IHR posts 56% drop in H1 2023 profit to SAR 1.7 mln

IHR posts 56% drop in H1 2023 profit to SAR 1.7 mln

24/08/2023 Argaam Exclusive

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International Human Resources Co. (IHR) posted a 56% drop in H1 2023 net profit to SAR 1.7 million from SAR 3.7 million in H1 2022. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 39.20 47.82 22.0 %
Gross Income 8.99 8.79 (2.3 %)
Operating Income 2.40 2.37 (1.2 %)
Net Income 3.72 1.65 (55.5 %)
Average Shares 50.00 50.00 -
EPS (Halala) 7.43 3.31 (55.5 %)

The first-half earnings were impacted by higher operating expenses (OpEx) due to some changes in the medical insurance regulations. IHR reported higher finance costs, compared to H1 2022, when the company benefited from the extended payments program during the COVID-19 pandemic.

 

On the other hand, revenues grew by 22% year-on-year (YoY), while general and administrative expenses dropped by 12.65% YoY in H1 2023.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 39.20 47.82 22.0 %
Gross Income 8.99 8.79 (2.3 %)
Operating Income 2.40 2.37 (1.2 %)
Net Income 3.72 1.65 (55.5 %)
Average Shares 50.00 50.00 -
EPS (Halala) 7.43 3.31 (55.5 %)

Total shareholders’ equity, no minority interest, reached SAR 41.45 million as of June 30, 2023, compared to SAR 22.70 million a year earlier. 

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

41.41

3.00

0.06

H2 2021

36.58

(0.54)

(0.01)

H1 2022

39.20

3.72

0.07

H2 2022

38.03

0.58

0.02

H1 2023

47.82

1.65

0.03

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 41.41 - 8.90 - 3.19 -
H2 2021 36.58 - 6.77 - 0.02 -
H1 2022 39.20 (5.3 %) 8.99 1.1 % 2.40 (24.8 %)
H2 2022 38.04 4.0 % 7.24 6.9 % 4.34 19616.4 %
H1 2023 47.82 22.0 % 8.79 (2.3 %) 2.37 (1.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 3.00 - 6.01 - 3.00 0.06
H2 2021 (0.54) - (1.09) - (0.54) (0.01)
H1 2022 3.72 23.8 % 7.43 - 3.72 0.07
H2 2022 0.58 207.5 % 1.17 (1.51) 2.09 0.04
H1 2023 1.65 (55.5 %) 3.31 - 1.65 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 20.09 % 5.12 % 3.15 %
H1 2022 20.81 % 4.11 % 4.19 %
H2 2022 21.02 % 9.62 % 7.52 %
H1 2023 18.67 % 8.60 % 4.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 50.00 - - 0.38
H2 2021 50.00 4.92 4.92 0.38
H1 2022 50.00 6.35 6.35 0.45
H2 2022 50.00 8.60 11.61 0.80
H1 2023 50.00 4.48 7.49 0.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 32.60 24.15 3.52
H1 2023 66.33 39.66 3.58


Financial Ratios
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
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Share Price

International Human Resources Co.
5.21
(0.29) (5.27 %)

International Human Resources Co. (ALDAWLIAH)

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