Announcement • Jun 04
Maharah for Human Resources Company, Annual General Meeting, Jun 29, 2026 Maharah for Human Resources Company, Annual General Meeting, Jun 29, 2026, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ر.س0.14 (vs ر.س0.053 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.14 (up from ر.س0.053 in 1Q 2025). Revenue: ر.س923.0m (up 30% from 1Q 2025). Net income: ر.س64.8m (up 174% from 1Q 2025). Profit margin: 7.0% (up from 3.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 08
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ر.س0.61 (up from ر.س0.28 in FY 2024). Revenue: ر.س3.11b (up 39% from FY 2024). Net income: ر.س272.8m (up 114% from FY 2024). Profit margin: 8.8% (up from 5.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 93%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Apr 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ر.س0.10 (vs ر.س0.054 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.10 (up from ر.س0.054 in 3Q 2024). Revenue: ر.س789.7m (up 41% from 3Q 2024). Net income: ر.س44.5m (up 83% from 3Q 2024). Profit margin: 5.6% (up from 4.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Nov 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Oct 16
Price target decreased by 12% to ر.س5.96 Down from ر.س6.76, the current price target is an average from 5 analysts. New target price is 11% above last closing price of ر.س5.37. Stock is down 24% over the past year. The company is forecast to post earnings per share of ر.س0.30 for next year compared to ر.س0.28 last year. Declared Dividend • Aug 08
Dividend of ر.س0.07 announced Shareholders will receive a dividend of ر.س0.07. Ex-date: 27th August 2025 Payment date: 26th August 2025 Dividend yield will be 3.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (290% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 04
Maharah for Human Resources Company, Annual General Meeting, Jun 25, 2025 Maharah for Human Resources Company, Annual General Meeting, Jun 25, 2025, at 18:45 Arab Standard Time. Location: riyadh Saudi Arabia Major Estimate Revision • May 30
Consensus EPS estimates fall by 52%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ر.س2.58b to ر.س2.70b. EPS estimate fell from ر.س0.421 to ر.س0.20 per share. Net income forecast to grow 10% next year vs 19% growth forecast for Professional Services industry in Saudi Arabia. Consensus price target down from ر.س8.03 to ر.س7.43. Share price was steady at ر.س5.13 over the past week. New Risk • May 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 6.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (290% cash payout ratio). Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ر.س0.05 (vs ر.س0.11 in 1Q 2024) First quarter 2025 results: EPS: ر.س0.05 (down from ر.س0.11 in 1Q 2024). Revenue: ر.س710.8m (up 37% from 1Q 2024). Net income: ر.س23.7m (down 53% from 1Q 2024). Profit margin: 3.3% (down from 9.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Apr 05
Final dividend of ر.س0.08 announced Shareholders will receive a dividend of ر.س0.08. Ex-date: 13th April 2025 Payment date: 24th April 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (180% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 46% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Announcement • Apr 04
Maharah for Human Resources Company Approves Interim Cash Dividends for the Second Half of the Year 2024, payable on April 24, 2024 Maharah for Human Resources Company announced the approval of its Board of Directors on the distribution of interim cash dividends to shareholders of SAR 8 per share for the second half of the year 2024 in accordance with the Company's approved distribution Policy. Eligibility date is on April 10, 2025. Distribution Date is on April 24, 2025. Buy Or Sell Opportunity • Mar 12
Now 20% overvalued Over the last 90 days, the stock has fallen 6.4% to ر.س5.82. The fair value is estimated to be ر.س4.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 5.8%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Jan 07
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at ر.س6.69. The fair value is estimated to be ر.س5.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 5.8%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ر.س0.05 (vs ر.س0.055 in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.05 (down from ر.س0.055 in 3Q 2023). Revenue: ر.س558.4m (up 18% from 3Q 2023). Net income: ر.س24.4m (flat on 3Q 2023). Profit margin: 4.4% (down from 5.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to ر.س7.45. The fair value is estimated to be ر.س6.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Sep 19
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to ر.س7.68. The fair value is estimated to be ر.س6.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Sep 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to ر.س7.47. The fair value is estimated to be ر.س6.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Aug 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ر.س6.98. The fair value is estimated to be ر.س5.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ر.س0.11 (vs ر.س0.087 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.11 (up from ر.س0.087 in 2Q 2023). Revenue: ر.س537.1m (up 16% from 2Q 2023). Net income: ر.س51.1m (up 30% from 2Q 2023). Profit margin: 9.5% (up from 8.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Aug 12
Price target increased by 7.7% to ر.س7.90 Up from ر.س7.33, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ر.س6.78. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of ر.س5.10 for next year compared to ر.س0.22 last year. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س7.19, the stock trades at a forward P/E ratio of 1x. Average forward P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 26% over the past three years. Buy Or Sell Opportunity • Jul 21
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ر.س6.92. The fair value is estimated to be ر.س5.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 116% in the next 2 years. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Buy Or Sell Opportunity • Jun 11
Now 26% overvalued Over the last 90 days, the stock has fallen 17% to ر.س6.52. The fair value is estimated to be ر.س5.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 116% in the next 2 years. New Risk • May 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 24
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks High level of debt (92% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ر.س0.11 (vs ر.س0.081 in 1Q 2023) First quarter 2024 results: EPS: ر.س0.11 (up from ر.س0.081 in 1Q 2023). Revenue: ر.س518.5m (up 12% from 1Q 2023). Net income: ر.س50.0m (up 37% from 1Q 2023). Profit margin: 9.6% (up from 7.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Apr 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ر.س2.16. Revenue: ر.س1.89b (up 12% from FY 2022). Net income: ر.س97.0m (down 37% from FY 2022). Profit margin: 5.1% (down from 9.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates significantly. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ر.س6.27, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 15% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to ر.س7.21. The fair value is estimated to be ر.س5.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.9%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 98% in the next 2 years. Buy Or Sell Opportunity • Feb 20
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ر.س7.09. The fair value is estimated to be ر.س5.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 4.9%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 98% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ر.س73.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 34% over the past three years. Announcement • Dec 05
Maharah for Human Resources Company Announces the Cancellation of the Position of Managing Director, Previously Held by Dr. Abdullah Bin Sulaiman Al-Amro Effective December 3, 2023 Maharah Human Resources Company announced the decision of the company's board of directors dated December 3, 2023 to approve the cancellation of the position of the Managing Director, previously held by Dr. Abdullah bin Sulaiman Al-Amro, effective from December 3, 2023, while he remains as the Vice Chairman of the Board of Directors and the Chairman of the Executive Committee. New Risk • Nov 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ر.س0.55 (vs ر.س1.38 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.55 (down from ر.س1.38 in 3Q 2022). Revenue: ر.س471.5m (up 12% from 3Q 2022). Net income: ر.س24.6m (down 60% from 3Q 2022). Profit margin: 5.2% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • Oct 25
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ر.س2.15b to ر.س1.88b. EPS estimate increased from ر.س4.25 to ر.س4.90 per share. Net income forecast to grow 22% next year vs 20% growth forecast for Professional Services industry in Saudi Arabia. Consensus price target up from ر.س73.33 to ر.س90.00. Share price fell 5.2% to ر.س62.00 over the past week. New Risk • Aug 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 86% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (86% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.87 (vs ر.س0.60 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.87 (up from ر.س0.60 in 2Q 2022). Revenue: ر.س463.5m (up 13% from 2Q 2022). Net income: ر.س39.3m (up 45% from 2Q 2022). Profit margin: 8.5% (up from 6.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Jun 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Major Estimate Revision • Apr 05
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ر.س2.01b to ر.س2.15b. EPS estimate fell from ر.س6.20 to ر.س5.10 per share. Net income forecast to grow 25% next year vs 16% growth forecast for Professional Services industry in Saudi Arabia. Consensus price target down from ر.س100.00 to ر.س88.00. Share price rose 5.2% to ر.س61.20 over the past week. Price Target Changed • Apr 04
Price target decreased by 8.3% to ر.س88.00 Down from ر.س96.00, the current price target is provided by 1 analyst. New target price is 47% above last closing price of ر.س59.70. Stock is down 26% over the past year. The company is forecast to post earnings per share of ر.س5.10 for next year compared to ر.س4.11 last year. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ر.س4.11 (vs ر.س3.87 in FY 2021) Full year 2022 results: EPS: ر.س4.11 (up from ر.س3.87 in FY 2021). Revenue: ر.س1.68b (up 28% from FY 2021). Net income: ر.س154.1m (up 6.3% from FY 2021). Profit margin: 9.2% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ر.س1.65 (vs ر.س0.95 in 3Q 2021) Third quarter 2022 results: EPS: ر.س1.65 (up from ر.س0.95 in 3Q 2021). Revenue: ر.س419.5m (up 29% from 3Q 2021). Net income: ر.س61.9m (up 74% from 3Q 2021). Profit margin: 15% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent & Non-Executive Director Abdulaziz bin Al-Nuwaiser was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: ر.س1.65 (vs ر.س0.95 in 3Q 2021) Third quarter 2022 results: EPS: ر.س1.65 (up from ر.س0.95 in 3Q 2021). Revenue: ر.س419.5m (up 29% from 3Q 2021). Net income: ر.س61.9m (up 74% from 3Q 2021). Profit margin: 15% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 30
Maharah for Human Resources Company Declares Cash Dividend for the First Half of the Fiscal Year 2022 Maharah for Human Resources Company declares cash dividend of SAR 1.25 per share for the first half of the fiscal year 2022. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ر.س0.72 (vs ر.س1.03 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.72 (down from ر.س1.03 in 2Q 2021). Revenue: ر.س409.3m (up 27% from 2Q 2021). Net income: ر.س27.2m (down 30% from 2Q 2021). Profit margin: 6.6% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 14%, compared to a 16% growth forecast for the Professional Services industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jun 09
Maharah for Human Resources Company, Annual General Meeting, Jun 28, 2022 Maharah for Human Resources Company, Annual General Meeting, Jun 28, 2022, at 20:30 Arab Standard Time. Reported Earnings • May 23
First quarter 2022 earnings released: EPS: ر.س0.66 (vs ر.س0.83 in 1Q 2021) First quarter 2022 results: EPS: ر.س0.66 (down from ر.س0.83 in 1Q 2021). Revenue: ر.س381.3m (up 19% from 1Q 2021). Net income: ر.س24.8m (down 21% from 1Q 2021). Profit margin: 6.5% (down from 9.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 14% growth forecast for the industry in Saudi Arabia. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent & Non-Executive Director Abdulaziz bin Al-Nuwaiser was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ر.س3.87 (down from ر.س4.73 in FY 2020). Revenue: ر.س1.32b (down 6.9% from FY 2020). Net income: ر.س144.9m (down 18% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ر.س0.95 (vs ر.س1.28 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س324.8m (down 5.0% from 3Q 2020). Net income: ر.س35.6m (down 26% from 3Q 2020). Profit margin: 11% (down from 14% in 3Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ر.س1.03 (vs ر.س1.32 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س322.6m (down 8.5% from 2Q 2020). Net income: ر.س38.7m (down 22% from 2Q 2020). Profit margin: 12% (down from 14% in 2Q 2020). The decrease in margin was driven by lower revenue. Announcement • Aug 06
Maharah for Human Resources Company (SASE:1831) completed the acquisition of 90% stake in Spectra Support Services, LLC. Maharah for Human Resources Company (SASE:1831) signed a non binding memorandum of understanding to acquire a 90% stake in Spectra Support Services, LLC on December 13, 2020. Maharah for Human Resources Company (SASE:1831) signed an agreement to acquire a 90% stake in Spectra Support Services, LLC on April 11, 2021. The transaction is subject to completion of financial and legal due diligence and obtaining required approvals, Board of Directors of Maharah for Human Resources Company's approval, General Assembly approval, and other relevant approvals. KPMG Al Fozan & Partners Certified Public Accountants acted as an accountant to Maharah for Human Resources Company. The transaction is expected to close on June 30, 2021.
Maharah for Human Resources Company (SASE:1831) completed the acquisition of 90% stake in Spectra Support Services, LLC on August 5, 2021. Maharah and Spectra also entered into a settlement agreement where the selling parties would waive the acquisition transaction value in return for the listed firm to capitalise in Spectra’s paid-up capital an equal amount from the debt owed by Spectra to Maharah. Reported Earnings • May 04
First quarter 2021 earnings released: EPS ر.س0.83 (vs ر.س1.53 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ر.س321.6m (down 18% from 1Q 2020). Net income: ر.س31.3m (down 45% from 1Q 2020). Profit margin: 9.7% (down from 15% in 1Q 2020). The decrease in margin was driven by lower revenue. Announcement • Mar 18
Maharah Human Resources Co. Announces the Distribution of Cash Dividend for the Second Half of the Fiscal Year 2020 Maharah Human Resources Co. announced the distribution of cash dividend for the second half of the fiscal year 2020. For the period, the company announced total amount distributed SAR 75.000.000, Dividend per share is SAR 2.00. Eligibility for the profits will be for the shareholders who own the shares on the due date, which is Sunday March 21-2021, and who are registered in the company's shareholders' register at the Securities Depository Center Company at the end of the second trading day following the maturity date. Distribution Date on April 5, 2021. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ر.س4.73 (vs ر.س7.26 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س1.42b (down 6.3% from FY 2019). Net income: ر.س177.3m (down 35% from FY 2019). Profit margin: 13% (down from 18% in FY 2019). Announcement • Feb 25
Maharah for Human Resources Company, Annual General Meeting, Apr 07, 2021 Maharah for Human Resources Company, Annual General Meeting, Apr 07, 2021, at 19:30 Arab Standard Time. Agenda: To consider election the Board of Directors Members; and to consider formation of the Audit Committee. Is New 90 Day High Low • Feb 17
New 90-day high: ر.س78.50 The company is up 2.0% from its price of ر.س77.00 on 19 November 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Professional Services industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ر.س72.90 The company is down 6.0% from its price of ر.س77.20 on 22 September 2020. The Saudi market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 3.0% over the same period. Announcement • Dec 16
Maharah for Human Resources Company (SASE:1831) signed a non binding memorandum of understanding to acquire a majority stake in Spectra Support Services, LLC. Maharah for Human Resources Company (SASE:1831) signed a non binding memorandum of understanding to acquire a majority stake in Spectra Support Services, LLC on December 13, 2020. The transaction is subject to completion of financial and legal due diligence and obtaining required approvals, Board of Directors of Maharah for Human Resources Company's approval, General Assembly approval, and other relevant approvals. KPMG Al Fozan & Partners Certified Public Accountants acted as an accountant to Maharah for Human Resources Company. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ر.س1.28 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س342.1m (down 12% from 3Q 2019). Net income: ر.س48.1m (down 40% from 3Q 2019). Profit margin: 14% (down from 21% in 3Q 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Oct 14
New 90-day high: ر.س84.60 The company is up 17% from its price of ر.س72.40 on 16 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 15% over the same period.