Financial Results : Maharah net profit slips 21% to SAR 24.8 mln in Q1 2022

Maharah net profit slips 21% to SAR 24.8 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Maharah Human Resources Co. reported a net profit after Zakat and tax of SAR 24.8 million for Q1 2022, a 21% decline from SAR 31.3 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 321.61 381.28 18.6 %
Gross Income 55.17 49.03 (11.1 %)
Operating Income 33.50 22.94 (31.5 %)
Net Income 31.32 24.82 (20.7 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.07 0.05 (20.7 %)

The profit decline is attributed to higher general and administrative expenses and lower revenue from the newly established and acquired companies in the inception and restructuring phase.

 

Sequentially, the company’s net profit fell 36.8% in Q1 2022 from a net profit of SAR 39.27 million.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 522.26 million as of March 31, 2022, increasing by 1.4% from SAR 515.08 million a year earlier.

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