SMASCO 9M 2026 profit up 16% to SAR 128.8M, Q3 at SAR 35.61M

Saudi Manpower Solutions Co. (SMASCO) reported a net profit of SAR 128.8 million for the first nine months of 2026, up 16% from SAR 110.62 million in the same period of 2025.

This came as the nine-month revenue increased YoY by SAR 176 million, or 11.4%, driven by improved revenue from the company's main segments.

Corporate services segment revenue jumped by 10.9% YoY during the nine-month period, due to higher demand for the services provided. Individuals segment revenue rose by 17.1% on an annual basis, fueled by higher demand for the services provided, while logistics services revenue increased by 6.5% YoY.

Gross profit grew by SAR 19.20 million, or 8.8%, YoY during the same period, reflecting improved gross profit across the company's main segments. The individuals segment's gross profit rose by SAR 24.2 million, or 34%, on an annual basis, owing to stronger demand and balanced supply, particularly in the first half of the current year.

Losses from investment in Waad Home Services Marketing Co. decreased by SAR 4.6 million in 9M 2026, in line with the company's 2026 business plan.

Other income expanded by approximately SAR 3 million during the same period, following the recognition of a SAR 1.6 million gain from the sale of depreciated assets.

However, general and administrative expenses increased by approximately SAR 4.6 million, due to higher employee costs, IT expenses and related subscriptions.

SMASCO’s Q3 2026 net earnings dropped 12% to SAR 35.61 million, from SAR 40.6 million a year earlier, as the third-quarter gross profit decreased by SAR 11.06 million, or 13.5%, on an annual basis.

The three-month net profit dropped 20.2% quarter-on-quarter from SAR 44.62 million in Q2 2026.

Total shareholders' equity, with no minority interest, inched up to SAR 642.6 million as of Sept. 30, 2026, compared to SAR 602.92 million a year earlier.

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