Maharah Human Resources Co. announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 367.22 | 337.52 | 8.799 | 372.88 | -1.517 |
| Total Profit (Loss) | 88 | 77.03 | 14.241 | 78.7 | 11.817 |
| Profit (Loss) Operational | 72.5 | 61.53 | 17.828 | 54.58 | 32.832 |
| Net Profit (Loss) after Zakat and Tax | 71.99 | 57.59 | 25.004 | 54.02 | 33.265 |
| Total Comprehensive Income | 71.59 | 57.59 | 24.309 | 51.7 | 38.471 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 740.1 | 664.9 | 11.309 |
| Total Profit (Loss) | 166.7 | 139.77 | 19.267 |
| Profit (Loss) Operational | 127.08 | 104.53 | 21.572 |
| Net Profit (Loss) after Zakat and Tax | 126.01 | 105.61 | 19.316 |
| Total Comprehensive Income | 123.29 | 109.29 | 12.809 |
| Total Share Holders Equity (after deducting minority equity) | 553.8 | 373.55 | 48.253 |
| Profit (Loss) per Share | 3.36 | 2.82 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | Consolidated net income of the second quarter increased by 25% compared with the same quarter of the previous year, mainly due to:
• Increase in revenue by 9% due to the growth in corporate sector by 12% and maintaining revenue from Individual sector lead by revenue increase in Khidmah program by 21% compared with the same quarter of the previous year. • Gross profit increased by 14% compared with the same quarter of the previous year. • Increase in other income by SAR 3M due to reversal of provisions no longer payable and earning from Islamic Murabaha time deposits. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | Consolidated net income of the second quarter increased by 33% compared with the previous quarter, mainly due to:
• Increase in gross profit by 12% compared with the previous quarter due to maintaining revenue from corporate sector and reduction in total cost of revenue by 5% due to the seasonality of resources arrival in the second quarter. • Reversal of bad debt provision expense with amount of SAR 1.7M during the second quarter due to enhance the collection from corporate customers sector. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | Consolidated net income of the first half increased by 19% compared with the same period of the previous year, mainly due to:
• Increase in revenue by 11% lead by growth in corporate sector by 14% and Individual sector by 4% mainly due to the Khidmah program. • Gross profit increased by 19% compared with the same period of the previous year. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | Certain prior period's figures have been reclassified to conform to the current period presentation. |
| Additional Information | • The Company has adopted IFRS 16 from its mandatory adoption date 1 January 2019, the impact of the adoption presented in the financial statement - note 4.
• Conference call for analysts and investors will be on 5th August 2019 at 3:30PM Riyadh time. the conference call detail will be available on Maharah website within the Investors section under Announcements at: https://www.maharah.com/investors |
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