Al Mawarid 9M 2024 profit dips to SAR 66.7M; Q3 at SAR 17.1M

11/11/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted a profit of SAR 66.7 million in the first nine months of 2024, down from SAR 67.5 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	919.23	1,257.26	36.8 %
Gross Income	106.70	131.99	23.7 %
Operating Income	74.50	74.78	0.4 %
Net Income	67.54	66.74	(1.2 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	4.50	4.45	(1.2 %)

The company posted lower gross income in the hourly segment due to the intense competition and its impact on selling prices and operating rates resulting from the summer school vacation and the workforce percentages imposed by the legislator. In addition, Al Mawarid incurred cost of expansions as branches opened in several new cities.

General, administrative and marketing expenses rose 20% year-on-year (YoY). The number of employees in the subsidiary company, Sawaid Recruitment Co., also edged up.

Al Mawarid also noted an increase in the provision for expected credit losses from trade receivables by SAR 19.56 million.

Meanwhile, topline rose 37% YoY and gross profit increased by 24% YoY. Other income grew by SAR 2.06 million or 66%, which is mainly due to the increase in grant from HRDF as a result of the increase in the number of Saudi employees YoY and higher gains from investments at fair value through profit or loss.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	320.07	468.03	46.2 %
Gross Income	37.10	46.25	24.7 %
Operating Income	25.42	19.81	(22.1 %)
Net Income	22.93	17.10	(25.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.53	1.14	(25.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	414.63	468.03	12.9 %
Gross Income	43.09	46.25	7.3 %
Operating Income	25.84	19.81	(23.3 %)
Net Income	23.23	17.10	(26.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.55	1.14	(26.4 %)

In Q3 2024, net profit fell by 25% to SAR 17.1 million from SAR 22.9 million in Q3 2023.

On a sequential basis, the bottom line dropped 26.4% from SAR 23.23 million in Q2 2024.

Shareholders’ equity, no minority interest, reached SAR 377.62 million as of Sept. 30, 2024, up from SAR 322.38 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
Q1 2020	196.69	-	21.33	-	12.29	-
Q2 2020	153.78	-	17.18	-	9.98	-
Q3 2020	164.70	-	21.97	-	13.38	-
Q4 2020	171.48	-	20.99	-	11.70	-
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
Q1 2021	160.13	(18.6 %)	25.09	17.6 %	16.15	31.4 %
Q2 2021	164.85	7.2 %	23.68	37.8 %	14.49	45.2 %
Q3 2021	166.44	1.1 %	25.12	14.3 %	15.15	13.3 %
Q4 2021	172.31	0.5 %	22.97	9.4 %	12.27	4.8 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
Q1 2022	188.43	17.7 %	24.01	(4.3 %)	14.15	(12.3 %)
Q2 2022	233.41	41.6 %	31.91	34.7 %	20.46	41.2 %
Q3 2022	247.74	48.8 %	32.59	29.7 %	20.25	33.6 %
Q4 2022	275.15	59.7 %	41.18	79.3 %	28.62	133.2 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
Q1 2023	293.87	56.0 %	34.93	45.5 %	24.24	71.2 %
Q2 2023	305.29	30.8 %	34.67	8.6 %	23.80	16.3 %
Q3 2023	320.07	29.2 %	37.10	13.8 %	25.42	25.5 %
Q4 2023	341.68	24.2 %	38.93	(5.5 %)	23.76	(17.0 %)
2023	1,260.91	33.5 %	145.33	12.1 %	96.38	15.5 %
Q1 2024	374.60	27.5 %	42.66	22.1 %	28.09	15.9 %
Q2 2024	414.63	35.8 %	43.09	24.3 %	25.84	8.6 %
Q3 2024	468.03	46.2 %	46.25	24.7 %	19.81	(22.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
2023	1,260.91	33.5 %	145.33	12.1 %	96.38	15.5 %

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	13.97	-	0.93	0.61	13.36	0.89
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
Q1 2020	11.17	-	0.74	-	11.17	0.74
Q2 2020	9.01	-	0.60	-	9.01	0.60
Q3 2020	12.96	-	0.86	-	12.96	0.86
Q4 2020	12.71	-	0.85	3.74	8.97	0.60
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
Q1 2021	14.58	30.5 %	0.97	-	14.58	0.97
Q2 2021	13.57	50.6 %	0.90	-	13.57	0.90
Q3 2021	14.08	8.7 %	0.94	-	14.08	0.94
Q4 2021	13.43	5.6 %	0.90	3.08	10.35	0.69
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
Q1 2022	12.94	(11.3 %)	0.86	-	12.94	0.86
Q2 2022	18.81	38.6 %	1.25	-	18.81	1.25
Q3 2022	18.93	34.5 %	1.26	-	18.93	1.26
Q4 2022	25.31	88.4 %	1.69	-	25.31	1.69
2022	75.99	36.5 %	5.07	-	75.99	5.07
Q1 2023	22.16	71.3 %	1.48	-	22.16	1.48
Q2 2023	22.45	19.4 %	1.50	-	22.45	1.50
Q3 2023	22.93	21.1 %	1.53	-	22.93	1.53
Q4 2023	21.23	(16.1 %)	1.42	-	21.23	1.42
2023	88.77	16.8 %	5.92	-	88.77	5.92
Q1 2024	26.41	19.2 %	1.76	-	26.41	1.76
Q2 2024	23.23	3.5 %	1.55	-	23.23	1.55
Q3 2024	17.10	(25.4 %)	1.14	-	17.10	1.14

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	13.97	-	0.93	0.61	13.36	0.89
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
2022	75.99	36.5 %	5.07	-	75.99	5.07
2023	88.77	16.8 %	5.92	-	88.77	5.92

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	9.17 %	3.70 %	2.70 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	10.07 %	6.38 %	4.76 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	11.86 %	8.75 %	6.13 %
2020	11.86 %	8.75 %	6.13 %
Q1 2021	13.11 %	9.92 %	7.00 %
Q2 2021	13.87 %	10.39 %	7.57 %
Q3 2021	14.31 %	10.65 %	7.72 %
Q4 2021	14.59 %	10.76 %	7.92 %
2021	14.59 %	10.76 %	7.92 %
Q1 2022	13.84 %	10.07 %	7.36 %
Q2 2022	13.67 %	10.02 %	7.39 %
Q3 2022	13.24 %	9.73 %	7.25 %
Q4 2022	13.73 %	10.46 %	8.04 %
2022	13.73 %	10.46 %	8.04 %
Q1 2023	13.39 %	10.45 %	8.11 %
Q2 2023	12.78 %	10.20 %	7.92 %
Q3 2023	12.38 %	10.10 %	7.77 %
Q4 2023	11.55 %	9.27 %	7.04 %
2023	11.53 %	9.20 %	7.04 %
Q1 2024	11.43 %	9.04 %	6.93 %
Q2 2024	11.15 %	8.52 %	6.46 %
Q3 2024	10.69 %	-	5.50 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	9.17 %	3.70 %	2.70 %
2019	10.07 %	6.38 %	4.76 %
2020	11.86 %	8.75 %	6.13 %
2021	14.59 %	10.76 %	7.92 %
2022	13.73 %	10.46 %	8.04 %
2023	11.53 %	9.20 %	7.04 %

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	10.85 %	7.64 %	5.68 %
Q2 2020	11.17 %	8.76 %	5.86 %
Q3 2020	13.34 %	10.10 %	7.87 %
Q4 2020	12.24 %	8.74 %	5.23 %
Q1 2021	15.67 %	12.13 %	9.11 %
Q2 2021	14.37 %	10.73 %	8.23 %
Q3 2021	15.09 %	11.11 %	8.46 %
Q4 2021	13.33 %	9.17 %	6.01 %
Q1 2022	12.74 %	9.41 %	6.87 %
Q2 2022	13.67 %	10.35 %	8.06 %
Q3 2022	13.16 %	9.77 %	7.64 %
Q4 2022	14.96 %	11.89 %	9.20 %
Q1 2023	11.88 %	9.77 %	7.54 %
Q2 2023	11.36 %	9.42 %	7.35 %
Q3 2023	11.59 %	9.50 %	7.16 %
Q4 2023	11.39 %	8.47 %	6.21 %
Q1 2024	11.39 %	8.86 %	7.05 %
Q2 2024	10.39 %	7.51 %	5.60 %
Q3 2024	9.88 %	-	3.65 %

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	15.00	-	-	12.15
Q2 2020	15.00	-	-	12.81
Q3 2020	15.00	-	-	12.39
Q4 2020	15.00	3.06	2.81	13.29
Q1 2021	15.00	3.28	3.03	14.23
Q2 2021	15.00	3.59	3.34	13.77
Q3 2021	15.00	3.66	3.41	14.67
Q4 2021	15.00	3.71	3.51	15.53
Q1 2022	15.00	3.60	3.40	16.45
Q2 2022	15.00	3.95	3.74	16.47
Q3 2022	15.00	4.27	4.07	17.80
Q4 2022	15.00	5.07	5.07	19.54
Q1 2023	15.00	5.68	5.68	20.94
Q2 2023	15.00	5.92	5.92	21.45
Q3 2023	15.00	6.19	6.19	21.49
Q4 2023	15.00	5.92	5.92	22.93
Q1 2024	15.00	6.20	6.20	23.66
Q2 2024	15.00	6.25	6.25	25.25
Q3 2024	15.00	5.86	5.86	25.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	15.00	0.93	0.89	9.64
2019	15.00	2.57	2.27	11.35
2020	15.00	3.06	2.81	13.29
2021	15.00	3.71	3.51	15.53
2022	15.00	5.07	5.07	19.54
2023	15.00	5.92	5.92	22.93

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	16.02	16.02	4.42
Q3 2023	19.68	19.68	5.67
Q4 2023	21.09	21.09	5.44
Q1 2024	20.12	20.12	5.28
Q2 2024	18.84	18.84	4.66
Q3 2024	20.02	20.02	4.66

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	21.09	21.09	5.44

Business Segments (Million)

Compared With The

Period	Corporate sector	Individuals sector	Hourly sector
Q1 2020	137.74	39.13	19.82
Q2 2020	111.40	40.56	1.83
Q3 2020	112.37	38.83	13.50
Q4 2020	114.77	33.59	23.13
Q1 2021	102.19	32.46	25.48
Q2 2021	107.05	31.33	26.47
Q3 2021	109.93	30.99	25.51
Q4 2021	114.51	32.11	25.68
Q1 2022	121.36	40.16	26.90
Q2 2022	152.42	50.01	30.99
Q3 2022	164.67	53.21	29.86
Q4 2022	181.08	60.29	33.78
Q1 2023	192.31	67.16	34.41
Q2 2023	202.80	65.81	36.67
Q3 2023	219.51	64.51	36.05
Q4 2023	245.84	58.08	37.75
Q1 2024	272.73	62.76	39.11
Q2 2024	308.18	67.56	38.88
Q3 2024	362.80	66.88	38.34

Period	Corporate sector	Individuals sector	Hourly sector
2020	476.27	152.10	58.28
2021	433.68	126.90	103.14
2022	619.53	203.68	121.53
2023	860.46	255.57	144.89

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	25.80	17.10	(33.7 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
GIB Capital	25.00	17.10	(31.6) %
AlJazira Capital	26.60	17.10	(35.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,593.00
Enterprise Value (EV) (M)	1,454.61
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	5.86
Book Value (BV) ( Riyal)	25.17
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.11
P/E (TTM)	18.11
Price/book	4.22
Return on Average Assets (%) (TTM)	13.6
Return on Average Equity (%) (TTM)	25.1

Company	Estimated	Actual	Change
CENOMI RETAIL	(94.00)	17.71	118.8 %
CENOMI CENTERS	259.80	334.65	28.8 %
DALLAH HEALTH	125.18	126.15	0.8 %
ALMAWARID	25.80	17.10	(33.7 %)
MIS	35.23	16.73	(52.5 %)
SPIMACO	23.50	(8.03)	(134.2 %)

Company	Estimated	Actual	Change
CENOMI RETAIL	(94.00)	17.71	118.8 %
CENOMI CENTERS	259.80	334.65	28.8 %
DALLAH HEALTH	125.18	126.15	0.8 %

Company	Estimated	Actual	Change
SPIMACO	23.50	(8.03)	(134.2 %)
MIS	35.23	16.73	(52.5 %)
ALMAWARID	25.80	17.10	(33.7 %)

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Al Mawarid 9M 2024 profit dips to SAR 66.7M; Q3 at SAR 17.1M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

Quarterly Actuals vs Estimates 10/11/202411/11/2024

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Al Mawarid 9M 2024 profit dips to SAR 66.7M; Q3 at SAR 17.1M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

Quarterly Actuals vs Estimates 10/11/202411/11/2024

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Business Segments (Million)