Tamkeen net profit rises 8% to SAR 39.4M in H1 2024; Q2 at SAR 20.8M

Tamkeen Human Resources Co., which is in process of IPO on Tadawul, reported SAR 39.4 million in net profit for H1 2024, a rise of 8% from SAR 36.3 million in the prior-year period.

Meanwhile, individual segment revenues fell 16% YoY to SAR 97.5 million.

The company posted a net profit of SAR 20.8 million in Q2 2024, up 2% YoY. Sequentially, the second-quarter net profit rose 12% from SAR 18.57 million in Q1 2024.

Shareholders' equity, excluding minority interest, amounted to SAR 304.669 million by the end of June 30, 2024, compared to SAR 276.225 million in the prior-year period.

Cash from operating activities reached SAR 20.1 million in the current period, down from SAR 35.1 million in the same period last year. Capital expenditures were at negative SAR 7.8 million, compared to negative SAR 6.5 million.

Cash from financing activities totaled negative SAR 38.9 million, from negative SAR 3.8 million a year earlier.

The cash balance at the end of the period stood at SAR 190.1 million, compared to SAR 208.4 million.

On March 6, shareholders approved a capital increase from SAR 200 million to SAR 265 million, through capitalizing SAR 51 million from retained earnings and SAR 13.9 million from the statutory reserve.

Shareholders also approved a SAR 35 million cash dividend for 2023, at SAR 1.75 per share for 20 million shares as of Dec. 31, 2023.

Shareholders' equity, with no minority interest, amounted to SAR 304.669 million by the end of June 30, 2024, compared to SAR 276.225 million in the prior-year period.

Cash from operating activities reached SAR 20.1 million in the current period, down from SAR 35.1 million in the same period last year. Capital expenditures were SAR 7.8 million, up from SAR 6.5 million, and cash from financing activities totaled SAR 38.9 million, compared to SAR 3.8 million.

The cash balance at the end of the period stood at SAR 190.1 million, compared to SAR 208.4 million.

On March 6, 2024, the extraordinary general meeting (EGM) approved a capital increase from SAR 200 million to SAR 265 million, through capitalizing SAR 51 million from retained earnings and SAR 13.9 million from the statutory reserve.

The EGM also approved a SAR 35 million cash dividend for 2023, at SAR 1.75 per share for 20 million shares as of Dec. 31, 2023.