Al Mawarid CEO says domestic labor force up 30% in 2024, eyes new contracts

In a telephonic interview with Argaam, he said that the company’s labor force exceeds 40,000, indicating that laborers were recruited from more than 40 nationalities from Europe, the US and Arab countries.

However, the majority of the labor force was from Southeast Asia, such as India, Pakistan, Bangladesh, Philippines, Indonesia and Africa.

Al-Ramizan said that the annual increase in the company’s profit and revenue in Q4 2024 was mainly driven by a surge in the labor force. The construction, hospital, retail and restaurant sectors contributed most to the revenue growth.

Meanwhile, revenue from the retail segment reached SAR 265 million in 2024, while Q4 2024 topline stood at SAR 68 million. The individual hourly-rental segment recorded revenues of SAR 157 million in 2024 and SAR 41 million in Q4 2024.

Al-Ramizan said that the company’s investment portfolio balance reached SAR 82 million, noting that Al Mawarid offers services to customers across all cities.

However, Riyadh, the Eastern Province and the Western Province witnessed the highest demand for the domestic labor force.

He expected Al Mawarid to continue improving its performance and achieving positive results in the first quarter of 2025.

The contracts are ongoing with customers since last year, the CEO said, adding that the company expects to sign more contracts with new customers.

According to data available to Argaam, Al Mawarid posted a net profit of SAR 95.4 million in 2024, up 7% from SAR 88.8 million in 2023. Q4 net profit rose 35% year-on-year to SAR 28.7 million.