On 2026-08-09 08:00:10 (Saudi Time), Saudi Manpower Solutions Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, Saudi Manpower Solutions Co. reported consolidated revenue of SAR 1,127.76 million, up 11.46% YoY from SAR 1,011.8 million, driven by stronger demand across core business segments — notably a 17.9% revenue increase in the Individuals segment and a 10.7% increase in the Corporate Services segment, partially offset by a 14.2% decline in Other Services revenue. Net profit attributable to shareholders rose 33.109% YoY to SAR 93.19 million from SAR 70.01 million, primarily due to higher revenue, a SAR 30.3 million (22.2%) improvement in gross profit led by enhanced margins in the Individuals and Corporate Services segments, a SAR 3.4 million reduction in losses from the investment in Waad Khadmat Al Munzal for Marketing, and a SAR 3.0 million increase in other income including a SAR 1.6 million gain on disposal of fully depreciated assets. These gains were partially offset by a SAR 6.5 million increase in the allowance for expected credit losses, approximately SAR 3.0 million higher general and administrative expenses, and approximately SAR 2.7 million higher selling and marketing expenses.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 2.5% to SAR 570.74 million, driven by a 3.6% increase in Corporate Services on higher demand and a 15.0% surge in Logistics Services, partially offset by a 1.0% decline in the Individuals segment due to summer holiday seasonality. Net profit attributable to shareholders fell 8.2% QoQ to SAR 44.62 million, primarily due to a SAR 4.4 million (5.2%) drop in gross profit caused by increased market competition in the Corporate Services segment, a SAR 2.6 million decrease in other income (including a SAR 0.6 million decline in Murabaha investment returns and a SAR 1.6 million non-recurring gain on disposal of fully depreciated assets recognized in the prior quarter), partially mitigated by a SAR 1.9 million reduction in provisions and a SAR 1.2 million decrease in Zakat expense following periodic reassessment.

Other Items

The external auditor issued an unmodified conclusion on the interim financial results for the six months ended June 30, 2026, with no additional comments noted in any other matter, conservation, notice, disclaimer of opinion, or adverse opinion paragraphs. Total shareholders' equity (after deducting minority equity) stood at SAR 670.41 million as of the current period, compared to SAR 613.85 million in the same period of the previous year, representing a 9.213% increase. Earnings per share for the current period were SAR 0.23, up from SAR 0.18 in the corresponding prior-year period. No material risks, going concern uncertainties, debt covenant breaches, or accumulated losses were disclosed in the announcement.

Original announcement:

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