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Maharah Human Resources Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 409.29322.6226.86381.287.35
Gross Profit (Loss) 56.0553.864.0749.0314.32
Operational Profit (Loss) 30.1941.94-28.0222.9431.6
Net Profit (Loss) after Zakat and Tax 27.1938.71-29.7624.829.55
Total Comprehensive Income 23.9234.9-31.4624.82-3.63
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 790.56644.2322.71
Gross Profit (Loss) 105.07109.03-3.63
Operational Profit (Loss) 53.1375.44-29.57
Net Profit (Loss) after Zakat and Tax 52.0170.03-25.73
Total Comprehensive Income 48.7465.93-26.07
Total Share Holders Equity (after Deducting Minority Equity) 546.18549.99-0.69
Profit (Loss) per Share 1.391.87
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Consolidated net income attributable to the shareholders of the company decreased by 30% compared with the same quarter of the previous year, mainly due to:

• Despite the company's revenue increased by 27% compared to the same quarter of the previous year, whereas revenues from the corporate and household segment increased by 13%, and 39% respectively compared to the same quarter of the previous year as a result of the positive impact from the increase in the average number of resources which was due to the increase of number of workforce arrivals during the fourth quarter of last year and its positive impact on this quarter. The Gross profit has been impacted negatively by the interim results of the newly established and acquired companies which are in the inception and restructuring phase, and we expect an improvement of its results gradually within the coming periods.

• General and administrative expenses increased by SAR 7.5 million compared to the same quarter of the previous year, due to the consolidation of the newly acquired companies.

• The marketing expenses increased by SAR 1.5 million compared to the same quarter of the previous year as the company carried various marketing campaigns through social media.

• As well as the investment in the financial instruments through profit or loss decreased by SR 1.8 million compared to the same quarter of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Consolidated net income attributable to the shareholders of the company increased by 10% compared with the previous quarter, mainly due to:

• The company's revenue increased by 7% compared to the previous quarter, where revenues from the corporate and household segment increased by 10%, and 5% respectively compared to the previous quarter as a result of the increase in the average number of resources which was due to the increase of number of workforce arrivals during the fourth quarter of last year and its positive impact on this quarter.

• The Increase in utilization rates in the corporate segment as a result of lifting the precautionary restrictions related to the Corona pandemic during this quarter compared to the previous quarter resulted in improvement in profit margin in this segment and reflected positively on the overall company profit margins.

• Despite the decrease in the investment in the financial instruments through profit or loss during this quarter compared to the increase recorded in the previous quarter.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Consolidated net income attributable to the shareholders of the company for the first half of this year decreased by 26% compared with the same period of the previous year, mainly due to:

• Despite the company's revenue increased by 23% compared to the same period of the previous year, whereas revenues from the corporate and household segment increased by 7%, and 38% respectively compared to the same period of the previous year as a result of the positive impact from the increase in the average number of resources which was due to the increase of number of workforce arrivals during the fourth quarter of last year. The Gross margin has been impacted negatively by the interim results of the newly established and acquired companies which are in the inception and restructuring phase, and we expect an improvement of its results gradually within the coming periods.

• General and administrative expenses increased by SAR 13.3 million compared to the same period of the previous year, due to the consolidation of the newly acquired companies.

• The advertising and marketing expenses increased by SAR 2.0 million compared to the same period of the previous year as the company carried various advertising and marketing campaigns through social media.

• As well as the investment in the financial instruments through profit or loss increased by SR 2.5 million compared to the same period of the previous year.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain prior period's figures have been reclassified to conform to the current period presentation.
Additional Information • A conference call with analysts and investors will be held on Thursday 18 August 2022 from 2:00PM to 3:00PM KSA.

• The details of the conference call will be available on Maharah's website in the investor relations section at the following link along with financial statements and the presentation accompanying the call:

https://www.maharah.com/investors

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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