Al Mawarid Reports SAR 52.18M Net Profit in Three Months 2026
ALMAWARID 1833.SA | 0.00 |
On 2026-05-11 07:59:01 (Saudi Time), Al Mawarid Manpower Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 758.49 | 588.68 | 28.845 | 719.17 | 5.467 |
| Gross Profit (Loss) | 78.05 | 53.28 | 46.49 | 66.94 | 16.596 |
| Operational Profit (Loss) | 57.62 | 34.08 | 69.072 | 44.25 | 30.214 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 52.18 | 29.94 | 74.281 | 39.16 | 33.248 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 54.78 | 31.16 | 75.802 | 43.04 | 27.276 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 532.82 | 410.42 | 29.823 |
| Profit (Loss) per Share | 2.61 | 1.5 | |
| 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 | |||
Year-on-Year Performance Drivers
Sales increased 28.85% YoY to SAR 758.49 million, driven primarily by an 18% increase in average workforce reflecting operational expansion and improved efficiency, with Corporate segment revenues rising SAR 144 million and Individual segment revenues growing SAR 26 million. Net profit surged 74.28% YoY to SAR 52.18 million, primarily due to a SAR 24.8 million increase in gross profit from higher revenues and improved Individual segment margins (rising to 17% from 11%), partially offset by SAR 3.4 million higher administrative expenses and increased credit loss provisions.
Quarter-on-Quarter Performance Drivers
QoQ revenue increased 5.467% to SAR 758.49 million, driven by a 5% rise in average workforce reflecting continued operational expansion. Net profit grew 33.248% to SAR 52.18 million, primarily due to SAR 11 million increase in gross profit from higher revenues and improved Individual segment margins during Ramadan seasonality, plus SAR 4 million reduction in general and administrative expenses. However, expected credit losses increased by SAR 2.97 million under IFRS 9 ECL model, partially offsetting the gains.
Other Items
The external auditor issued an unmodified conclusion on the interim financial statements. The auditor noted that the comparative period financial statements for the three months ending March 31, 2025 were reviewed by another auditor who also expressed an unmodified conclusion on May 13, 2025. Certain comparative figures were reclassified to enhance clarity by presenting other operating income and other income as separate line items. Earnings per share for the comparative period were adjusted retrospectively from SAR 2.00 to SAR 1.50 based on the adjusted weighted average of 20 million shares, reflecting the bonus share issuance that increased capital from SAR 150 million to SAR 200 million. Total shareholders equity increased 29.823% to SAR 532.82 million, while earnings per share for the current period reached SAR 2.61 compared to SAR 1.5 in the prior year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95196&anCat=1&cs=1833&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.