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

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

09/10/2024 Argaam Exclusive

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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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 242.11 312.01 28.9 %
Gross Income 57.10 64.72 13.3 %
Operating Income 34.79 36.06 3.6 %
Net Income 36.34 39.36 8.3 %
Average Shares 26.50 26.50 -
EPS (Riyals) 1.37 1.49 8.3 %

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.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 124.80 166.64 33.5 %
Gross Income 30.27 34.19 12.9 %
Operating Income 19.27 18.95 (1.6 %)
Net Income 20.34 20.79 2.2 %
Average Shares 26.50 26.50 -
EPS (Riyals) 0.77 0.78 2.2 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 117.31 - 26.83 - 15.52 -
Q2 2023 124.80 - 30.27 - 19.27 -
Q3 2023 - - - - - -
Q4 2023 - - - - - -
Q1 2024 145.37 23.9 % 30.53 13.8 % 17.11 10.2 %
Q2 2024 166.64 33.5 % 34.19 12.9 % 18.95 (1.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 16.00 - 0.60 - 16.00 0.60
Q2 2023 20.34 - 0.77 - 20.34 0.77
Q3 2023 - - - - - -
Q4 2023 - - - - - -
Q1 2024 18.57 16.1 % 0.70 - 18.57 0.70
Q2 2024 20.79 2.2 % 0.78 - 20.79 0.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 26.50 - - 9.66
Q2 2023 26.50 - - 10.42
Q3 2023 - - - -
Q4 2023 - - - -
Q1 2024 26.50 - - 10.71
Q2 2024 26.50 - - 11.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -

Business Segments (Million)

Compared With The
Period Corporate segment** Individual segment**
Q1 2023 60.51 56.80
Q2 2023 64.82 59.98
Q1 2024 96.80 48.57
Q2 2024 117.67 48.97

Current
Market Cap (M Riyal) -
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 26.50
EPS ( Riyal) (TTM) -
Book Value (BV) ( Riyal) 11.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) -
P/E (TTM) -
Price/book -
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) -

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