Maharah Human Resources Co. announces its Interim Financial results for the Period Ending on 2026-03-31 ( Three Months )

• Improvements in revenues in the Company’s main sectors, including the Corporate Services sector and Individual Services sector, which increased by 33% and 17% respectively, due to the increase in the average number of workforces in those sectors by 22% and 2% respectively, to match the rising demand of the offered services in those sectors.

• The Company’s revenues increased by 30% compared to the first quarter of last year.

• The Company achieved a gross profit of SR 105 million during the first quarter of 2026, representing an increase of SR 40 million and 62% compared to the same quarter of last year. This was mainly due to the growth in business results from the Company’s main sectors, particularly the Corporate Services sector, in addition to the improvement in gross profit margins in the Individual Services sector as a result of higher utilization rates, improved operational efficiency, and cost optimization in this sector, in line with the improvement initiatives implemented during the year.

• The consolidated net income attributable to the shareholders of the Company for the first quarter of 2026 increased compared to the same quarter of last year, driven by revenue growth and improved gross profit, despite the decrease in the Company’s share of results from associates. A share of profit from associates amounting to SR 21 million was recognized during the first quarter of 2025, while no similar share was recognized during the first quarter of 2026, as the Company was unable to obtain the financial results of Saudi Medical Systems Company.

• Improvements in revenues in the Company’s main sectors, including the Corporate Services sector and Individual Services sector, which increased by 6% and 10% respectively, due to the increase in the average number of workforces in both sectors, to match the rising demand of the offered services in those sectors.

Excluding the impact of non-recurring items, the net profit for the current quarter would have been higher by SR 30 million and 88% compared to the previous quarter, mainly due to the following:

• The Company achieved a gross profit of SR 105 million during the first quarter of 2026, representing an increase of SR 6 million compared to the previous quarter

• No impairment loss on other prepaid expenses was recorded during the first quarter of 2026, compared to an impairment loss of SR 6 million recorded during the previous quarter.

• General and administrative expenses decreased by SR 8.5 million during the current quarter compared to the previous quarter.

• Marketing expenses decreased by SR 4 million during the current quarter compared to the previous quarter.

• Finance costs decreased by SR 3 million, due to the decrease in financing balance during the current quarter compared to the previous quarter.

The Group’s investment in its associate, ‘Saudi Medical Systems Company’, is stated at SAR 403,375,713 in the condensed consolidated statement of financial position as at 31 March 2026 (31 December 2025: SAR 406,583,091). During the three-month period ended 31 March 2026, as well as during the year ended 31 December 2025, the Group has not performed equity accounting for its investment in the associate in accordance with IAS 28 ‘Investment in associate and joint venture’. In light of the absence of the underlying financial information and access to the management and auditor of ‘Saudi Medical Systems Company’, it was impracticable for us to quantify the effects of this departure on the condensed consolidated interim financial statements.

Our review conclusion for 31 March 2025 condensed consolidated interim financial statements dated 15 May 2025 was modified due to the Group not performing equity accounting for its investment in the same associate during the three-month period ended 31 March 2025. As disclosed in Note (12), the Group has restated the condensed consolidated statement of profit or loss and other comprehensive income for the three-month period ended 31 March 2025, and retained earnings as at 1 January 2025 and 31 March 2025, to include the share of profit of this associate for respective periods. However, we were not provided with any access to the financial information, management, and auditor of Saudi Medical Systems Company. Accordingly, we were unable to perform review procedures regarding these restatements. Consequently, we were unable to determine whether any adjustments in retained earnings as at 1 January 2025 and 31 March 2025, as well as in share of (loss) / profit in results of equity accounted investees for the period ended 31 March 2025 are necessary.

Qualified Conclusion

Based on our review, except for the effects of the matter described in the first paragraph and the possible effects of the matter described in the second paragraph of the Basis for Qualified Conclusion, nothing has come to our attention that causes us to believe that the accompanying 31 March 2026 condensed consolidated interim financial statements of Maharah Human Resources Company (“Company”) and its subsidiaries (“Group”) are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ that is endorsed in the Kingdom of Saudi Arabia.

• The total comprehensive income attributable to the Company’s shareholders as of March 31, 2026 amounted to SAR 63 million.

• Total equity attributable to the shareholders of the parent company for the period ending March 31, 2026 amounted to SAR 940 million, compared to SAR 876 million for the period ending December 31, 2025.