Maharah’s profits fall 18.3% in 2021

The financial statements of Maharah Human Resources Company showed a decline in the company's profits last year by 18.3% year on year.

The company's revenues decreased by 6.9% to 1.318 billion riyals, compared to 1.4 billion riyals during 2020, as the business sector revenues decreased by 9% as a result of the decrease in the average number of workforce With the continued suspension of international flights with the main source countries in most periods of the year, while the individual sector maintained the same level of revenues with the recovery of revenues from the hourly domestic labor services program (service).

Marketing expenses increased by 2.4 million riyals as a result of intense advertising campaigns during the current year compared to the previous year. General and administrative expenses also increased by 7% as a result of consolidating the financial statements with the acquired company (Atyaf Company) during the year 2021.

In contrast, the provision for doubtful debts was reversed, amounting to 4.7 million riyals as a result of improved collection performance, according to the expected credit losses model.

Investments in financial instruments through profit or loss also achieved profits during the current year by 1.2 million riyals compared to the previous year, and capital gains were also recognized on the sale process. A plot of land owned by the company with a profit of 10.7 million riyals.

In the fourth quarter, the company recorded revenues of 350 million riyals, an increase of 5% compared to the same quarter of 2020, and an increase of 8% compared to the third quarter of the year. 2021.

The company's board of directors recommended distributing 75 million riyals for the profits of the second half of 2021, with a total amount of 37.5 million shares, where the share of the dividend is about two riyals.