IHR reports net profit decline of 34% to SAR 2.8M in 2023
28/03/2024
Argaam Exclusive
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International Human Resources Co. (Aldawliah) reported a 34% decline in net profit year-on-year (YoY) to SAR 2.8 million in 2023, from SAR 4.3 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 77.23 | 112.09 | 45.1 % |
| Gross Income | 16.23 | 18.47 | 13.8 % |
| Operating Income | 6.74 | 4.61 | (31.6 %) |
| Net Income | 4.30 | 2.84 | (34.1 %) |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Halala) | 8.60 | 5.67 | (34.1 %) |
This was ascribed to setting aside credit loss provisions at SAR 1.3 million in 2023, compared to zero provisions in 2022. The company also cited a 74% increase year-on-year (YoY) in Zakat expenses.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 38.04 | 64.27 | 69.0 % |
| Gross Income | 7.24 | 9.68 | 33.7 % |
| Operating Income | 4.34 | 2.24 | (48.4 %) |
| Net Income | 0.58 | 1.18 | 102.0 % |
| Average Shares | 50.00 | 50.00 | - |
| EPS (Halala) | 1.17 | 2.36 | 102.0 % |
Total shareholders’ equity, no minority interest, stood at SAR 43.36 million by Dec. 31, 2023, compared to SAR 39.79 million a year ago.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net profit (SAR mln) |
EPS (SAR /share) |
|
H1 2021 |
41.41 |
3.00 |
0.06 |
|
H2 2021 |
36.58 |
(0.54) |
(0.09) |
|
H1 2022 |
39.20 |
3.72 |
0.07 |
|
H2 2022 |
38.03 |
0.58 |
0.01 |
|
H1 2023 |
47.82 |
1.65 |
0.03 |
|
H2 2023 |
64.27 |
1.19 |
0.02 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 47.82 | 22.0 % | 8.79 | (2.3 %) | 2.37 | (1.2 %) |
| H2 2023 | 64.27 | 69.0 % | 9.68 | 33.7 % | 2.24 | (48.4 %) |
| 2023 | 112.09 | 45.1 % | 18.47 | 13.8 % | 4.61 | (31.6 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 1.65 | (55.5 %) | 3.31 | - | 1.65 | 0.03 |
| H2 2023 | 1.18 | 102.0 % | 2.36 | - | 1.18 | 0.02 |
| 2023 | 2.84 | (34.1 %) | 5.67 | - | 2.84 | 0.06 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 18.67 % | 8.60 % | 4.36 % |
| H2 2023 | 16.48 % | 5.19 % | 2.53 % |
| 2023 | 16.48 % | 5.19 % | 2.53 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 50.00 | 4.48 | 7.49 | 0.83 |
| H2 2023 | 50.00 | 5.67 | 5.67 | 0.87 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 66.33 | 39.66 | 3.58 |
| H2 2023 | 69.49 | 69.49 | 4.54 |
| Current | |
| Market Cap (M Riyal) | 260.50 |
| Enterprise Value (EV) (M) | 257.87 |
| Shares Outstanding ((M)) | 50.00 |
| Book Value (BV) ( Riyal) | 0.87 |
| Par Value ( Halala) | 50.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 6.01 |
Share Price
International Human Resources Co. (ALDAWLIAH)
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