Maharah H1 net profit up at SAR 75.8 mln; Q2 at SAR 39.3 mln

14/08/2023 Argaam Exclusive

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Maharah Human Resources Co. reported a net profit of SAR 75.8 million in H1 2023, an increase of 46% from SAR 52 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	790.56	924.62	17.0 %
Gross Income	105.07	121.69	15.8 %
Operating Income	53.13	62.31	17.3 %
Net Income	52.01	67.37	29.5 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.11	0.14	29.5 %

This was spurred by a 17% increase year-on-year (YoY) in revenue. Also, the associates, acquired in Q3 2022, recorded an income of SAR 29.4 million in the current period. Other revenue increased by SAR 4.1 million due to the rents delivered from the investment property and other items.

On the other hand, general and administrative expenses (G&A) increased by 18% YoY. Finance costs also rose by SAR 20.1 million in the six-month period.

Q2 2023 net earnings jumped 45% to SAR 39.3 million, from SAR 27.19 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	409.29	462.59	13.0 %
Gross Income	56.05	64.94	15.9 %
Operating Income	30.19	32.15	6.5 %
Net Income	27.19	35.10	29.1 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.06	0.07	29.1 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	462.03	462.59	0.1 %
Gross Income	56.75	64.94	14.4 %
Operating Income	30.16	32.15	6.6 %
Net Income	32.27	35.10	8.7 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.07	0.07	8.7 %

This was driven by 13% higher topline YoY, as revenue from the corporate segment increased by 26% YoY, and revenue from the hourly services segment (Khidmah) slightly increased in the current quarter.

In contrast, the revenue from the individual segment decreased by 12% YoY.

Additionally, other revenue increased by SAR 3 million due to the rent from the investment property and other items.

Conversely, G&A increased by 18% YoY, with the cost of finance cost rising to SAR 10.2 million during the current quarter.

On a quarterly basis, net profit grew 7.7%.

Shareholders’ equity, after minority interest, reached SAR 638.1 million by June 30, 2023, compared to SAR 546.18 million a year earlier.

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