Al Mawarid Manpower Company

The highest return on capital in the sector: 23.1% against a cost of 11.6%, a margin of +11.5pt, the widest of the four. It gets there with almost no fixed assets. The business is the contracts, the visas and the workforce, and very little else.

Revenue of SAR 2.6B is 29.6% of the four, with growth of +28.8% in FY2025, and close to three fifths of it is industrial and operational work, the largest book of that kind held by anyone here. EBITDA margin of 7.1% and net margin of 5.3% are both the thinnest in the sector: this is the volume end of the market.

Receivables of 53 days against a sector median of 59, debt to equity of 0.12x, and a payout of 28.2% of net profit. Free cash flow of SAR 136M is second only to SMASCO's.

Al Mawarid bet on industrial and operational work, and bet early. Those contracts were a third of its revenue in 2021 and are close to three fifths now, SAR 1.51B in 2025 and the largest such book in the sector.

Revenue has nearly quadrupled over the period, from SAR 664M to SAR 2.61B, the fastest four-year growth of the four, on a deployed workforce that has a little more than doubled to 34,686. The difference is what each worker bills: SAR 82,118 in 2025, the most in the sector, against SAR 41,118 in 2021.

Very little goes into anything fixed. Property, plant and equipment is SAR 14M against SAR 2.61B of revenue, which is why the return on capital is the highest here: the capital is the receivables and the visas, and almost nothing else.

It pays out 28% of earnings, the second-lowest in the sector, and puts the rest behind a book that keeps growing. Free cash flow of SAR 136M is second only to SMASCO's.

Of what it earned in FY2025, Al Mawarid declared SAR 2.60 a share, 28.2% of net profit, against free cash flow of SAR 136M. In this sector free cash flow moves with the receivable more than with anything else, because the asset is a worker who is paid monthly and billed on the customer's terms. Read it beside the days sales outstanding, not on its own.