| 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 |
The Company’s revenues increased by 3.46% compared to the same quarter of the previous year, driven by an improvement in the revenue of Other Sectors operations as planned. As for the revenues from the main sectors, the Business sector decreased by 0.2% due to an 8% decrease in the average number of workers, resulting mainly from the expiration of some contracts. Additionally, revenues from the Individual sector decreased by 5% compared to the same period of the previous year due to the implementation of the price ceiling for services and other conditions as per the regulations, despite a 35% increase in the average number of workers in this sector. |
| 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 Company’s gross profit decreased by 10.6% compared to the same quarter of the previous year. This decline was mainly due to the decline in the gross profit and revenues of the Individual sector resulting mainly from the implementation of the price ceiling for services and other conditions as per the regulations. Furthermore, general and administrative expenses increased by SAR 0.8 million during the current quarter, compared to the same period last year, this increase is attributed to some non-recurring items and higher rental costs for the group’s new headquarters. Additionally, financing costs related to re-measuring employee benefits and lease contracts increased by SAR 0.8 million. The provision for doubtful debts decreased by SAR 2.5 million compared to the previous period, in line with the Expected Credit Loss model. Other income from investments in financial instruments decreased by SAR 0.5 million, and Zakat expenses increased by SAR 0.2 million compared to the same period last year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is |
Revenues for the second quarter were comparable to the previous quarter, showing a 99.88% similarity with no significant changes. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
The Company's gross profit decreased by 12.5% compared to the previous quarter of this year, primarily due to a decline in the gross profit of the individual sector attributed to the seasonal sales period during the second quarter. Additionally, general and administrative expenses increased by SAR 0.9 million in the current quarter compared to the previous quarter, due to non-recurring items and higher costs such as increased depreciation for the group’s new headquarters. Financing costs related to re-measuring employee benefits and lease contracts decreased by SAR 0.1 million. Furthermore, the provision for doubtful debts decreased by SAR 2.5 million compared to the previous quarter as per the Expected Credit Loss model. The results also includes an increase in other income from investments in financial instruments and other items by SAR 0.8 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is |
The Company's revenues increased by 4.7% compared to the same period of the previous year, driven by the growth in Other sectors operations as planned. Additionally, revenues from the Business sector increased by 1%. while, revenues from the Individual sector decreased by 4.5% compared to the same period of the previous year, primarily due to the implementation of the price ceiling for services and other conditions as per the regulations, despite a 24% increase in the average number of workers. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
The Company's gross profit decreased by 1.1% compared to the same period of last year, primarily due to decline in the gross profit and revenues of the Individual sector resulting mainly from the implementation of the price ceiling for services and other conditions as per the regulations. Additionally, general and admin expenses increased by SAR 0.9 million compared to the same period of the previous year, due to non-recurring items and higher costs, including depreciation and rental expenses for the group’s new headquarters. Financing costs related to remeasuring employee benefits and lease contracts increased by SAR 2.5 million compared to the same period last year. The provision for doubtful debts decreased by SAR 1.05 million, as per the Expected Credit Loss model. Other income from investments in financial instruments decreased by SAR 0.05 million, while zakat expenses increased by SAR 0.1 million compared to the same period of the previous year. |
| 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) |
The interim condensed consolidated financial statements of Saudi Manpower Solutions Company for the three-month and six-month periods ended June 30, 2023, were reviewed by another auditor, who issued an unmodified opinion on these statements on Safar 19, 1445H (corresponding to September 4, 2023). Additionally, the consolidated financial statements of the Group for the financial year ended December 31, 2023, were audited by another auditor, who expressed an unmodified opinion on these statements on 21 Ramadan 1445H (corresponding to March 31, 2024). |
| Reclassification of Comparison Items |
NA |
| Additional Information |
- |
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