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Al Mawarid Manpower Company announces the interim financial results for the period ended 31-03-2025 (three months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 588.68 | 439.19 | 34.037 | 559.15 | 5.281 |
| Gross Profit (Loss) | 53.28 | 43.14 | 23.504 | 51.09 | 4.286 |
| Operational Profit (Loss) | 32.54 | 29.13 | 11.706 | 30.08 | 8.178 |
| Net profit (Loss) | 29.94 | 26.41 | 13.366 | 28.68 | 4.393 |
| Total Comprehensive Income | 31.16 | 25.94 | 20.123 | 20.39 | 52.82 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 410.42 | 354.83 | 15.666 |
| Profit (Loss) per Share | 2 | 1.76 | |
| 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 quarter compared to the same quarter of the last year is | Group’s revenue for the first quarter of 2025 compared to the first quarter of 2024 increased by SAR 149.49 million representing 34%. This is mainly attributable to increase in average available workforce by 25%. On segment level, revenues in corporate segment for the first quarter of 2025 compared to the first quarter of 2024 increased by SAR 129 million representing 38% in line with the increase in demand for the workforce across various industries, increasing average workforce in corporate segment by 32% during the current quarter. In individual segment, revenues for the first quarter of 2025 compared to the first quarter of 2024 increased by SAR 20 million representing 20% in line with increase in workforce by 13%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit for the first quarter of 2025 compared to the first quarter of 2024 by SAR 3.53 million representing 13%, is mainly due to: • Group revenues for the first quarter 2025 compared to the first quarter of 2024, increased by 34% as a result of increase in average number of workforces, which led to an increase in gross profit of the current quarter compared to same quarter of the last year by SAR 10.14 million representing 23.5%. • Increase in general, administrative and marketing expenses for the first quarter of 2025 compared to the first quarter of 2024, by SAR 3.67 million representing 30%, mainly due to increase in certain expenses related to the increase in the number of the workforce as well as increase in advertisement expenses in line with group’s strategy to meet competition. • An impairment loss on advances to recruitment agents was recorded for the first quarter of 2025 in the amount of SAR 2.3 million, while no such loss was recorded for the first quarter of 2024. There is also an increase in impairment loss on trade receivables according to the expected credit loss model by SAR 0.5 million in line with general increase in trade receivables as a result of increase in Group’s revenues. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Increase in the group’s revenues during the first quarter of 2025 compared to the fourth quarter of 2024, by SAR 29.53 million representing 5%, which is mainly due to the increase in the average number of workforces in all segments and improvement in operating rates in individual segment for the first quarter of the year 2025 compared to the fourth quarter of the year 2024. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net profit for the first quarter of 2025 compared to the fourth quarter of 2024 increased by SAR 1.26 million representing 4.4%, is mainly due to: • Increase in gross profit for the first quarter of 2025 compared to the fourth quarter of 2024 by SAR 2.19 million representing 4.3%, which is mainly due to an increase in revenues, as explained above. • Decrease in general, administrative and marketing expenses for the first quarter of 2025 compared to the fourth quarter of 2024, by SAR 1.66 million. • Decrease in impairment losses on trade receivables for the first quarter of 2025 compared to the fourth quarter of 2024 by SAR 0.9 million as specific provision was created against certain trade receivables in the fourth quarter of the year 2024. The above increase in net profit was partially offset by: • Increase in impairment loss on advance payments to recruitment agencies for the first quarter of the current year compared to the fourth quarter of the year 2024 by SAR 2.3 million. • Zakat expense for the first quarter of 2025 increased by SAR 1.2 million compared to the fourth quarter of 2024, as a result of settling the Zakat provision at the end of 2024 based on the actual calculation of Zakat for the entire year 2024. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 | The comparative figures have been reclassified to be consistent with the presentation of the current period figures. The amendment mainly included the following: • Recording contract assets for services provided to customers that were not billed during the comparative period (labor entitlements from vacation allowance, travel tickets and end of service) within revenues and cost of revenues instead of recording them net in the statement of profit or loss, noting that this did not result in any impact on the gross income or net profit for the comparative year. • Recording costs incurred by the Group in respect of iqama, visa and related costs, under certain contracts with customers, within revenues and cost of revenues instead of recording them on a net basis in the condensed consolidated statement of profit or loss, noting that this did not result in any impact on the gross income or net profit for the comparative period. • Reclassifying interest cost on employees’ benefits obligations from cost of sales to finance cost. |
| 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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