Maharah 2021 profit falls 18% to SAR 144.9 mln; Q4 earnings rise 74% to SAR 39.3 mln

13/03/2022 Argaam Exclusive

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Maharah Human Resources Co.’s net profit after Zakat and tax fell 18% to SAR 144.9 million in 2021, compared to SAR 177.3 million in 2020.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,416.36	1,318.73	(6.9 %)
Gross Income	262.69	219.90	(16.3 %)
Operating Income	183.03	146.03	(20.2 %)
Net Income	177.32	144.93	(18.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.37	0.31	(18.3 %)

The company’s revenue decreased 7% year-on-year (YoY), with corporate segment revenue down 9% YoY due to a fall in the average number of resources amid continued suspension of international flights from workforce’s sourcing countries during most of the year.

Moreover, the selling and marketing expenses increased by SAR 2.4 million as a result of advertising campaigns YoY.

In addition, profit from the investment in the financial instruments through profit or loss increased by SAR 1.2 million YoY while recognition of gain worth SAR 10.7 million from land sale.

The company’s Q4 2021 net profit after Zakat and tax surged 74% YoY to SAR 39.3 million.

Sequentially, profit climbed 10.2% from SAR 35.63 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	332.04	349.67	5.3 %
Gross Income	46.98	56.59	20.5 %
Operating Income	21.35	34.28	60.6 %
Net Income	22.53	39.27	74.3 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.05	0.08	74.3 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	324.83	349.67	7.6 %
Gross Income	54.29	56.59	4.2 %
Operating Income	36.31	34.28	(5.6 %)
Net Income	35.63	39.27	10.2 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.08	0.08	10.2 %

Total shareholders’ equity, excluding minority interest, rose 2.4% YoY to SAR 572.4 million.

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