Maharah H1 2024 profit up 50% to SAR 101.1M; Q2 at SAR 51.1M

Maharah H1 2024 profit up 50% to SAR 101.1M; Q2 at SAR 51.1M

11/08/2024 Argaam Exclusive

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Maharah Human Resources Co. posted a net profit leap of 50% to SAR 101.1 million in the first half of 2024, from SAR 67.4 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 924.62 1,055.62 14.2 %
Gross Income 121.69 133.53 9.7 %
Operating Income 62.31 73.83 18.5 %
Net Income 67.37 101.14 50.1 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.14 0.21 50.1 %

The first-half earnings were driven by a 14% year-on-year (YoY) rise in consolidated revenue to SAR 1.05 billion.

 

The company’s topline improved from the key segments. Revenues from the corporate segment and hourly services segment (Khidmah) increased by 18% and 31% YoY, respectively as the average workforce rose by 14% and 34% in both segments. In addition, revenues grew from subsidiaries (other segments).

 

Gross profit grew 10% YoY driven by the key segments.

 

Maharah reported an increase in its profit share from associates (Care Shield Holding Co. and Saudi Medical Systems Co. (SMS) by 64% compared to SAR 16.5 million in the same quarter of the last year.

 

Additionally, other income increased by SAR 3.5 million compared to Q2 2023, mainly due to income from leasing of investment properties. Doubtful debt provisions also declined by SAR 3.5 million YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 462.59 537.10 16.1 %
Gross Income 64.94 70.25 8.2 %
Operating Income 32.15 42.39 31.9 %
Net Income 35.10 51.11 45.6 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.07 0.11 45.6 %

In Q2 2024, Maharah’s bottom line leapt 46% to reach SAR 51.1 million, compared to SAR 35.1 million in the second quarter of 2023 as revenue rose by 16% YoY. Gross profit also went up by 8% on an annual basis. Maharah’s profit share from Care Shield and SMS increased by 64% YoY.

 

Meanwhile, general and administrative expenses dropped by SAR 1 million YoY despite a rise of SAR 900,000 in marketing expenses. Financing costs also rose by SAR 1.6 million.

 

On a sequential basis, net earnings grew by 2.2% from SAR 50 million in Q1 2024.

 

Shareholders’ equity, after minority interest, reached SAR 635.59 million as of June 30, 2024, down from SAR 638.1 million a year earlier.

 

Attached Documents

 



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 %
Q2 2024 537.10 16.1 % 70.25 8.2 % 42.39 31.9 %


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 (0.48) (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)
Q1 2024 50.03 55.0 % 0.11 - 50.03 0.11
Q2 2024 51.11 45.6 % 0.11 - 51.11 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 % 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 %
Q1 2024 12.71 % 6.79 % 5.25 %
Q2 2024 12.50 % 7.09 % 5.85 %


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 0.24 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
Q1 2024 475.00 0.22 0.22 1.23
Q2 2024 475.00 0.25 0.25 1.34

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 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
Q1 2024 31.56 31.56 5.54
Q2 2024 24.23 24.23 4.51

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)
Q2 2024 388.18 108.18 30.09 38.90 (28.26)

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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