Al Mawarid H1 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

08/08/2024 Argaam Exclusive

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Al Mawarid Manpower Co. posted an 11% profit increase in H1 2024 to SAR 49.6 million, compared to SAR 44.6 million in the previous year.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	599.16	789.23	31.7 %
Gross Income	69.60	85.75	23.2 %
Operating Income	48.03	53.11	10.6 %
Net Income	44.61	49.64	11.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	2.97	3.31	11.3 %

The group’s revenues increased 32% year-on-year (YoY) (or by SAR 190.07 million) in H1 2024 due to higher average number of workforces for the current period.

In addition, the total profit improved by SAR 16.15 million, or 23% YoY on higher revenues.

Other revenues jumped 75% or by SAR 1.47 million on rising gains from investments at fair value through profit or loss and certain other miscellaneous items.

This was despite higher general, administrative and marketing expenses by SAR 4.56 million (or 21% YoY), in addition to increased provision for expected credit losses from trade receivables by SAR 6.52 million in line with rising value trade receivables in general as the group revenue increased, as well as higher value of trade receivables overdue for period exceeding one year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	305.29	414.63	35.8 %
Gross Income	34.67	43.09	24.3 %
Operating Income	23.80	25.84	8.6 %
Net Income	22.45	23.23	3.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.50	1.55	3.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	374.60	414.63	10.7 %
Gross Income	42.66	43.09	1.0 %
Operating Income	28.09	25.84	(8.0 %)
Net Income	26.41	23.23	(12.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.76	1.55	(12.1 %)

Q2 2024 net rose 3.5% to SAR 23.2 million from SAR 22.5 million in the year earlier period.

On a quarterly basis, Q2 2024 net earnings retreated 12% from SAR 26.4 million in Q1 2024.

Shareholders’ equity, after excluding minority interest, reached SAR 378.8 million by June 30, 2024, compared to SAR 321.8 million a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %)
2023	1,260.91	33.5 %	145.33	12.1 %	96.38	15.5 %
Q1 2024	374.60	27.5 %	42.66	22.1 %	28.09	15.9 %
Q2 2024	414.63	35.8 %	43.09	24.3 %	25.84	8.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	1,260.91	33.5 %	145.33	12.1 %	96.38	15.5 %

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	-	-	-	-	-	-
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
Q3 2023	22.93	21.1 %	1.53	-	22.93	1.53
Q4 2023	21.23	(16.1 %)	1.42	-	21.23	1.42
2023	88.77	16.8 %	5.92	-	88.77	5.92
Q1 2024	26.41	19.2 %	1.76	-	26.41	1.76
Q2 2024	23.23	3.5 %	1.55	-	23.23	1.55

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	88.77	16.8 %	5.92	-	88.77	5.92

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	12.38 %	10.10 %	7.77 %
Q4 2023	11.55 %	9.27 %	7.04 %
2023	11.53 %	9.20 %	7.04 %
Q1 2024	11.43 %	9.04 %	6.93 %
Q2 2024	11.15 %	8.52 %	6.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	11.53 %	9.20 %	7.04 %

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	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 %
Q3 2023	11.59 %	9.50 %	7.16 %
Q4 2023	11.39 %	8.47 %	6.21 %
Q1 2024	11.39 %	8.86 %	7.05 %
Q2 2024	10.39 %	7.51 %	5.60 %

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
Q2 2024	15.00	6.25	6.25	25.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	15.00	5.92	5.92	22.93

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
Q2 2024	18.84	18.84	4.66

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	21.09	21.09	5.44

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
Q2 2024	308.18	67.56	38.88

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
2023	860.46	255.57	144.89

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	26.45	23.23	(12.2 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
AlJazira Capital	25.90	23.23	(10.3) %
GIB Capital	27.00	23.23	(14.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,617.00
Enterprise Value (EV) (M)	1,478.61
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)	18.38
P/E (TTM)	18.38
Price/book	4.28
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 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

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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) 2024 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 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

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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 2024

Revenue by Business Segment (Latest) 2024 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)