Maharah Human Resources Company achieved record financial and operational performance during the first half of 2026, driven by growth across the business and individual sectors, increased operational efficiency, and the expansion of digital solutions, as part of the “Maharah Growth 2030” strategy.

The company recorded revenues of SAR 1.853 billion, representing 26% growth compared with the corresponding period of the previous year. Gross profit increased by 47% to SAR 204 million, while operating profit grew by 60%, and net profit increased by 49% to SAR 132 million, compared with SAR 88.8 million during the corresponding period.

Earnings per share reached SAR 0.23, compared with SAR 0.16, while the gross profit margin increased to 11%, and the operating profit margin reached 7.3%.

These results represent Maharah’s highest-ever half-year performance in terms of revenues, gross profit, and operating profit, coinciding with the total workforce managed by the company exceeding 64,000 workers, representing 16% growth compared with the first half of 2025.

Business Sector Leads Growth with Revenues Exceeding SAR 1.5 Billion

The business sector continued to serve as a key driver of Maharah’s growth, recording revenues of SAR 1.507 billion, up 29%, driven by an increase in the sector’s workforce to more than 47,000 workers, up 15%.

Professional labor also recorded 31% growth, reflecting the continued shift in the workforce mix toward higher-value professional and specialized categories.

Growth extended across the diverse portfolio of economic sectors served by Maharah. The petrochemicals sector recorded 81% growth, while the medical sector grew by 32%, alongside the company’s continued operations across the industrial, commercial, contracting, hospitality, and other sectors.

The Saudi national workforce outsourcing activity also grew by 32%, with revenues reaching SAR 124 million, continuing its role as a strategic pillar for diversifying revenue sources, supporting localization targets, and empowering national talent.

As an indicator of sustainable customer relationships, Maharah retained 98% of customers whose contracts had expired, while the workforce retention rate increased to 80%.

During the first half, the company also signed new contracts with a total value of SAR 270 million, whose impact is expected to be realized gradually during the second half of 2026 and the following year.

Individual Sector Records a Shift in Profitability

The individual sector continued its positive performance, generating revenues of SAR 283 million, up 20%, during the first half of 2026.

The sector recorded a notable improvement in profitability, supported by increased operational efficiency and an improved service mix.

The sector’s workforce also increased to approximately 17,000 workers, up 13%, alongside growth in the customer base and demand for the sector’s services.

This performance reflects the results of the ongoing transformation in the individual sector’s operating model and the investments made by Maharah over the past years to enhance efficiency and improve the customer experience.

E-Sales Exceed 72%

Digital transformation was one of the most prominent drivers of operational performance during the period, with the contribution of e-sales rising to more than 72%, compared with approximately 42% previously, reflecting customers’ increasing reliance on digital channels and the Maharah application to obtain services.

The company also continued to develop its operational ecosystem by employing artificial intelligence technologies, smart demand scheduling, forecasting systems, and business intelligence models to manage resources and redistribute them across regions.

This ecosystem contributed to increasing the utilization rate from 83% to 92%, supporting the optimal use of resources, improving service delivery efficiency, and enhancing the customer experience.

Financing Costs Decline by 46%

In terms of financial efficiency, Maharah continued to implement its plans to enhance the efficiency of its capital structure, with financing costs declining by 46% compared with the corresponding period.

In July, the company also completed an agreement to reschedule one of its bank facilities and restructure repayment of the remaining balance of SAR 100 million through periodic installments starting in September 2027, enhancing flexibility in managing cash flows.

In June, the Extraordinary General Assembly approved increasing the company’s share capital from SAR 475 million to SAR 600 million through the issuance of bonus shares at a ratio of 5 shares for every 19 shares, by capitalizing part of the statutory reserve and retained earnings.

Maharah’s Board of Directors approved the distribution of interim cash dividends for the first half of 2026 totaling SAR 45.58 million, at 8 halalas per share.

Operational Growth Despite Lower Contribution from the Associate

The strength of Maharah’s operational performance is even more evident in light of the 49% increase in net profit despite the company’s share of profits from its associate declining to SAR 14.4 million, compared with SAR 32.5 million during the corresponding period.

Maharah’s core operations contributed approximately SAR 43.3 million to the growth in net profit, while subsidiaries added approximately SAR 7.3 million, and the decline in financing costs contributed approximately SAR 11 million, compared with a decrease of approximately SAR 18.1 million in the associate’s contribution.

These indicators confirm that the growth recorded during the period was primarily driven by improvements in core operations and enhanced efficiency.

Sustainability and Governance as Part of the Growth Path

Alongside its financial and operational performance, Maharah continued to develop its practices in the areas of environmental, social, and governance matters, with the company’s MSCI sustainability rating increasing to B.

This represents an extension of the company’s sustainability strategy, which it is implementing through a range of initiatives related to governance, the workforce, and resource-use efficiency, supporting the development of a more sustainable business model aligned with the objectives of Saudi Vision 2030.

Positive Outlook for the Second Half of 2026

Maharah expects growth momentum to continue during the second half of the year, supported by new contracts signed during the first half with a value of SAR 270 million, alongside continued expansion in specialized sectors, the development of its Saudi national workforce outsourcing activity, and the enhancement of technological and operational solutions.

When comparing the first-half results with the guidance ranges announced for 2026, the company exceeded its target range for revenue growth, while margins remained within the announced ranges.

Maharah continues to work toward achieving its 2026 targets under the “Maharah Growth 2030” strategy, focusing on enhancing operational efficiency, investing in technology, diversifying revenue sources, empowering national talent, and strengthening sustainable value for customers and shareholders, in line with the evolving labor market and contributing to the achievement of the objectives of Saudi Vision 2030.