Maharah Q1 2024 net profit jumps 55% to SAR 50M

Maharah Q1 2024 net profit jumps 55% to SAR 50M

15/05/2024 Argaam Exclusive

View other reports

Maharah Human Resources Co. reported a net profit of SAR 50 million in Q1 2024, an increase of 55% from SAR 32.3 million the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 462.03 518.53 12.2 %
Gross Income 56.75 63.28 11.5 %
Operating Income 30.16 31.43 4.2 %
Net Income 32.27 50.03 55.0 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.07 0.11 55.0 %

Revenue increased by 12% year-on-year (YoY) as earnings improved from some key segments. Revenues of the corporate segment and hourly services segment (Khidmah) increased by 18% and 60%, respectively. In addition, revenues grew from subsidiaries (other sectors).

 

Gross profit margins increased by 12% YoY due to improved gross operating profit (mainly corporate and hourly services segments), in addition to the improved performance of some other segments such as the facility management and logistics. This came despite the continued impact on the individual segment, as it faces challenges due to the implementation of price caps for individual services in accordance with the applied regulations. This led to lower average price per workforce.

 

Q1 2024 figures included investment gains from associates at SAR 26.1 million, up by 140% compared to the same quarter of the last year.

 

Conversely, general and administrative expenses increased by SAR 2.7 million YoY as a result of some non-recurring items. Marketing expenses increased by SAR 1.2 million compared to the same quarter of last year.

 

On a quarterly basis, net profit increased by more than five-fold from SAR 9.28 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 582.2 million by March 31, 2024, compared to SAR 593.9 million in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 518.53 12.2 % 63.28 11.5 % 31.43 4.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2023 20.40 (67.1 %) 0.04 - 20.40 0.04
Q4 2023 9.28 2054.1 % 0.02 (16.91) 26.19 0.06
Q1 2024 50.03 55.0 % 0.11 - 50.03 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2023 13.27 % 7.40 % 4.91 %
Q4 2023 12.74 % 6.83 % 6.03 %
Q1 2024 12.71 % 6.79 % 6.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 475.00 0.18 0.19 1.20
Q4 2023 475.00 0.20 0.24 1.20
Q1 2024 475.00 0.24 0.28 1.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 36.08 34.17 5.55
Q4 2023 36.86 31.39 6.63
Q1 2024 28.09 24.49 5.54

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)
Q3 2023 334.27 107.03 32.49 16.75 (19.06)
Q4 2023 352.98 114.79 28.84 20.38 (23.09)
Q1 2024 381.35 103.67 25.23 33.49 (25.22)

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)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
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.