Saudi "skill" increases quarterly profit by 6%

Mahara Human Resources has achieved 6% growth in first quarter 2020 profits to reach 57 million riyals, compared to 54 million riyals in the first quarter 2019.

> According to Arabia Net, the company said in a disclosure that the net consolidated income attributable to the shareholders of the company rose by 6% compared to the first quarter of the previous year This is mainly due to: <- dir = "rtl" style = "text-align: justify;"> - The company's revenue increased by 5% as a result of growth in business sector revenue by 5% and growth in the retail sector by 2%, which was partially affected by the temporary suspension of the service program ( Domestic workers per hour) at the end of the period as a result of precautionary measures taken by the government to reduce the spread of the new Corona virus.

- General and administrative expenses decreased by 5%, as well as a decrease in the allowance for doubtful debts of 4.5 million riyals compared to the same quarter of the previous year as a result of the improvement in performance Collection and reduction of receivables, according to the expected credit losses model.

For comparison with the previous quarter, the net consolidated income attributable to the shareholders of the company decreased by 13% compared to the previous quarter, due to: <- Decrease in the revenue of the individuals sector by 7% compared to the previous quarter due to the temporary suspension of the service program (domestic labor per hour) during the period as a result of the precautionary measures taken by the government to reduce Corona virus has been emerging, despite the company's total revenue increasing by 1%, supported by the increase in business revenue by 4% compared to the previous quarter.

- The gross profit was also negatively affected by the increase in some operating costs such as fees for the financial period during the period.

A corresponding decrease in the amount of doubtful debts of 9.2 million riyals compared to the previous quarter, as a result of the improvement in the collection performance and the reduction of receivables, according to the expected credit loss model.

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