Al Mawarid H1 2023 profit leaps 41% to SAR 44.6 mln; Q2 at SAR 22.5 mln

08/08/2023 Argaam Exclusive

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Al Mawarid Manpower Co. reported a 41% leap in H1 2023 net profit to SAR 44.6 million from SAR 31.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	421.84	599.16	42.0 %
Gross Income	55.92	69.60	24.5 %
Operating Income	34.61	48.03	38.8 %
Net Income	31.75	44.61	40.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	2.12	2.97	40.5 %

Revenues increased by 42% year-on-year (YoY), driven by revenues of the corporate and individual segments that rose by 44% and 38%, respectively.

The company also cited growth in other revenues and a decrease of SAR 2.3 million in the provision for expected credit losses from trade receivables compared to H1 2022.

However, general, administrative, and marketing expenses rose in H1 2023 by 14%, or SAR 2.6 million, compared with a year earlier.

Al Mawarid’s net profit rose 19% to SAR 22.5 million in Q2 2023, driven mainly by higher revenues and a decline in provision for expected credit losses.

Compared with the previous quarter, the Q2 2023 net earnings rose 1.3% from SAR 22.16 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	233.41	305.29	30.8 %
Gross Income	31.91	34.67	8.6 %
Operating Income	20.46	23.80	16.3 %
Net Income	18.81	22.45	19.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.25	1.50	19.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	293.87	305.29	3.9 %
Gross Income	34.93	34.67	(0.7 %)
Operating Income	24.24	23.80	(1.8 %)
Net Income	22.16	22.45	1.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.48	1.50	1.3 %

Shareholders’ equity, with no minority interest, reached SAR 321.8 million as of June 30, 2023, compared to SAR 247.12 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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	494.47	-	45.34	-	15.58	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
Q1 2020	196.69	-	21.33	-	12.29	-
Q2 2020	153.78	-	17.18	-	9.98	-
Q3 2020	164.70	-	21.97	-	13.38	-
Q4 2020	171.48	-	20.99	-	11.70	-
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
Q1 2021	160.13	(18.6 %)	25.09	17.6 %	16.15	31.4 %
Q2 2021	164.85	7.2 %	23.68	37.8 %	14.49	45.2 %
Q3 2021	166.44	1.1 %	25.12	14.3 %	15.15	13.3 %
Q4 2021	172.31	0.5 %	22.97	9.4 %	12.27	4.8 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
Q1 2022	188.43	17.7 %	24.01	(4.3 %)	14.15	(12.3 %)
Q2 2022	233.41	41.6 %	31.91	34.7 %	20.46	41.2 %
Q3 2022	247.74	48.8 %	32.59	29.7 %	20.25	33.6 %
Q4 2022	275.15	59.7 %	41.18	79.3 %	28.62	133.2 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %
Q1 2023	293.87	56.0 %	34.93	45.5 %	24.24	71.2 %
Q2 2023	305.29	30.8 %	34.67	8.6 %	23.80	16.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	494.47	-	45.34	-	15.58	-
2019	716.01	44.8 %	72.07	59.0 %	37.77	142.4 %
2020	686.66	(4.1 %)	81.47	13.0 %	47.34	25.4 %
2021	663.72	(3.3 %)	96.86	18.9 %	58.05	22.6 %
2022	944.73	42.3 %	129.69	33.9 %	83.48	43.8 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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	13.97	-	0.93	0.61	13.36	0.89
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
Q1 2020	11.17	-	0.74	-	11.17	0.74
Q2 2020	9.01	-	0.60	-	9.01	0.60
Q3 2020	12.96	-	0.86	-	12.96	0.86
Q4 2020	12.71	-	0.85	3.74	8.97	0.60
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
Q1 2021	14.58	30.5 %	0.97	-	14.58	0.97
Q2 2021	13.57	50.6 %	0.90	-	13.57	0.90
Q3 2021	14.08	8.7 %	0.94	-	14.08	0.94
Q4 2021	13.43	5.6 %	0.90	3.08	10.35	0.69
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
Q1 2022	12.94	(11.3 %)	0.86	-	12.94	0.86
Q2 2022	18.81	38.6 %	1.25	-	18.81	1.25
Q3 2022	18.93	34.5 %	1.26	-	18.93	1.26
Q4 2022	25.31	88.4 %	1.69	-	25.31	1.69
2022	75.99	36.5 %	5.07	-	75.99	5.07
Q1 2023	22.16	71.3 %	1.48	-	22.16	1.48
Q2 2023	22.45	19.4 %	1.50	-	22.45	1.50

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	13.97	-	0.93	0.61	13.36	0.89
2019	38.57	176.1 %	2.57	4.49	34.09	2.27
2020	45.86	18.9 %	3.06	3.74	42.11	2.81
2021	55.66	21.4 %	3.71	3.08	52.58	3.51
2022	75.99	36.5 %	5.07	-	75.99	5.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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	9.17 %	3.70 %	2.70 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	10.07 %	6.38 %	4.76 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	11.86 %	8.75 %	6.13 %
2020	11.86 %	8.75 %	6.13 %
Q1 2021	13.11 %	9.92 %	7.00 %
Q2 2021	13.87 %	10.39 %	7.57 %
Q3 2021	14.31 %	10.65 %	7.72 %
Q4 2021	14.59 %	10.76 %	7.92 %
2021	14.59 %	10.76 %	7.92 %
Q1 2022	13.84 %	10.07 %	7.36 %
Q2 2022	13.67 %	10.02 %	7.39 %
Q3 2022	13.24 %	9.73 %	7.25 %
Q4 2022	13.73 %	10.46 %	8.04 %
2022	13.73 %	10.46 %	8.04 %
Q1 2023	13.39 %	10.45 %	8.11 %
Q2 2023	12.78 %	10.20 %	7.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	9.17 %	3.70 %	2.70 %
2019	10.07 %	6.38 %	4.76 %
2020	11.86 %	8.75 %	6.13 %
2021	14.59 %	10.76 %	7.92 %
2022	13.73 %	10.46 %	8.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	10.85 %	7.64 %	5.68 %
Q2 2020	11.17 %	8.76 %	5.86 %
Q3 2020	13.34 %	10.10 %	7.87 %
Q4 2020	12.24 %	8.74 %	5.23 %
Q1 2021	15.67 %	12.13 %	9.11 %
Q2 2021	14.37 %	10.73 %	8.23 %
Q3 2021	15.09 %	11.11 %	8.46 %
Q4 2021	13.33 %	9.17 %	6.01 %
Q1 2022	12.74 %	9.41 %	6.87 %
Q2 2022	13.67 %	10.35 %	8.06 %
Q3 2022	13.16 %	9.77 %	7.64 %
Q4 2022	14.96 %	11.89 %	9.20 %
Q1 2023	11.88 %	9.77 %	7.54 %
Q2 2023	11.36 %	9.42 %	7.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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	15.00	-	-	12.15
Q2 2020	15.00	-	-	12.81
Q3 2020	15.00	-	-	12.39
Q4 2020	15.00	3.06	2.81	13.29
Q1 2021	15.00	3.28	3.03	14.23
Q2 2021	15.00	3.59	3.34	13.77
Q3 2021	15.00	3.66	3.41	14.67
Q4 2021	15.00	3.71	3.51	15.53
Q1 2022	15.00	3.60	3.40	16.45
Q2 2022	15.00	3.95	3.74	16.47
Q3 2022	15.00	4.27	4.07	17.80
Q4 2022	15.00	5.07	5.07	19.54
Q1 2023	15.00	5.68	5.68	20.94
Q2 2023	15.00	5.92	5.92	21.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	15.00	0.93	0.89	9.64
2019	15.00	2.57	2.27	11.35
2020	15.00	3.06	2.81	13.29
2021	15.00	3.71	3.51	15.53
2022	15.00	5.07	5.07	19.54

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	16.02	16.02	4.42

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Corporate sector	Individuals sector	Hourly sector
Q1 2020	137.74	39.13	19.82
Q2 2020	111.40	40.56	1.83
Q3 2020	112.37	38.83	13.50
Q4 2020	114.77	33.59	23.13
Q1 2021	102.19	32.46	25.48
Q2 2021	107.05	31.33	26.47
Q3 2021	109.93	30.99	25.51
Q4 2021	114.51	32.11	25.68
Q1 2022	121.36	40.16	26.90
Q2 2022	152.42	50.01	30.99
Q3 2022	164.67	53.21	29.86
Q4 2022	181.08	60.29	33.78
Q1 2023	192.31	67.16	34.41
Q2 2023	202.80	65.81	36.67

Period	Corporate sector	Individuals sector	Hourly sector
2020	476.27	152.10	58.28
2021	433.68	126.90	103.14
2022	619.53	203.68	121.53

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	23.00	22.45	(2.4 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
AlJazira Capital	23.00	22.45	(2.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,010.00
Enterprise Value (EV) (M)	1,871.61
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	5.86
Book Value (BV) ( Riyal)	25.17
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.85
P/E (TTM)	22.85
Price/book	5.32
Return on Average Assets (%) (TTM)	13.6
Return on Average Equity (%) (TTM)	25.1

Al Mawarid Manpower Co. (ALMAWARID)

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Al Mawarid H1 2023 profit leaps 41% to SAR 44.6 mln; Q2 at SAR 22.5 mln

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

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Al Mawarid H1 2023 profit leaps 41% to SAR 44.6 mln; Q2 at SAR 22.5 mln

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Mawarid Manpower Co. (ALMAWARID)

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Business Segments (Million)