Maharah Human Resources Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )

06 November 2022 08:36 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	419.47	324.83	29.14	409.29	2.49
Gross Profit (Loss)	58.37	54.29	7.51	56.05	4.14
Operational Profit (Loss)	30.02	36.31	-17.32	30.19	-0.56
Net Profit (Loss) after Zakat and Tax	61.93	35.63	73.81	27.19	127.77
Total Comprehensive Income	61.93	35.63	73.81	23.92	158.9
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,210.03	969.06	24.87
Gross Profit (Loss)	163.44	163.31	0.08
Operational Profit (Loss)	83.15	111.75	-25.59
Net Profit (Loss) after Zakat and Tax	113.94	105.66	7.84
Total Comprehensive Income	110.67	101.56	8.97
Total Share Holders Equity (after Deducting Minority Equity)	561.24	530.98	5.7
Profit (Loss) per Share	3.04	2.82
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
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 increased by 74% compared with the same quarter of the previous year, mainly due to: •The increase in company’s revenue by 29% compared to the same quarter of the previous year, in which the corporate, Individual, and facility management segments’ revenues increased by 25%, 38%, and 58% respectively compared to the same quarter of the previous year due to the increase in the average number of manpower resources. •In addition, this quarter contains the company’s equity stake in the financial results of the nine months period from the newly acquired companies during this quarter (Care shield Holding and Saudi Medical Systems Company) as income from investment in associates amounted to SAR 35Mn. •Also, the expense of the doubtful debt decreased by SAR 1.4Mn compared to the same quarter of the previous year as per the expected credit loss (ECL) model. •In contrast, the general administrative and marketing expenses increased by SAR 11.7 million compared to the same quarter of the previous year due to the consolidation of the newly acquired companies. •In addition, the financing cost related to the new acquisitions amounting to SAR 2Mn for the current quarter.
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 128% compared with the previous quarter, mainly due to: •The increase in the company's revenue by 2% compared to the previous quarter, in which the corporate and facility management segments' revenue increased by 6% and 5% respectively, with a slight decrease in the individual segment’s revenue by 3% due to the seasonality effect compared to the previous quarter. •In addition, this quarter contains the company’s equity stake in the financial results of the nine months period from the newly acquired companies during this quarter (Care shield Holding and Saudi Medical Systems Company) as income from investment in associates amounted to SAR 35Mn. •As well as the income from investment in financial instruments through profit or loss increased by SAR 2.5Mn compared to the previous quarter. •Also, the expense of the doubtful debt decreased by SAR 1.2Mn compared to the same quarter of the previous year as per the expected credit loss (ECL) model. •In contrast, the general administrative and marketing expenses increased by SAR 3.7 million compared to the previous quarter. •In addition, the financing cost related to the new acquisitions amounting to SAR 2Mn for the current 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 current period increased by 8% compared with the same period of the previous year, mainly due to: •The increase in the company's revenue by 25% compared to the same period of the previous year, in which the corporate and individual segments' revenue increased by 13% and 38% respectively compared with the same period of the previous year due to the increase in the average number of manpower resources, along with the revenue from the newly established segments and the acquired segment (facility management) in the current period. •In addition, this period contains the company’s equity stake in the financial results of the nine months period from the newly acquired companies during this quarter (Care shield Holding and Saudi Medical Systems Company) as income from investment in associates amounted to SAR 35Mn. •As well as the income from investment in financial instruments through profit or loss increased by SAR 2.3Mn compared to the previous period. •In contrast, the general administrative and marketing expenses increased by SAR 27Mn compared to the same period of the previous year. •In addition, the financing cost related to the new acquisitions amounting to SAR 2Mn for the current period.
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	•The sell and purchase agreements of the newly acquired companies through equity method during the current quarter (Shield Care Holding 41.36% and Saudi Medical Systems 40%) included a clause giving the company the right of having its share in the financial results of those companies for the period from the beginning of the year till the closing, therefore the results contained the company’s equity stake in the financial results of the nine months period as shown above. •The details of the conference call and its timing will be available on Maharah's website in the investor relations section along with the interim financial statements and the presentation accompanying the call at the link: https://www.maharah.com/investors in addition to Maharah investor relations mobile application.

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