Riyadh – Mubasher: Maharah Human Resources Company reported on Wednesday a 31.39% slump in net profits over the second quarter (Q2) of 2020, as shown in the company’s financial statements.

The profits totalled SAR 49.4 million in the April-June period of the year, compared to SAR 72 million in the same period in 2019, according to a bourse statement.

Maharah said this decline is due to lower revenue by 4%, attributed to the effects of the COVID-19 pandemic, coupled with higher marketing expenses and doubtful debt expense by SAR 1.6 million and SAR 3.5 million, respectively. In addition, other income fell by SAR 2.6 million.

Revenues came in at SAR 352.5 million in Q2-20, compared with SAR 367.2 million in Q2-19.