MAHARAH
Maharah Human Resources Co.
As of: May 28, 2026
Company Profile
Maharah Human Resources Company (the “Company” or “Parent Company”) is a Saudi Joint Stock Company registered in Riyadh, Kingdom of Saudi Arabia (“KSA”). The Company and its subsidiaries (collectively, with the Company referred to as the “Group”) are engaged in providing recruitment services, logistics services and support for public and private sectors.
The Story
Maharah Human Resources Company demonstrates robust top-line expansion and consistent value creation, driven by its dominant corporate recruitment and support services in Saudi Arabia.
Source: Q1 2026 (2026-05-13)
Performance & Distributions
Market Pricing Multiples
Growth Story
Maharah's growth story is best described as an expanding pipeline, characterized by a strong upward trajectory in revenue from SAR 1,890,018,520 in FY 2023 to SAR 2,235,430,580 in FY 2024, and further to SAR 3,112,462,659 in FY 2025, culminating in a TTM revenue of SAR 3,324,648,538. This top-line momentum is supported by a sustainable growth rate of 8.12%, which is underpinned by a 5-year average reinvestment rate of 56.18% and a 5-year average ROIC of 14.45%. The company's growth capacity is heavily driven by its corporate sector, which remains the primary engine of revenue, alongside strategic expansion through subsidiaries like Growth Avenue Investment Company and international operations in the United Arab Emirates.
Profitability Dynamics
Operating as a yielding harvest, Maharah consistently generates economic value by maintaining a positive spread between its returns and its cost of capital. The company's 5-year average ROIC of 14.45% exceeds its WACC of 8.20%, creating a value-creation gap of 6.25%. On a TTM basis, Maharah achieved an EBIT of SAR 236,798,895 and a NOPAT of SAR 224,294,548, translating to an operating margin of 7.12% and a profit margin of 8.82%. Profitability is further supported by its 40% equity-accounted investment in Saudi Medical Systems Company, which contributes to net income, although this is partially offset by the amortization of acquired intangible assets.
Risk & Capital Structure
Risk Factors
Navigating a delicate balancing act, Maharah manages a capital structure with total debt of SAR 319,555,651 against a cash balance of SAR 101,164,066. The company's cost of debt after tax is relatively high at 12.32% compared to its cost of equity of 7.76%, indicating that debt financing carries a premium. However, its relevered beta of 0.80 suggests lower systemic market sensitivity. Business-specific risks include expected credit losses on trade receivables and contract assets, which required an expense of SAR 3,962,111 in Q1 2026, as well as geographical concentration, with the vast majority of revenues originating within the Kingdom of Saudi Arabia.
Governance Disclosures
We track 6 key governance and oversight matters for this company in our database.
Board and Committee Remuneration and Key Management Compensation
During the three-month period ended 31 March 2026, the Group paid board and committee remunerations of SAR 1,500,000. Total transactions with board members, committees, and senior executives amounted to SAR 3,909,640, which includes short-term salaries, benefits, share-based payments, and defined benefits.
Related-Party Investment and Receivables Write-down (KABI Technology Company)
The Group has an investment in KABI Technology Company, classified as fair value through other comprehensive income, which is valued at nil as of 31 March 2026. Additionally, the Group has an outstanding due from KABI Technology Company of SAR 1,648,460, which has been fully provisioned under expected credit losses.
Research Report
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