Maharah H1 net profit up at SAR 75.8 mln; Q2 at SAR 39.3 mln

Maharah H1 net profit up at SAR 75.8 mln; Q2 at SAR 39.3 mln

14/08/2023 Argaam Exclusive

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Maharah Human Resources Co. reported a net profit of SAR 75.8 million in H1 2023, an increase of 46% from SAR 52 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 790.56 924.62 17.0 %
Gross Income 105.07 121.69 15.8 %
Operating Income 53.13 62.31 17.3 %
Net Income 52.01 67.37 29.5 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.11 0.14 29.5 %

This was spurred by a 17% increase year-on-year (YoY) in revenue. Also, the associates, acquired in Q3 2022, recorded an income of SAR 29.4 million in the current period. Other revenue increased by SAR 4.1 million due to the rents delivered from the investment property and other items.  

 

On the other hand, general and administrative expenses (G&A) increased by 18% YoY. Finance costs also rose by SAR 20.1 million in the six-month period.

 

Q2 2023 net earnings jumped 45% to SAR 39.3 million, from SAR 27.19 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 409.29 462.59 13.0 %
Gross Income 56.05 64.94 15.9 %
Operating Income 30.19 32.15 6.5 %
Net Income 27.19 35.10 29.1 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.06 0.07 29.1 %

This was driven by 13% higher topline YoY, as revenue from the corporate segment increased by 26% YoY, and revenue from the hourly services segment (Khidmah) slightly increased in the current quarter. 

 

In contrast, the revenue from the individual segment decreased by 12% YoY. 

 

Additionally, other revenue increased by SAR 3 million due to the rent from the investment property and other items. 

 

Conversely, G&A increased by 18% YoY, with the cost of finance cost rising to SAR 10.2 million during the current quarter. 

 

On a quarterly basis, net profit grew 7.7%. 

 

Shareholders’ equity, after minority interest, reached SAR 638.1 million by June 30, 2023, compared to SAR 546.18 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 %


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 (0.47) (101.2 %) 0.00 (4.88) 4.40 0.01
Q1 2023 32.27 30.0 % 0.07 - 32.27 0.07
Q2 2023 35.10 29.1 % 0.07 - 35.10 0.07

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 % 7.00 %
Q1 2023 13.38 % 8.22 % 7.11 %
Q2 2023 13.48 % 8.15 % 7.33 %


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 0.25 1.18
Q1 2023 475.00 0.25 0.26 1.17
Q2 2023 475.00 0.27 0.28 1.24

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 16.32 3.46
Q1 2023 18.64 17.92 4.07
Q2 2023 19.67 18.95 4.54

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)

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 35.70 35.10 (1.7 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
OSOOL AND BAKHEET 35.70 35.10 (1.7) %

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

Share Price

6.05
(0.03) (0.49 %)

Maharah Human Resources Co. (MAHARAH)


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