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Al Mawarid Manpower Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,260.91 | 944.73 | 33.47 | ||
| Gross Profit (Loss) | 145.33 | 129.69 | 12.06 | ||
| Operational Profit (Loss) | 98.76 | 84.25 | 17.22 | ||
| Net profit (Loss) | 88.77 | 75.99 | 16.82 | ||
| Total Comprehensive Income | 88.32 | 80.04 | 10.34 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 343.88 | 293.07 | 17.34 | ||
| Profit (Loss) per Share | 5.92 | 5.07 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) 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 increase in revenues for current year 2023 compared to last year by SAR 316 million represent 33%, is mainly due to: • Increase the average number of workforces in current year in various sectors by 18% compared to last year. • Corporate sector revenues increased in current year by SAR 241 million represent 39% compared to last year, as demand in the sector increased and new contracts were signed with certain strategic clients. • An increase in the revenues of the individual sector in current year by SAR 75 million represent 23% compared to last year, mainly due to the increase in the number of the workforce. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net profit for current year 2023 compared to the last year 2022 increased by SAR 13 million representing 17%, is mainly due to: • The group’s revenues for the current year increased by 33% compared to the last year as a result of the increase in the average number of the workforce, which led to an increase in gross income during the year 2023 by SAR 16 million represent 12% compared to 2022. • The increase in the general, administrative and marketing expenses during the current year as compared to the last year by SAR 2,9 million representing 7% due to the increase in certain expenses associated with the increase in the number of workforces whose services are seconded to clients. • Increase other income during current year compared to last year by SAR 3 million which is mainly due to gains on investments in financial instruments at fair value through profit or loss and certain other miscellaneous revenue items. • The increase in zakat expense during the current year compared to the last year by SAR 1.7 million. |
| 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) | None |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the year ended 31 December 2023, as the financing cost associated with lease contracts was presented in a separate item in the statement of profit or loss, as well as disclose the impairment loss in accounts receivables and the impairment loss in other current assets separately, without any impact on the net .profit of the last year |
| Additional Information | None |
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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