Maharah net profit slips 21% to SAR 24.8 mln in Q1 2022

Maharah net profit slips 21% to SAR 24.8 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Maharah Human Resources Co. reported a net profit after Zakat and tax of SAR 24.8 million for Q1 2022, a 21% decline from SAR 31.3 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 321.61 381.28 18.6 %
Gross Income 55.17 49.03 (11.1 %)
Operating Income 33.50 22.94 (31.5 %)
Net Income 31.32 24.82 (20.7 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.07 0.05 (20.7 %)

The profit decline is attributed to higher general and administrative expenses and lower revenue from the newly established and acquired companies in the inception and restructuring phase.

 

Sequentially, the company’s net profit fell 36.8% in Q1 2022 from a net profit of SAR 39.27 million.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 522.26 million as of March 31, 2022, increasing by 1.4% from SAR 515.08 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 300.87 - 85.38 - 46.36 -
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 %
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 %
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 %)
Q3 2020 342.07 (11.5 %) 62.79 (40.9 %) 47.47 (45.5 %)
Q4 2020 332.04 (13.9 %) 46.98 (56.0 %) 21.35 (74.9 %)
Q1 2021 321.61 (17.5 %) 55.17 (30.2 %) 33.50 (44.0 %)
Q2 2021 322.62 (8.5 %) 53.86 (27.1 %) 41.94 (23.0 %)
Q3 2021 324.83 (5.0 %) 54.29 (13.5 %) 36.31 (23.5 %)
Q4 2021 349.67 5.3 % 56.59 20.5 % 34.28 60.6 %
Q1 2022 381.28 18.6 % 49.03 (11.1 %) 22.94 (31.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 63.26 - 0.13 2.58 60.68 0.13
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
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
Q1 2020 57.25 6.0 % 0.12 - 57.25 0.12
Q2 2020 49.42 (31.3 %) 0.10 - 49.42 0.10
Q3 2020 48.11 (40.0 %) 0.10 - 48.11 0.10
Q4 2020 22.53 (65.8 %) 0.05 - 22.53 0.05
Q1 2021 31.32 (45.3 %) 0.07 - 31.32 0.07
Q2 2021 38.71 (21.7 %) 0.08 - 38.71 0.08
Q3 2021 35.63 (26.0 %) 0.08 - 35.63 0.08
Q4 2021 39.27 74.3 % 0.08 10.69 28.58 0.06
Q1 2022 24.82 (20.7 %) 0.05 - 24.82 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 23.49 % 17.47 % 17.99 %
Q4 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 %
Q1 2020 24.79 % 21.22 % 17.89 %
Q2 2020 24.17 % 20.47 % 16.69 %
Q3 2020 21.94 % 18.34 % 15.02 %
Q4 2020 18.55 % 14.60 % 12.52 %
Q1 2021 17.71 % 13.39 % 11.23 %
Q2 2021 16.60 % 12.70 % 10.67 %
Q3 2021 16.16 % 12.07 % 9.85 %
Q4 2021 16.67 % 12.83 % 10.18 %
Q1 2022 15.51 % 11.54 % 9.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2020 475.00 0.46 0.46 1.13
Q4 2020 475.00 0.37 0.37 1.18
Q1 2021 475.00 0.32 0.32 1.08
Q2 2021 475.00 0.30 0.30 1.16
Q3 2021 475.00 0.27 0.27 1.12
Q4 2021 475.00 0.31 0.28 1.21
Q1 2022 475.00 0.29 0.27 1.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2020 13.66 13.66 5.60
Q4 2020 15.97 15.97 5.07
Q1 2021 17.89 17.89 5.26
Q2 2021 21.01 21.01 5.37
Q3 2021 23.88 23.88 5.76
Q4 2021 19.67 21.24 4.98
Q1 2022 21.54 23.34 5.71

Business Segments (Million)

Compared With The
Period Corporate Individuals Facility Management Other Eliminations
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 - - -
Q3 2020 251.87 90.20 - - -
Q4 2020 243.01 89.04 - - -
Q1 2021 232.94 88.68 - - -
Q2 2021 230.33 92.29 - - -
Q3 2021 221.09 89.94 25.39 - (11.57)
Q4 2021 225.38 103.70 38.32 - (17.73)
Q1 2022 236.66 121.73 39.90 0.25 (17.26)


Financial Ratios
Current
Market Cap (M Riyal) 3,168.25
Enterprise Value (EV) (M) 3,651.75
Shares Outstanding ((M)) 475.00
EPS ( Riyal) (TTM) 0.26
Book Value (BV) ( Riyal) 1.31
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 25.93
P/E (TTM) 25.93
Price/book 5.09
Return on Average Assets (%) (TTM) 6.8
Return on Average Equity (%) (TTM) 19.7
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Share Price

Maharah Human Resources Co.
6.67
(0.07) (1.04 %)

Maharah Human Resources Co. (MAHARAH)

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