.9 %)
Operating Income	87.11	47.47	(45.5 %)
Net Income	80.13	48.11	(40.0 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.17	0.10	(40.0 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	352.49	342.07	(3.0 %)
Gross Income	73.89	62.79	(15.0 %)
Operating Income	54.45	47.47	(12.8 %)
Net Income	49.42	48.11	(2.6 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.10	0.10	(2.6 %)

The company reported a net profit of SAR 48.1 million for Q3 2020, a 40% year-on-year (YoY) decline, due to lower revenues and gross profit.

On a sequential basis, Q3 2020 net profit fell 2.7% on lower gross profit.

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