Maharah market share at 13%, outlook positive for continued growth: CEO

Abdulaziz Al-Kathiry, CEO of Maharah Human Resources Co.

Abdulaziz Al-Kathiry, CEO of Maharah Human Resources Co., said the company continues to maintain its leadership in the Saudi human resources market, with an approximately 13% market share.

Since January 2023, Maharah has established itself as the leading company in the HR market by workforce, surpassing its competitors, he told Argaam. 

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The CEO emphasized that the main competitors are not far from this percentage, which strengthens Maharah's ability to continue expanding and excelling in this field.

Al-Kathiry added that the company has a positive outlook for continued revenue growth and improvement in key segments in the coming period, surpassing forecasts with strong growth and strategic support.

The positive results from investments in subsidiaries supported the company's performance during this period, aligning with its forecasts and ensuring the sustainability of its main activ-ities.

Maharah attracted more workforce in H1 2024 compared to a year earlier, with a growth rate of 8.4% year-on-year (YoY), bringing the average active workforce to 39,150.

Here are the details of the interview:

Q: Maharah’s H1 2024 earnings increased 50% to SAR 101 million. What do you think of these results? How do you evaluate the workforce in all segments during Q2?

A: The ambitious programs and projects of Saudi Arabia’s Vision 2030 have positively impacted the macroeconomics, allowing our team to leverage these opportunities through securing sev-eral strategic contracts in the business services sector due to increased demand and overall growth across most areas of this sector.

Our focused our efforts on the government sector and the employment of Saudis through "Esnad Maharah", which secured the largest market share among human resource companies, allowing new growth prospects. We also expanded our services to include the provision of professional competencies, significantly enhancing our market position.

The individuals segment, including hourly and household part-time services, also experienced growth due to improved operational efficiency, reduced recruitment and operational costs, enhanced after-sales services, geographic expansion, and the introduction of new professions, and benefiting from the development of workforce skills through the "Ayadi Academy". Be-ing affiliated with Maharah, this is the first academy specialized in training and qualifying domestic workers in Saudi Arabia.

Additionally, the financial results were boosted by the effective implementation of our new strategy and planned initiatives, leading to significant progress and support across all aspects of the company’s operations. Moreover, our efforts to improve operational costs, as well as restructure and manage subsidiaries significantly enhanced our financial performance.

The positive results achieved from investments in associates also supported the company’s performance during this period, as these investments demonstrated good operational growth in line with the company's expectations. This growth strongly supports the sustainability of the company’s core activities and confirms the effectiveness of the plans laid out to achieve strategic goals.