Maharah H1 2020 net profit drops 15% to SAR 106.7 mln

12/08/2020 Argaam Exclusive

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Maharah Human Resources Company reported a net profit after Zakat and tax of SAR 106.7 million for the first half of 2020, a 15% year-on-year (YoY) decrease, compared to SAR 126 million in the same period a year ago.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	740.10	742.24	0.3 %
Gross Income	166.70	152.92	(8.3 %)
Operating Income	131.62	114.21	(13.2 %)
Net Income	126.01	106.68	(15.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.27	0.22	(15.3 %)

The company attributed the profit drop to an 8% decrease in gross profit, 10% slump in income from operations, and SAR 4.6 million decrease in other income.

Maintaining the same level of revenues during the period, whereby the corporate and individual sectors achieved SAR 540 million and SAR 202 million in revenues, also contributed to the profit decrease.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	367.22	352.49	(4.0 %)
Gross Income	86.93	73.89	(15.0 %)
Operating Income	70.77	54.45	(23.1 %)
Net Income	71.99	49.42	(31.3 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.15	0.10	(31.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	389.76	352.49	(9.6 %)
Gross Income	79.03	73.89	(6.5 %)
Operating Income	59.76	54.45	(8.9 %)
Net Income	57.25	49.42	(13.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.12	0.10	(13.7 %)

The company’s Q2 net profit after Zakat and tax fell 31% YoY to SAR 49.4 million due to a 4% drop in revenues, higher expenses for marketing and awareness campaigns, SAR 3.5 million increase in doubtful debts, and SAR 2.6 million drop in other income.

On a quarterly basis, Q2 net profit slumped 13.7% on decrease in revenue by 10%, higher additional operating costs, and increase in expenses for marketing and awareness campaigns.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	425.60	-	140.15	-	87.40	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	957.76	125.0 %	264.55	88.8 %	205.26	134.9 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	1,181.43	23.4 %	336.79	27.3 %	242.22	18.0 %
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	300.87	-	85.38	-	46.36	-
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	199.90	(17.5 %)
Q1 2018	327.38	-	62.73	-	42.98	-
Q2 2018	337.52	-	77.03	-	61.53	-
Q3 2018	343.90	-	82.49	-	69.59	-
Q4 2018	343.12	14.0 %	76.13	(10.8 %)	54.02	16.5 %
2018	1,351.92	15.8 %	298.38	(1.6 %)	228.12	14.1 %
Q1 2019	372.88	13.9 %	79.77	27.2 %	60.85	41.6 %
Q2 2019	367.22	8.8 %	86.93	12.8 %	70.77	15.0 %
Q3 2019	386.37	12.3 %	106.27	28.8 %	87.11	25.2 %
Q4 2019	385.83	12.4 %	106.84	40.3 %	85.20	57.7 %
2019	1,512.30	11.9 %	379.81	27.3 %	303.93	33.2 %
Q1 2020	389.76	4.5 %	79.03	(0.9 %)	59.76	(1.8 %)
Q2 2020	352.49	(4.0 %)	73.89	(15.0 %)	54.45	(23.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2010	-	-	-	-	-	-
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	425.60	-	140.15	-	87.40	-
2015	957.76	125.0 %	264.55	88.8 %	205.26	134.9 %
2016	1,181.43	23.4 %	336.79	27.3 %	242.22	18.0 %
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	199.90	(17.5 %)
2018	1,351.92	15.8 %	298.38	(1.6 %)	228.12	14.1 %
2019	1,512.30	11.9 %	379.81	27.3 %	303.93	33.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	86.20	-	0.18	-	86.20	0.18
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	199.19	131.1 %	0.42	-	199.19	0.42
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	238.57	19.8 %	0.50	-	238.57	0.50
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	63.26	-	0.13	2.58	60.68	0.13
2017	208.08	(12.8 %)	0.44	2.58	205.50	0.43
Q1 2018	48.02	-	0.10	-	48.02	0.10
Q2 2018	57.59	-	0.12	-	57.59	0.12
Q3 2018	69.35	-	0.15	-	69.35	0.15
Q4 2018	47.30	(25.2 %)	0.10	-	47.30	0.10
2018	222.25	6.8 %	0.47	-	222.25	0.47
Q1 2019	54.02	12.5 %	0.11	-	54.02	0.11
Q2 2019	71.99	25.0 %	0.15	1.73	70.26	0.15
Q3 2019	80.13	15.5 %	0.17	-	80.13	0.17
Q4 2019	65.95	39.5 %	0.14	-	65.95	0.14
2019	272.09	22.4 %	0.57	1.73	270.36	0.57
Q1 2020	57.25	6.0 %	0.12	-	57.25	0.12
Q2 2020	49.42	(31.3 %)	0.10	-	49.42	0.10

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2010	-	-	-	-	-	-
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	86.20	-	0.18	-	86.20	0.18
2015	199.19	131.1 %	0.42	-	199.19	0.42
2016	238.57	19.8 %	0.50	-	238.57	0.50
2017	208.08	(12.8 %)	0.44	2.58	205.50	0.43
2018	222.25	6.8 %	0.47	-	222.25	0.47
2019	272.09	22.4 %	0.57	1.73	270.36	0.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	32.93 %	21.20 %	20.25 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	27.62 %	21.75 %	20.80 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	28.51 %	20.94 %	20.19 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	25.96 %	17.67 %	17.60 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	23.49 %	17.47 %	17.99 %
Q4 2018	22.07 %	17.76 %	16.44 %
2018	22.07 %	17.76 %	16.44 %
Q1 2019	22.57 %	18.66 %	16.33 %
Q2 2019	22.80 %	19.09 %	16.88 %
Q3 2019	23.75 %	20.01 %	17.13 %
Q4 2019	25.11 %	21.47 %	17.88 %
2019	25.11 %	21.47 %	17.88 %
Q1 2020	24.79 %	21.22 %	17.89 %
Q2 2020	24.17 %	20.47 %	16.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	32.93 %	21.20 %	20.25 %
2015	27.62 %	21.75 %	20.80 %
2016	28.51 %	20.94 %	20.19 %
2017	25.96 %	17.67 %	17.60 %
2018	22.07 %	17.76 %	16.44 %
2019	25.11 %	21.47 %	17.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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	28.38 %	15.90 %	20.17 %
Q1 2018	19.16 %	13.95 %	14.67 %
Q2 2018	22.82 %	18.92 %	17.06 %
Q3 2018	23.99 %	20.78 %	20.16 %
Q4 2018	22.19 %	17.22 %	13.78 %
Q1 2019	21.39 %	17.78 %	14.49 %
Q2 2019	23.67 %	20.58 %	19.13 %
Q3 2019	27.50 %	24.08 %	20.74 %
Q4 2019	27.69 %	23.29 %	17.09 %
Q1 2020	20.28 %	16.96 %	14.69 %
Q2 2020	20.96 %	17.31 %	14.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
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	475.00	-	-	0.56
Q1 2018	475.00	-	-	-
Q2 2018	475.00	-	-	-
Q3 2018	475.00	0.50	0.50	0.93
Q4 2018	475.00	0.47	0.47	0.91
Q1 2019	475.00	0.48	0.48	1.02
Q2 2019	475.00	0.51	0.51	1.17
Q3 2019	475.00	0.53	0.53	1.12
Q4 2019	475.00	0.57	0.57	1.24
Q1 2020	475.00	0.58	0.58	1.11
Q2 2020	475.00	0.53	0.53	1.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	475.00	0.18	0.18	0.34
2015	475.00	0.42	0.42	0.54
2016	475.00	0.50	0.50	0.45
2017	475.00	0.44	0.43	0.56
2018	475.00	0.47	0.47	0.91
2019	475.00	0.57	0.57	1.24

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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	13.45	13.54	5.89
Q3 2019	14.80	14.90	7.05
Q4 2019	11.87	11.94	5.47
Q1 2020	7.90	7.95	4.13
Q2 2020	10.24	10.24	4.51

Period	P/E	Adjusted P/E	Price/book
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	11.87	11.94	5.47

Business Segments (Million)

Compared With The

Period	Corporate	Individuals
Q4 2017	215.85	85.02
Q1 2018	230.97	96.41
Q2 2018	240.47	97.05
Q3 2018	245.31	98.60
Q4 2018	243.87	99.26
Q1 2019	268.44	104.44
Q2 2019	269.67	97.55
Q3 2019	283.46	102.91
Q4 2019	270.89	114.93
Q1 2020	282.91	106.85
Q2 2020	256.86	95.62

Period	Corporate	Individuals
2015	-	47.92
2016	992.04	189.39
2017	879.32	288.62
2018	960.61	391.32
2019	1,092.47	419.83

Financial Ratios

	Current
Market Cap (M Riyal)	2,873.75
Enterprise Value (EV) (M)	3,386.70
Shares Outstanding ((M))	475.00
EPS ( Riyal) (TTM)	0.28
Book Value (BV) ( Riyal)	1.31
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	18.94
P/E (TTM)	21.32
Price/book	4.61
Return on Average Assets (%) (TTM)	7.6
Return on Average Equity (%) (TTM)	22.6

Maharah Human Resources Co. (MAHARAH)

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Maharah H1 2020 net profit drops 15% to SAR 106.7 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) 2020 Q2

Financial Ratios

Share Price

Maharah Human Resources Co. (MAHARAH)

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Maharah H1 2020 net profit drops 15% to SAR 106.7 mln

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 2020

Revenue by Business Segment (Latest) 2020 Q2

Financial Ratios

Share Price

Maharah Human Resources Co. (MAHARAH)

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Business Segments (Million)