Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

Al Mawarid Manpower Co. posted a 33% profit increase in the first nine months of 2023 to SAR 67.5 million, compared to SAR 50.7 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	669.58	919.23	37.3 %
Gross Income	88.51	106.70	20.5 %
Operating Income	54.86	74.50	35.8 %
Net Income	50.68	67.54	33.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.38	4.50	33.3 %

Total revenue jumped 37% year-on-year (YoY) boosted by 40% and 32% topline increase in corporate and individual segments, respectively.

The provision for expected credit losses from trade receivables decreased by SAR 2.8 million YoY due to lower value of overdue trade receivables for period exceeding one year (decrease in the age of debts). In addition, other revenues rose by SAR 1.9 million.

However, general, administrative and marketing expenses inched up 10% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	247.74	320.07	29.2 %
Gross Income	32.59	37.10	13.8 %
Operating Income	20.25	25.42	25.5 %
Net Income	18.93	22.93	21.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.26	1.53	21.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	305.29	320.07	4.8 %
Gross Income	34.67	37.10	7.0 %
Operating Income	23.80	25.42	6.8 %
Net Income	22.45	22.93	2.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.50	1.53	2.1 %

In Q3 2023, net profit rose by 21% to SAR 22.9 million from SAR 18.93 million in Q3 2022 mainly due to higher revenue and lower provisions.

On a sequential basis, the bottom line grew 2.1% from SAR 22.45 million in Q2 2023.

Shareholders’ equity, no minority interest, reached SAR 322.38 million as of Sept. 30, 2023, up from SAR 266.97 million a year earlier.

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Share Price

Al Mawarid Manpower Co. (ALMAWARID)

	Current
Market Cap (M Riyal)	1,620.00
Enterprise Value (EV) (M)	1,481.61
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)	18.41
P/E (TTM)	18.41
Price/book	4.29
Return on Average Assets (%) (TTM)	13.6
Return on Average Equity (%) (TTM)	25.1

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

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

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

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	23.70	22.93	(3.3 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
AlJazira Capital	23.70	22.93	(3.3) %

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Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

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Al Mawarid 9M 2023 profit rises 33% to SAR 67.5 mln; Q3 at SAR 22.9 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

Financial Ratios

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 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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