Maharah 2023 profit down 15% to SAR 97.1M; Q4 losses at SAR 3.3M

Maharah 2023 profit down 15% to SAR 97.1M; Q4 losses at SAR 3.3M

31/03/2024 Argaam Exclusive

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Maharah Human Resources Co. posted a net profit of SAR 97.1 million for 2023, a fall of 15% from SAR 113.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,683.60 1,890.02 12.3 %
Gross Income 229.22 235.71 2.8 %
Operating Income 108.20 95.36 (11.9 %)
Net Income 113.46 97.05 (14.5 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.24 0.20 (14.5 %)

The profit decline was attributed to lower revenue from the individual segment and from facility management, logistics, and home healthcare.

 

Meanwhile, the company realized an increase in the provisions of doubtful debt and financing cost.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 482.78 493.91 2.3 %
Gross Income 65.78 57.21 (13.0 %)
Operating Income 25.05 13.39 (46.5 %)
Net Income (0.48) (3.32) (599.2 %)
Average Shares 475.00 475.00 -
EPS (Riyals) 0.00 (0.01) (599.2 %)

In Q4 2023, the company expanded losses to SAR 3.3 million from SAR 480,000 a year earlier.

 

On a sequential basis, Maharah swung to losses in Q4 2023 against a net profit of SAR 24.6 million in Q3 2023.

 

Shareholders’ equity, after minority interest, amounted to SAR 568.61 million at the end of the 12-month period, from SAR 558.84 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2022 409.29 26.9 % 56.05 4.1 % 30.19 (28.0 %)
Q3 2022 416.28 28.2 % 58.37 7.5 % 30.02 (17.3 %)
Q4 2022 482.78 38.1 % 65.78 16.2 % 25.05 (26.9 %)
Q1 2023 462.03 21.2 % 56.75 15.7 % 30.16 31.5 %
Q2 2023 462.59 13.0 % 64.94 15.9 % 32.15 6.5 %
Q3 2023 471.49 13.3 % 61.96 6.2 % 19.66 (34.5 %)
Q4 2023 493.91 2.3 % 57.21 (13.0 %) 13.39 (46.5 %)
2023 1,890.02 12.3 % 235.71 2.8 % 95.36 (11.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2022 27.19 (29.8 %) 0.06 - 27.19 0.06
Q3 2022 61.93 73.8 % 0.13 - 61.93 0.13
Q4 2022 (0.48) (101.2 %) 0.00 - (0.48) 0.00
Q1 2023 32.27 30.0 % 0.07 - 32.27 0.07
Q2 2023 35.10 29.1 % 0.07 - 35.10 0.07
Q3 2023 20.40 (67.1 %) 0.04 - 20.40 0.04
Q4 2023 (3.32) (599.2 %) (0.01) - (3.32) (0.01)
2023 97.05 (14.5 %) 0.20 - 97.05 0.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2022 14.74 % 10.14 % 7.93 %
Q3 2022 14.14 % 9.17 % 9.16 %
Q4 2022 13.57 % 8.16 % 6.72 %
Q1 2023 13.38 % 8.22 % 6.83 %
Q2 2023 13.48 % 8.15 % 7.06 %
Q3 2023 13.27 % 7.40 % 4.65 %
Q4 2023 12.74 % 6.83 % 4.47 %
2023 12.47 % 6.83 % 5.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 475.00 0.32 0.30 1.18
Q4 2022 475.00 0.24 0.24 1.18
Q1 2023 475.00 0.25 0.25 1.17
Q2 2023 475.00 0.27 0.27 1.24
Q3 2023 475.00 0.18 0.18 1.31
Q4 2023 475.00 0.18 0.18 1.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 15.10 16.24 4.12
Q4 2022 17.02 17.02 3.46
Q1 2023 18.64 18.64 4.07
Q2 2023 19.67 19.67 4.54
Q3 2023 36.07 36.07 5.07
Q4 2023 42.36 42.36 6.63

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)
Q3 2022 274.07 121.76 40.09 1.87 (21.52)
Q4 2022 328.11 128.23 38.03 3.00 (14.60)
Q1 2023 323.71 116.00 33.79 3.43 (14.91)
Q2 2023 327.30 111.92 32.63 6.35 (15.60)
Q3 2023 334.27 107.03 32.49 16.75 (19.06)
Q4 2023 352.98 114.79 28.84 20.38 (23.09)

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 39.52 (3.32) (108.4 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
OSOOL AND BAKHEET 39.52 (3.32) (108.4) %

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

Share Price

6.68
(0.06) (0.89 %)

Maharah Human Resources Co. (MAHARAH)


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