Al Mawarid profit jumps 19% to SAR 26.4M in Q1 2024

Al Mawarid profit jumps 19% to SAR 26.4M in Q1 2024

15/05/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted a 19% profit rise in Q1 2024 to SAR 26.4 million, compared to SAR 22.2 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 293.87 374.60 27.5 %
Gross Income 34.93 42.66 22.1 %
Operating Income 24.24 28.09 15.9 %
Net Income 22.16 26.41 19.2 %
Average Shares 15.00 15.00 -
EPS (Riyals) 1.48 1.76 19.2 %
The profit growth was buoyed by a 27% year-on-year (YoY) increase in the first-quarter revenue.
 
Gross profit also leapt by 22% YoY on better revenue.
 
Other income grew by SAR 1.17 million on gains from investments in financial instruments at fair value through profit or loss and certain other miscellaneous income items.
 
Meanwhile, general, administrative and marketing expenses for the first quarter increased by 12% YoY, mainly due to a rise in the number of the workforce and certain expenses associated with listing the company on Tadawul.

The company’s net profit jumped 24.4% from SAR 21.23 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, rose to SAR 354.83 million by March 31, 2024, from SAR 314.09 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
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 %
Q3 2023 320.07 29.2 % 37.10 13.8 % 25.42 25.5 %
Q4 2023 341.68 24.2 % 38.93 (5.5 %) 23.76 (17.0 %)
Q1 2024 374.60 27.5 % 42.66 22.1 % 28.09 15.9 %


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 - - - - - -
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 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
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
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
Q1 2023 22.16 71.3 % 1.48 - 22.16 1.48
Q2 2023 22.45 19.4 % 1.50 - 22.45 1.50
Q3 2023 22.93 21.1 % 1.53 - 22.93 1.53
Q4 2023 21.23 (16.1 %) 1.42 - 21.23 1.42
Q1 2024 26.41 19.2 % 1.76 - 26.41 1.76

Profitability

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 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 %
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 %
Q1 2023 13.39 % 10.45 % 8.11 %
Q2 2023 12.78 % 10.20 % 7.92 %
Q3 2023 12.38 % 10.10 % 7.77 %
Q4 2023 11.55 % 9.27 % 7.04 %
Q1 2024 11.43 % 9.04 % 6.93 %


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 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
Q3 2023 15.00 6.19 6.19 21.49
Q4 2023 15.00 5.92 5.92 22.93
Q1 2024 15.00 6.20 6.20 23.66

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 16.02 16.02 4.42
Q3 2023 19.68 19.68 5.67
Q4 2023 21.09 21.09 5.44
Q1 2024 20.12 20.12 5.28

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
Q3 2023 219.51 64.51 36.05
Q4 2023 245.84 58.08 37.75
Q1 2024 272.73 62.76 39.11

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 25.10 26.41 5.23 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital 26.00 26.41 1.6 %
AlJazira Capital 24.20 26.41 9.1 %


Financial Ratios
Current
Market Cap (M Riyal) 1,620.00
Enterprise Value (EV) (M) 1,481.61
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) 18.41
P/E (TTM) 18.41
Price/book 4.29
Return on Average Assets (%) (TTM) 13.6
Return on Average Equity (%) (TTM) 25.1
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Share Price

Al Mawarid Manpower Co.
107.80
(0.20) (0.19 %)

Al Mawarid Manpower Co. (ALMAWARID)

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