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International Human Resources Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 112,087,213 | 77,233,018 | 45.13 | ||
| Gross Profit (Loss) | 18,469,935 | 16,233,799 | 13.77 | ||
| Operational Profit (Loss) | 4,606,872 | 5,231,615 | -11.94 | ||
| Net profit (Loss) | 2,834,958 | 4,302,027 | -34.1 | ||
| Total Comprehensive Income | 3,566,224 | 5,700,053 | -37.44 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 43,363,734 | 39,797,510 | 8.96 | ||
| Profit (Loss) per Share | 0.06 | 0.09 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 70,000 | 0.28 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company achieved an increase in revenues for the year ending December 31, 2023, with an increase of 45.13% compared to the same period of the previous year. This increase is due to: The company is expanding outsourcing Manpower sector by signing new contracts in the (private - government) sector, in addition to increasing the number of workforce for current clients by 25% compared to the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit after zakat decreased to reach 2.8 million riyals for the year ending December 31, 2023, by 34.10% compared to the same period of the previous year. This decrease is due to: The company formed an allowance for credit losses for the current year amounting to 1.3 million riyals, while no provision was made for the previous year In addition, zakat expenses for the current year increased by 74% compared to the previous year |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | We have audited the accompanying consolidated financial statements of the International Company for Human Resources (a Saudi joint stock company) (“the Company”) and its subsidiary, collectively referred to as the “Group”), which include the consolidated statement of financial position as of December 31, 2023, and the statement of profit or loss and comprehensive income. The consolidated financial statements, the consolidated statement of changes in equity, the consolidated statement of cash flows for the year then ended, and the notes attached to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the attached consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2023, its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards adopted in the Kingdom of Saudi Arabia and other standards and issuances. Approved by the Saudi Authority for Auditors and Accountants. |
| Reclassification of Comparison Items | Certain comparative year figures have been reclassified to conform to the current period presentation. The property and equipment depreciation expense and the amortization of right-of-use assets were reclassified as administrative expenses for the comparison year to be consistent with the current year’s presentation. |
| Additional Information | - |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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