SMASCO 9M 2024 profit dips 15% to SAR 103.1M; Q3 at SAR 29M

Saudi Manpower Solutions Co. (SMASCO) recorded a 15% drop in net profit to SAR 103.1 million in the first nine months of 2024, compared to SAR 121.8 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,366.90	1,417.30	3.7 %
Gross Income	175.06	163.40	(6.7 %)
Operating Income	120.09	106.60	(11.2 %)
Net Income	121.83	103.10	(15.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.30	0.26	(15.4 %)

During the nine-month period, SMASCO’s gross profit declined 6.7% year-on-year (YoY), primarily hurt by a decrease in the individuals segment’s gross profit due to reduced revenues from the implementation of service price ceilings and other requirements according to the issued regulations.

Additionally, general and administrative expenses (G&A) increased by SAR 6.4 million YoY, due to booking the company’s share of public offering expenses, higher employee costs, end-of-service provisions, and increased depreciation and rent expenses for new buildings.

On the other hand, the company’s topline grew by 3.69% YoY on improved revenue from other segments amid better operating activities

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	455.61	463.50	1.7 %
Gross Income	61.72	51.40	(16.7 %)
Operating Income	42.41	29.80	(29.7 %)
Net Income	44.20	29.00	(34.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.11	0.07	(34.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	476.62	463.50	(2.8 %)
Gross Income	52.27	51.40	(1.7 %)
Operating Income	36.69	29.80	(18.8 %)
Net Income	35.82	29.00	(19.0 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.09	0.07	(19.0 %)

The third-quarter net income fell by 34% to SAR 29 million, from SAR 44.2 million in Q3 2023, as gross profit dropped by 16.8% YoY, affected by a decline in the individuals segment’s gross profit and revenue. This was offset by a 1.73% increase in revenue.

Compared to the previous quarter, SMASCO’s net earnings dropped 19% from SAR 35.8 million on a 2.75% decline quarter-on-quarter (QoQ) in revenue.

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Share Price

Saudi Manpower Solutions Co. (SMASCO)

	Current
Market Cap (M Riyal)	3,136.00
Enterprise Value (EV) (M)	2,899.20
Shares Outstanding ((M))	400.00
EPS ( Riyal) (TTM)	0.37
Book Value (BV) ( Riyal)	1.45
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	21.25
P/E (TTM)	21.25
Price/book	5.41
Return on Average Assets (%) (TTM)	13.4
Return on Average Equity (%) (TTM)	25.0

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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	1,958.09	-	334.35	-	176.56	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	1,817.40	(7.2 %)	253.10	(24.3 %)	152.33	(13.7 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	1,715.76	(5.6 %)	266.06	5.1 %	152.30	0.0 %
Q1 2022	438.68	-	60.80	-	43.73	-
Q2 2022	460.72	-	59.32	-	39.67	-
Q3 2022	463.19	-	55.31	-	36.26	-
Q4 2022	476.85	-	51.53	-	43.07	-
2022	1,839.45	7.2 %	226.95	(14.7 %)	162.74	6.9 %
Q1 2023	450.58	2.7 %	54.88	(9.7 %)	36.48	(16.6 %)
Q2 2023	460.64	0.0 %	58.47	(1.4 %)	41.20	3.8 %
Q3 2023	455.61	(1.6 %)	61.72	11.6 %	42.41	17.0 %
Q4 2023	460.36	(3.5 %)	68.31	32.6 %	46.29	7.5 %
2023	1,827.19	(0.7 %)	243.37	7.2 %	166.38	2.2 %
Q1 2024	477.20	5.9 %	59.77	8.9 %	40.13	10.0 %
Q2 2024	476.62	3.5 %	52.27	(10.6 %)	36.69	(10.9 %)
Q3 2024	463.50	1.7 %	51.40	(16.7 %)	29.80	(29.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	1,958.09	-	334.35	-	176.56	-
2020	1,817.40	(7.2 %)	253.10	(24.3 %)	152.33	(13.7 %)
2021	1,715.76	(5.6 %)	266.06	5.1 %	152.30	0.0 %
2022	1,839.45	7.2 %	226.95	(14.7 %)	162.74	6.9 %
2023	1,827.19	(0.7 %)	243.37	7.2 %	166.38	2.2 %

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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	165.95	-	0.41	-	165.95	0.41
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	138.04	(16.8 %)	0.35	-	138.04	0.35
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	150.45	9.0 %	0.38	-	150.45	0.38
Q1 2022	39.60	-	0.10	-	39.60	0.10
Q2 2022	39.06	-	0.10	-	39.06	0.10
Q3 2022	31.21	-	0.08	-	31.21	0.08
Q4 2022	40.38	-	0.10	-	40.38	0.10
2022	150.25	(0.1 %)	0.38	-	150.25	0.38
Q1 2023	35.53	(10.3 %)	0.09	-	35.53	0.09
Q2 2023	42.10	7.8 %	0.11	-	42.10	0.11
Q3 2023	44.20	41.6 %	0.11	-	44.20	0.11
Q4 2023	44.46	10.1 %	0.11	-	44.46	0.11
2023	166.29	10.7 %	0.42	-	166.29	0.42
Q1 2024	38.27	7.7 %	0.10	-	38.27	0.10
Q2 2024	35.82	(14.9 %)	0.09	-	35.82	0.09
Q3 2024	29.00	(34.4 %)	0.07	-	29.00	0.07

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	165.95	-	0.41	-	165.95	0.41
2020	138.04	(16.8 %)	0.35	-	138.04	0.35
2021	150.45	9.0 %	0.38	-	150.45	0.38
2022	150.25	(0.1 %)	0.38	-	150.25	0.38
2023	166.29	10.7 %	0.42	-	166.29	0.42

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	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	17.08 %	13.40 %	8.47 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	13.93 %	10.74 %	7.60 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	15.51 %	11.07 %	8.77 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	12.34 %	10.76 %	8.17 %
2022	12.34 %	10.76 %	8.17 %
Q1 2023	11.94 %	10.35 %	7.90 %
Q2 2023	11.89 %	10.45 %	8.06 %
Q3 2023	12.29 %	10.89 %	8.80 %
Q4 2023	13.32 %	11.01 %	9.10 %
2023	13.32 %	11.01 %	9.10 %
Q1 2024	13.39 %	11.04 %	9.12 %
Q2 2024	12.95 %	10.79 %	8.70 %
Q3 2024	12.34 %	-	7.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	17.08 %	13.40 %	8.47 %
2020	13.93 %	10.74 %	7.60 %
2021	15.51 %	11.07 %	8.77 %
2022	12.34 %	10.76 %	8.17 %
2023	13.32 %	11.01 %	9.10 %

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	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	13.86 %	11.87 %	9.03 %
Q2 2022	12.87 %	10.22 %	8.48 %
Q3 2022	11.94 %	9.46 %	6.74 %
Q4 2022	10.81 %	11.50 %	8.47 %
Q1 2023	12.18 %	10.18 %	7.89 %
Q2 2023	12.69 %	10.62 %	9.14 %
Q3 2023	13.55 %	11.24 %	9.70 %
Q4 2023	14.84 %	11.97 %	9.66 %
Q1 2024	12.53 %	10.35 %	8.02 %
Q2 2024	10.97 %	9.68 %	7.51 %
Q3 2024	11.09 %	-	6.26 %

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	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	400.00	-	-	-
Q2 2022	400.00	-	-	-
Q3 2022	400.00	-	-	1.34
Q4 2022	400.00	0.38	0.38	1.32
Q1 2023	400.00	0.37	0.37	1.41
Q2 2023	400.00	0.37	0.37	1.51
Q3 2023	400.00	0.41	0.41	1.50
Q4 2023	400.00	0.42	0.42	1.30
Q1 2024	400.00	0.42	0.42	1.41
Q2 2024	400.00	0.41	0.41	1.50
Q3 2024	400.00	0.37	0.37	1.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	400.00	0.41	0.41	1.34
2020	400.00	0.35	0.35	1.49
2021	400.00	0.38	0.38	1.21
2022	400.00	0.38	0.38	1.32
2023	400.00	0.42	0.42	1.30

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	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	21.63	21.63	5.87
Q3 2024	24.02	24.02	6.11

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

Business Segments (Million)

Compared With The

Period	Corporate Segment	Individuals Segment	Others -	Elimination.
Q3 2022	329.00	129.98	4.21	-
Q4 2022	318.60	148.61	9.64	-
Q1 2023	304.12	143.09	3.37	-
Q2 2023	316.96	146.54	41.88	(44.74)
Q3 2023	314.72	137.91	25.71	(22.73)
Q4 2023	320.94	133.58	5.85	-
Q1 2024	312.78	137.71	26.71	-
Q2 2024	314.66	138.94	75.46	(52.44)
Q3 2024	302.71	134.96	51.83	(26.03)

Period	Corporate Segment	Individuals Segment	Others -	Elimination.
2019	1,429.20	528.89	-	-
2020	1,332.49	484.90	-	-
2021	1,207.83	507.93	-	-
2022	1,281.41	534.30	23.73	-
2023	1,250.67	558.19	18.33	-

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	39.00	29.00	(25.6 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
GIB Capital	34.00	29.00	(14.7) %
Al Rajhi Capital	44.00	29.00	(34.1) %

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SMASCO 9M 2024 profit dips 15% to SAR 103.1M; Q3 at SAR 29M

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SMASCO 9M 2024 profit dips 15% to SAR 103.1M; Q3 at SAR 29M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Manpower Solutions Co. (SMASCO)

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 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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