Al Mawarid Manpower Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 414.63 | 305.29 | 35.815 | 374.6 | 10.686 |
| Gross Profit (Loss) | 43.09 | 34.67 | 24.286 | 42.66 | 1.007 |
| Operational Profit (Loss) | 25.84 | 24.56 | 5.211 | 29.13 | -11.294 |
| Net profit (Loss) | 23.23 | 22.45 | 3.474 | 26.41 | -12.04 |
| Total Comprehensive Income | 23.96 | 22.72 | 5.457 | 25.94 | -7.632 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 789.23 | 599.16 | 31.722 |
| Gross Profit (Loss) | 85.75 | 69.6 | 23.204 |
| Operational Profit (Loss) | 54.96 | 49.08 | 11.98 |
| Net profit (Loss) | 49.64 | 44.61 | 11.275 |
| Total Comprehensive Income | 49.91 | 43.74 | 14.106 |
| Total Shareholders Equity (after Deducting Minority Equity) | 378.79 | 321.8 | 17.709 |
| Profit (Loss) per Share | 3.31 | 2.97 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| 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 increase in the group’s revenues for the second quarter of the current year compared to the corresponding quarter of the previous year by SAR 109.34 million representing 36%, which is mainly due to an increase in average number of workforces for the second quarter of the current year compared to the corresponding quarter of the previous year. |
| 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 increase in net profit for the second quarter of the current year compared to corresponding quarter of the previous year by SAR 0.78 million represent 3.47%, is mainly due to:
• Increase in gross profit for the second quarter of the current year compared to the corresponding quarter of the previous year by SAR 8.42 million representing 24%, which is mainly due to the increase in the group’s revenues for the second quarter of the current year compared to the corresponding quarter of the previous year, as explained above.
• Increase in general, administrative and marketing expenses for the second quarter of the current year compared to the corresponding quarter of the previous year by SAR 3.29 million representing 31%, mainly due to certain expenses related to the increase in the number of the workforce, increase in advertisement expenses to meet the increased market competition and the expenses associated with listing on Tadawul.
• Increase in the provision for expected credit losses from trade receivables for the second quarter of the current year compared to the corresponding quarter of the previous year by SAR 3.91 million in line with increase in the trade receivables in general as the Group revenue increased, as well as increase in the value of trade receivables overdue for period exceeding one year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in the group’s revenues during the current quarter compared to the previous quarter of the current year by SAR 40.03 million representing 11%, which is mainly due to the increase in the average number of workforces during the current quarter compared to the previous quarter of the current year. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net profit for the current quarter compared to the previous quarter of the current year by SAR 3.18 million represent 12%, is mainly due to:
• The decrease in gross income from the hourly sector during the current quarter compared to the previous quarter of the current year by SAR 2.4 million represent 33%, which is mainly due to lower operating rates due to the summer vacation season and lower demand during that period, as well as the result of intense competition, which affected the decrease in the group’s gross profit by SAR 0.43 million.
• Increase in general, administrative and marketing expenses for the current quarter compared to the previous quarter of the current year by SAR 1.91 million representing 16%, mainly due to increase in certain expenses related to the increase in the number of the workforce, and an increase in advertising expenses as part of the group's strategy to overcome the intensity of competition.
• Increase in the provision for expected credit losses from trade receivables for the current quarter compared to the previous quarter of the current year by SAR 1,6 million in line with increase in the trade receivables in general as the Group revenue increased, as well as increase in the value of trade receivables overdue for period exceeding one year. |
| 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 increase in the group’s revenues during the current period compared to the same period of the previous year by SAR 190.07 million representing 32%, which is mainly due to the increase in the average number of workforces for the current period compared to the same period of the previous year. |
| 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 increase in net profit for the current period compared to the same period of previous year by SAR 5.03 million represent 11%, is mainly due to:
• Increase in gross profit for the current period compared to the same period of the previous year by SAR 16.15 million representing 23% which is mainly due to the increase in the group’s revenues for the current period compared to the same period of the previous year, as explained above.
• Increase in other income by SAR 1.47 million representing 75% which is mainly due to the increase in gains from investments at fair value through profit or loss and certain other miscellaneous items.
• Increase in general, administrative and marketing expenses for the current period compared to the same period of the previous year by SAR 4.56 million representing 21%, mainly due to increase in certain expenses related to the increase in the number of the workforce, increase in advertising expenses as part of the group's strategy to overcome the intensity of competition and certain expenses associated with listing the company on Tadawul.
• Increase in the provision for expected credit losses from trade receivables for the current period compared to the same period of the previous year by SAR 6.52 million in line with increase in the value trade receivables in general as the Group revenue increased, as well as increase in the value of trade receivables overdue for period exceeding one 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) | NONE. |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the six-month period ended 30 June 2024, which is.
- - Reclassifying the financing cost from the cost of revenues and general and administrative expenses and including it as a separate item in the profit or loss statement “financing cost”. - Reclassifying the settlement of employee benefits from other revenues to cost of revenues. |
| Additional Information | NONE. |
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