Maharah’s net profit jumps 18% in 9M 2019

29/10/2019 Argaam Exclusive

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Share Price

Maharah Human Resources Co. (MAHARAH)

Maharah Human Resources Co. reported a net profit after zakat and tax of SAR 206.1 million for the first nine months of 2019, up 17.7 percent year-on-year (YoY) on higher revenue backed by growth in the corporate and retail segments, as well as increased gross profit.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,008.80 1,126.47 11.7 %
Gross Income 222.25 272.97 22.8 %
Operating Income 174.10 218.73 25.6 %
Net Income 174.96 206.13 17.8 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.37 0.43 17.8 %

The company’s Q3 net profit after zakat and tax rose 15.6 percent YoY to SAR 80.1 million also due to higher revenue and gross profit.

 

On a sequential basis, net profit climbed 11.2 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 343.90 386.37 12.3 %
Gross Income 82.49 106.27 28.8 %
Operating Income 69.59 87.11 25.2 %
Net Income 69.35 80.13 15.5 %
Average Shares 475.00 475.00 -
EPS (Riyals) 0.15 0.17 15.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 - - - - - - -
Q4 2011 - - - - - - -
Q1 2012 - - - - - - -
Q2 2012 - - - - - - -
Q3 2012 - - - - - - -
Q4 2012 - - - - - - -
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 300.87 - 85.38 - 63.26 - 0.13
Q1 2018 327.38 - 62.73 - 48.02 - 0.10
Q2 2018 337.52 - 77.03 - 57.59 - 0.12
Q3 2018 343.90 - 82.49 - 69.35 - 0.15
Q4 2018 343.12 14.0 % 76.13 (10.8 %) 47.30 (25.2 %) 0.10
Q1 2019 372.88 13.9 % 79.77 27.2 % 54.02 12.5 % 0.11
Q2 2019 367.22 8.8 % 86.93 12.8 % 71.99 25.0 % 0.15
Q3 2019 386.37 12.3 % 106.27 28.8 % 80.13 15.5 % 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
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 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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
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

Business Segments (Million)

Compared With The
Period Corporate Individuals
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

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 64.00 80.13 25.20 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 64.00 80.13 25.2 %

Current
Market Cap (M Riyal) 2,869.00
Enterprise Value (EV) (M) 3,335.05
Shares Outstanding ((M)) 475.00
EPS ( Riyal) (TTM) 0.23
Book Value (BV) ( Riyal) 1.23
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 25.94
P/E (TTM) 25.94
Price/book 4.93
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 19.5

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