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SMASCO earnings decline 24% to SAR 126.4M in 2024; Q4 at SAR 23.3M
Saudi Manpower Solutions Co. (SMASCO) posted a 24% net profit slump to SAR 126.4 million in 2024, compared to SAR 166.3 million a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,827.19 | 1,892.89 | 3.6 % |
| Gross Income | 243.37 | 210.96 | (13.3 %) |
| Operating Income | 166.38 | 132.43 | (20.4 %) |
| Net Income | 166.29 | 126.42 | (24.0 %) |
| Average Shares | 400.00 | 400.00 | - |
| Earnings Per Share before unusual items | 0.42 | 0.32 | (24.0 %) |
| EPS (Riyals) | 0.42 | 0.32 | (24.0 %) |
SMASCO cited a SAR 3.2 million (5.9%) annual increase in administrative and general expenses due to higher professional consulting fees, depreciation, maintenance, cleaning costs for new buildings, and listing fees for 2024.
During the same year, other revenues decreased by SAR 3.7 million on an annual basis. This was primarily due to lower returns on Islamic Murabaha investments, impacted by changes in invested amounts and maturity rates.
The company's overall gross profit declined by 13% year-on-year (YoY) in 2024, mainly due to the individuals segment that was hurt by the recent price caps and other regulatory requirements.
The corporate segment revenues fell by 1.3% YoY in 2024 on the expiry of some labor contracts.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 460.36 | 475.60 | 3.3 % |
| Gross Income | 68.31 | 47.57 | (30.4 %) |
| Operating Income | 46.29 | 25.86 | (44.1 %) |
| Net Income | 44.46 | 23.34 | (47.5 %) |
| Average Shares | 400.00 | 400.00 | - |
| Earnings Per Share before unusual items | 0.11 | 0.06 | (47.5 %) |
| EPS (Riyals) | 0.11 | 0.06 | (47.5 %) |
Further, on an annual basis, the individuals segment’s revenues shed 2.2% due to the recent pricing caps and regulatory requirements, despite a 12% increase in the company's workforce.
The fourth-quarter net earnings dropped 48% to SAR 23.3 million, from SAR 44.46 million in Q4 2023.
Compared to Q3 2024, the bottom line fell 19.6% from SAR 29 million.
Shareholders’ equity, no minority interest, reached SAR 600.4 million by the end of 2024, inching up from SAR 521.7 million a year earlier.
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Share Price
Saudi Manpower Solutions Co. (SMASCO)
| Current | |
| Market Cap (M Riyal) | 2,588.00 |
| Enterprise Value (EV) (M) | 2,309.29 |
| Shares Outstanding ((M)) | 400.00 |
| EPS ( Riyal) (TTM) | 0.32 |
| Book Value (BV) ( Riyal) | 1.50 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 20.47 |
| P/E (TTM) | 20.47 |
| Price/book | 4.31 |
| Return on Average Assets (%) (TTM) | 12.0 |
| Return on Average Equity (%) (TTM) | 15.7 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 477.20 | 5.9 % | 59.77 | 8.9 % | 40.13 | 10.0 % |
| Q2 2024 | 476.62 | 3.5 % | 52.27 | (10.6 %) | 36.69 | (10.9 %) |
| Q3 2024 | 463.48 | 1.7 % | 51.35 | (16.8 %) | 29.75 | (29.9 %) |
| Q4 2024 | 475.60 | 3.3 % | 47.57 | (30.4 %) | 25.86 | (44.1 %) |
| 2024 | 1,892.89 | 3.6 % | 210.96 | (13.3 %) | 132.43 | (20.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 38.27 | 7.7 % | 0.10 | - | 38.27 | 0.10 |
| Q2 2024 | 35.82 | (14.9 %) | 0.09 | - | 35.82 | 0.09 |
| Q3 2024 | 29.00 | (34.4 %) | 0.07 | - | 29.00 | 0.07 |
| Q4 2024 | 23.34 | (47.5 %) | 0.06 | - | 23.34 | 0.06 |
| 2024 | 126.42 | (24.0 %) | 0.32 | - | 126.42 | 0.32 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 13.39 % | 10.98 % | 9.12 % |
| Q2 2024 | 12.95 % | 10.74 % | 8.70 % |
| Q3 2024 | 12.34 % | 10.11 % | 7.86 % |
| Q4 2024 | 11.14 % | 9.07 % | 6.68 % |
| 2024 | 11.14 % | 9.07 % | 6.68 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 400.00 | 0.42 | 0.42 | 1.41 |
| Q2 2024 | 400.00 | 0.41 | 0.41 | 1.50 |
| Q3 2024 | 400.00 | 0.37 | 0.37 | 1.45 |
| Q4 2024 | 400.00 | 0.32 | 0.32 | 1.50 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 21.63 | 21.63 | 5.87 |
| Q3 2024 | 24.02 | 24.02 | 6.11 |
| Q4 2024 | 24.24 | 24.24 | 5.10 |
Business Segments (Million)
Q4 2024
| Period | Corporate Segment | Individuals Segment | Others - | Elimination. |
|---|---|---|---|---|
| Q1 2024 | 312.78 | 137.71 | 26.71 | - |
| Q2 2024 | 314.66 | 138.94 | 75.46 | (52.44) |
| Q3 2024 | 302.71 | 134.96 | 51.83 | (26.03) |
| Q4 2024 | 315.26 | 134.07 | 51.47 | (25.20) |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Average | 34.23 | 23.34 | (31.8 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| GIB Capital | 33.00 | 23.34 | (29.3) % |
| SNB Capital | 33.70 | 23.34 | (30.7) % |
| Al Rajhi Capital | 36.00 | 23.34 | (35.2) % |
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