Maharah Human Resources Co. reported a net profit of SAR 36.5 million for Q1 2023, a 47% leap from SAR 24.8 million in the same period a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 381.28 | 463.08 | 21.5 % |
| Gross Income | 49.03 | 56.75 | 15.7 % |
| Operating Income | 22.94 | 30.16 | 31.5 % |
| Net Income | 24.82 | 36.48 | 47.0 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.05 | 0.08 | 47.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 482.78 | 463.08 | (4.1 %) |
| Gross Income | 65.78 | 56.75 | (13.7 %) |
| Operating Income | 25.05 | 30.16 | 20.4 % |
| Net Income | (0.48) | 36.48 | 7778.9 % |
| Average Shares | 475.00 | 475.00 | - |
| EPS (Riyals) | 0.00 | 0.08 | 7778.9 % |
The company's revenue increased by 21% year-on-year on growth in the overall average number of resources by 19%. Meanwhile, revenue from the corporate segment rose by 37% YoY, supported by the revenue recognized from the new strategic contracts in the corporate segment and increase in the average number of resources.
In contrast, revenue from the individual segment decreased by 4% YoY due to the implementation of price ceilings for individual services in accordance with the new applied regulations, which led to a decrease in the average price per workforce.
On a quarter-on-quarter basis, the first-quarter profit fell 9.2% from SAR 40.18 million.
Total shareholders’ equity, no minority interest, stood at SAR 598.09 million as of March 31, 2023, compared to SAR 522.26 million a year earlier.
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