aismaeel/dataBeta
GCC valuation database · industry averages from audited accounts
Datasets / Saudi Arabia / Industries

Manpower الموارد البشرية

Four companies that own little beyond a licence and a stock of visas. The growth is in corporate contracts, at a thinner margin.

GCC code GCC-MANTadawul sector Commercial & Professional ServicesCompanies 4 of 4Market value FY2025 SAR 7bnRevenue FY2025 SAR 8.8bn
ROIC FY2025
19.0%
WACC 11.3%
Spread
+7.7%
ROIC − WACC
EV/EBITDA
9.8×
P/E 10.8×
Dividend yield
4.2%
Payout 45.4%

FY2018–FY2025

Return on capital against its cost
WACC shown from the first year every company was listed
10%12%14%16%18%20%22%24%26%FY18FY19FY20FY21FY22FY23FY24FY25ROIC FY2021: 23.3%ROIC FY2022: 15.6%ROIC FY2023: 15.6%ROIC FY2024: 15.0%ROIC FY2025: 19.0%WACC FY2024: 11.6%WACC FY2025: 11.3%
ROICWACC
Margins
Industry totals
6%7%8%9%10%11%12%13%FY18FY19FY20FY21FY22FY23FY24FY25EBITDA margin FY2021: 12.4%EBITDA margin FY2022: 9.8%EBITDA margin FY2023: 9.4%EBITDA margin FY2024: 8.4%EBITDA margin FY2025: 8.4%Net margin FY2021: 9.9%Net margin FY2022: 7.8%Net margin FY2023: 7.5%Net margin FY2024: 7.0%Net margin FY2025: 7.5%
EBITDA marginNet margin

Every dataset, by company

CompanyROICSpreadCapEx %Revenue growthP/EEV/EBITDADiv. yieldBeta
Maharah1831 · Maharah Human Resources Co.14.8%+3.3%0.4%39.2%8.4×10.8×2.9%1.02
Al Mawarid1833 · Al Mawarid Manpower Co.23.1%+11.5%0.1%28.8%10.6×7.3×2.7%1.08
SMASCO1834 · Saudi Manpower Solutions Co.21.0%+9.3%1.5%10.7%14.0×9.9×4.7%1.12
Tamkeen1835 · Tamkeen Human Resource Co.21.8%+10.8%0.6%40.5%14.8×11.4×6.4%1.00
Manpower (industry)19.0%+7.7%0.5%28.4%10.8×9.8×4.2%1.05

Column headings open the full dataset across all industries.

The Manpower piece

How these companies make money, and what their returns say about it, explained from first principles.

Read it on research.aismaeel.com