Maharah H1 2022 profit down 26% to SAR 52 mln, Q2 drops 30% to SAR 27.2

14/08/2022 Argaam Exclusive

View other reports

Maharah Human Resources Co. reported a drop of 26% in H1 2022 net profit after Zakat and tax to SAR 52 million, from SAR 70 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	644.23	790.56	22.7 %
Gross Income	109.03	105.07	(3.6 %)
Operating Income	75.44	53.13	(29.6 %)
Net Income	70.03	52.01	(25.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.15	0.11	(25.7 %)

The company said that general and administrative (G&A) expenses increased by SAR 13.3 million year-on-year (YoY) due to the consolidation of the newly-acquired companies.

Advertising and marketing expenses rose by SAR 2 million YoY, as the company carried out various advertising and marketing campaigns on social media.

Moreover, investment in financial instruments through profit or loss increased by SAR 2.5 million YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	322.62	409.29	26.9 %
Gross Income	53.86	56.05	4.1 %
Operating Income	41.94	30.19	(28.0 %)
Net Income	38.71	27.19	(29.8 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.08	0.06	(29.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	381.28	409.29	7.3 %
Gross Income	49.03	56.05	14.3 %
Operating Income	22.94	30.19	31.6 %
Net Income	24.82	27.19	9.5 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.05	0.06	9.5 %

In Q2 2022, Maharah’s net profit after Zakat and tax fell 30% to SAR 27.2 million, from SAR 38.7 million in the prior-year period. Maharah reported that G&A rose by SAR 7.5 million compared to Q2 2021. It also cited an increase of SAR 1.5 million in marketing expenses, while investment in financial instruments through profit or loss decreased by SAR 1.8 million quarter-on-quarter (QoQ).

The company said that general and administrative (G&A) expenses increased by SAR 13.3 million compared to H1 2021, due to the consolidation of the newly-acquired companies.

The advertising and marketing expenses rose by SAR 2 million year-on-year (YoY), as the company carried various advertising and marketing campaigns through social media.

Moreover, investment in the financial instruments through profit or loss increased by SAR 2.5 million YoY.

On a quarterly basis, the second-quarter net profit grew by 9.6% from SAR 24.82 million.

Shareholders’ equity, after minority interest, declined to SAR 546.18 million as of June 30, 2022, from SAR 550 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	183.03	(39.8 %)
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 %
2021	1,318.73	(6.9 %)	219.90	(16.3 %)	146.03	(20.2 %)
Q1 2022	381.28	18.6 %	49.03	(11.1 %)	22.94	(31.5 %)
Q2 2022	409.29	26.9 %	56.05	4.1 %	30.19	(28.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	183.03	(39.8 %)
2021	1,318.73	(6.9 %)	219.90	(16.3 %)	146.03	(20.2 %)

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	-	-	-	-	-	-
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
Q3 2020	48.11	(40.0 %)	0.10	-	48.11	0.10
Q4 2020	22.53	(65.8 %)	0.05	-	22.53	0.05
2020	177.32	(34.8 %)	0.37	-	177.32	0.37
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
2021	144.93	(18.3 %)	0.31	10.69	134.23	0.28
Q1 2022	24.82	(20.7 %)	0.05	-	24.82	0.05
Q2 2022	27.19	(29.8 %)	0.06	-	27.19	0.06

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2020	177.32	(34.8 %)	0.37	-	177.32	0.37
2021	144.93	(18.3 %)	0.31	10.69	134.23	0.28

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2020	21.94 %	18.34 %	15.02 %
Q4 2020	18.55 %	14.60 %	12.52 %
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 %
2021	16.67 %	12.83 %	10.18 %
Q1 2022	15.51 %	11.54 %	9.27 %
Q2 2022	14.74 %	10.14 %	7.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	18.55 %	14.60 %	12.52 %
2021	16.67 %	12.83 %	10.18 %

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	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 %
Q3 2020	18.36 %	15.38 %	14.07 %
Q4 2020	14.15 %	8.15 %	6.78 %
Q1 2021	17.15 %	12.37 %	9.74 %
Q2 2021	16.69 %	14.84 %	12.00 %
Q3 2021	16.71 %	13.00 %	10.97 %
Q4 2021	16.18 %	11.22 %	8.17 %
Q1 2022	12.86 %	7.79 %	6.51 %
Q2 2022	13.69 %	9.13 %	6.64 %

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
Q2 2022	475.00	0.27	0.24	1.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	475.00	0.37	0.37	1.18
2021	475.00	0.31	0.28	1.21

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
Q2 2022	18.15	19.82	4.22

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	11.87	11.94	5.47
2020	15.97	15.97	5.07
2021	19.67	21.24	4.98

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)
Q2 2022	260.84	128.22	78.15	0.99	(36.02)

Period	Corporate	Individuals	Facility Management	Other	Eliminations
2015	-	47.92	-	-	-
2016	992.04	189.39	-	-	-
2017	879.32	288.62	-	-	-
2018	960.61	391.32	-	-	-
2019	1,092.47	419.83	-	-	-
2020	1,034.65	381.71	-	-	-
2021	909.73	374.59	63.71	-	(29.30)

Financial Ratios

	Current
Market Cap (M Riyal)	3,173.00
Enterprise Value (EV) (M)	3,656.50
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)	25.97
P/E (TTM)	25.97
Price/book	5.09
Return on Average Assets (%) (TTM)	6.8
Return on Average Equity (%) (TTM)	19.7

Maharah Human Resources Co. (MAHARAH)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Maharah H1 2022 profit down 26% to SAR 52 mln, Q2 drops 30% to SAR 27.2

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)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Maharah Human Resources Co. (MAHARAH)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

×

Maharah H1 2022 profit down 26% to SAR 52 mln, Q2 drops 30% to SAR 27.2

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 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Maharah Human Resources Co. (MAHARAH)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)