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Al Mawarid Manpower’s net profit rises 37% to SAR 76 mln in 2022
Al Mawarid Manpower reported a net profit of SAR 76 million in 2022, up 37% from SAR 55.7 million a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 663.72 | 944.73 | 42.3 % |
| Gross Income | 96.86 | 129.69 | 33.9 % |
| Operating Income | 58.05 | 83.48 | 43.8 % |
| Net Income | 55.66 | 75.99 | 36.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 3.71 | 5.07 | 36.5 % |
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 172.31 | 275.15 | 59.7 % |
| Gross Income | 22.97 | 41.18 | 79.3 % |
| Operating Income | 12.27 | 28.62 | 133.2 % |
| Net Income | 13.43 | 25.31 | 88.4 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.90 | 1.69 | 88.4 % |
The earnings jump was driven by a year-on-year (YoY) rise in revenue to SAR 945 million in 2022, from SAR 664 million a year earlier, on higher revenue from individual and corporate segments.
The company also cited 62% lower provisions from impairment in accounts receivable and other current assets.
This was offset by a decline in gross profit margins from 15% to 14% on higher cost of revenue. This is in addition to a 43% YoY increase in administrative and marketing expenses and higher Zakat and tax provisions.
Total shareholders’ equity, no minority interest, stood at SAR 293.06 million by the end of 2022, compared to SAR 233.02 million a year earlier.
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Share Price
Al Mawarid Manpower Co. (ALMAWARID)
| Current | |
| Market Cap (M Riyal) | 1,590.00 |
| Enterprise Value (EV) (M) | 1,451.61 |
| 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) | 18.07 |
| P/E (TTM) | 18.07 |
| Price/book | 4.21 |
| Return on Average Assets (%) (TTM) | 13.6 |
| Return on Average Equity (%) (TTM) | 25.1 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | - | - | - |
| Q2 2022 | - | - | - |
| Q3 2022 | - | - | - |
| Q4 2022 | - | - | - |
Business Segments (Million)
Q4 2022
| Period | Corporate sector | Individuals sector | Hourly sector |
|---|---|---|---|
| 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 |
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