SMASCO H1 2024 profit falls 5% to SAR 74.1M; Q2 at SAR 35.8M

07/08/2024 Argaam Exclusive

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Saudi Manpower Solutions Co. (SMASCO) posted a 5% fall in H1 2024 net profit to SAR 74.1 million, compared to SAR 77.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	911.22	953.82	4.7 %
Gross Income	113.35	112.04	(1.1 %)
Operating Income	77.67	76.82	(1.1 %)
Net Income	77.63	74.09	(4.6 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.19	0.19	(4.6 %)

Revenues from the individual segment decreased by 4.5% compared to the same period of the previous year, primarily due to the implementation of the price ceiling for services and other conditions as per the regulations, despite a 24% increase in the average number of workers.

Additionally, general and administrative expenses increased by SAR 900,000 compared with H1 2023 due to non-recurring items.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	460.64	476.62	3.5 %
Gross Income	58.47	52.27	(10.6 %)
Operating Income	41.20	36.69	(10.9 %)
Net Income	42.10	35.82	(14.9 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.11	0.09	(14.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	477.20	476.62	(0.1 %)
Gross Income	59.77	52.27	(12.6 %)
Operating Income	40.13	36.69	(8.6 %)
Net Income	38.27	35.82	(6.4 %)
Average Shares	400.00	400.00	-
EPS (Riyals)	0.10	0.09	(6.4 %)

However, provision for doubtful debts fell by SAR 1.05 million, as per the expected credit loss model. Other income from investments also increased on improved operating activities.

The second-quarter net earnings dropped 15% year-on-year to SAR 35.8 million from SAR 42.1 million, principally due to lower business revenues as well as higher general and administrative expenses.

Compared to Q1 2024, the bottom line fell 6.5% from SAR 38.3 million.

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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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	1,958.09	-	334.35	-	176.56	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	1,817.40	(7.2 %)	253.10	(24.3 %)	152.33	(13.7 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	1,715.76	(5.6 %)	266.06	5.1 %	152.30	0.0 %
Q1 2022	438.68	-	60.80	-	43.73	-
Q2 2022	460.72	-	59.32	-	39.67	-
Q3 2022	463.19	-	55.31	-	36.26	-
Q4 2022	476.85	-	51.53	-	43.07	-
2022	1,839.45	7.2 %	226.95	(14.7 %)	162.74	6.9 %
Q1 2023	450.58	2.7 %	54.88	(9.7 %)	36.48	(16.6 %)
Q2 2023	460.64	0.0 %	58.47	(1.4 %)	41.20	3.8 %
Q3 2023	455.61	(1.6 %)	61.72	11.6 %	42.41	17.0 %
Q4 2023	460.36	(3.5 %)	68.31	32.6 %	46.29	7.5 %
2023	1,827.19	(0.7 %)	243.37	7.2 %	166.38	2.2 %
Q1 2024	477.20	5.9 %	59.77	8.9 %	40.13	10.0 %
Q2 2024	476.62	3.5 %	52.27	(10.6 %)	36.69	(10.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	1,958.09	-	334.35	-	176.56	-
2020	1,817.40	(7.2 %)	253.10	(24.3 %)	152.33	(13.7 %)
2021	1,715.76	(5.6 %)	266.06	5.1 %	152.30	0.0 %
2022	1,839.45	7.2 %	226.95	(14.7 %)	162.74	6.9 %
2023	1,827.19	(0.7 %)	243.37	7.2 %	166.38	2.2 %

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	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	165.95	-	0.41	-	165.95	0.41
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	138.04	(16.8 %)	0.35	-	138.04	0.35
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	150.45	9.0 %	0.38	-	150.45	0.38
Q1 2022	39.60	-	0.10	-	39.60	0.10
Q2 2022	39.06	-	0.10	-	39.06	0.10
Q3 2022	31.21	-	0.08	-	31.21	0.08
Q4 2022	40.38	-	0.10	-	40.38	0.10
2022	150.25	(0.1 %)	0.38	-	150.25	0.38
Q1 2023	35.53	(10.3 %)	0.09	-	35.53	0.09
Q2 2023	42.10	7.8 %	0.11	-	42.10	0.11
Q3 2023	44.20	41.6 %	0.11	-	44.20	0.11
Q4 2023	44.46	10.1 %	0.11	-	44.46	0.11
2023	166.29	10.7 %	0.42	-	166.29	0.42
Q1 2024	38.27	7.7 %	0.10	-	38.27	0.10
Q2 2024	35.82	(14.9 %)	0.09	-	35.82	0.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	165.95	-	0.41	-	165.95	0.41
2020	138.04	(16.8 %)	0.35	-	138.04	0.35
2021	150.45	9.0 %	0.38	-	150.45	0.38
2022	150.25	(0.1 %)	0.38	-	150.25	0.38
2023	166.29	10.7 %	0.42	-	166.29	0.42

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	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	17.08 %	13.40 %	8.47 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	13.93 %	10.74 %	7.60 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	15.51 %	11.07 %	8.77 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	12.34 %	10.76 %	8.17 %
2022	12.34 %	10.76 %	8.17 %
Q1 2023	11.94 %	10.35 %	7.90 %
Q2 2023	11.89 %	10.45 %	8.06 %
Q3 2023	12.29 %	10.89 %	8.80 %
Q4 2023	13.32 %	11.01 %	9.10 %
2023	13.32 %	11.01 %	9.10 %
Q1 2024	13.39 %	11.04 %	9.12 %
Q2 2024	12.95 %	10.79 %	8.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	17.08 %	13.40 %	8.47 %
2020	13.93 %	10.74 %	7.60 %
2021	15.51 %	11.07 %	8.77 %
2022	12.34 %	10.76 %	8.17 %
2023	13.32 %	11.01 %	9.10 %

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	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	13.86 %	11.87 %	9.03 %
Q2 2022	12.87 %	10.22 %	8.48 %
Q3 2022	11.94 %	9.46 %	6.74 %
Q4 2022	10.81 %	11.50 %	8.47 %
Q1 2023	12.18 %	10.18 %	7.89 %
Q2 2023	12.69 %	10.62 %	9.14 %
Q3 2023	13.55 %	11.24 %	9.70 %
Q4 2023	14.84 %	11.97 %	9.66 %
Q1 2024	12.53 %	10.35 %	8.02 %
Q2 2024	10.97 %	9.68 %	7.51 %

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	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	400.00	-	-	-
Q2 2022	400.00	-	-	-
Q3 2022	400.00	-	-	1.34
Q4 2022	400.00	0.38	0.38	1.32
Q1 2023	400.00	0.37	0.37	1.41
Q2 2023	400.00	0.37	0.37	1.51
Q3 2023	400.00	0.41	0.41	1.50
Q4 2023	400.00	0.42	0.42	1.30
Q1 2024	400.00	0.42	0.42	1.41
Q2 2024	400.00	0.41	0.41	1.50

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	400.00	0.41	0.41	1.34
2020	400.00	0.35	0.35	1.49
2021	400.00	0.38	0.38	1.21
2022	400.00	0.38	0.38	1.32
2023	400.00	0.42	0.42	1.30

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	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	21.63	21.63	5.87

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

Business Segments (Million)

Compared With The

Period	Corporate Segment	Individuals Segment	Others -	Elimination.
Q3 2022	329.00	129.98	4.21	-
Q4 2022	318.60	148.61	9.64	-
Q1 2023	304.12	143.09	3.37	-
Q2 2023	316.96	146.54	41.88	(44.74)
Q3 2023	312.86	137.08	5.67	-
Q4 2023	320.94	133.58	5.85	-
Q1 2024	312.78	137.71	26.71	-
Q2 2024	314.66	138.94	75.46	(52.44)

Period	Corporate Segment	Individuals Segment	Others -	Elimination.
2019	1,429.20	528.89	-	-
2020	1,332.49	484.90	-	-
2021	1,207.83	507.93	-	-
2022	1,281.41	534.30	23.73	-
2023	1,250.67	558.19	18.33	-

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	38.00	35.82	(5.7 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Al Rajhi Capital	38.00	35.82	(5.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	3,252.00
Enterprise Value (EV) (M)	3,015.20
Shares Outstanding ((M))	400.00
EPS ( Riyal) (TTM)	0.41
Book Value (BV) ( Riyal)	1.50
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	19.98
P/E (TTM)	19.98
Price/book	5.43
Return on Average Assets (%) (TTM)	14.9
Return on Average Equity (%) (TTM)	27.0

Saudi Manpower Solutions Co. (SMASCO)

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SMASCO H1 2024 profit falls 5% to SAR 74.1M; Q2 at SAR 35.8M

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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

Saudi Manpower Solutions Co. (SMASCO)

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SMASCO H1 2024 profit falls 5% to SAR 74.1M; Q2 at SAR 35.8M

View other reports

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

Saudi Manpower Solutions Co. (SMASCO)

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Business Segments (Million)