Source FY2025 audited financial statements, restated in the modelWorkings data appendixUpdated 24 September 2026
The read
The incumbent: the largest workforce in the sector, and the one that has grown least. Revenue of SAR 2.1B is 23.7% of the four, and growth of +10.7% in FY2025 was the slowest of the four.
It leads both the household and the hourly doors, and bills the least per deployed worker by a wide margin, a figure that has fallen in each of the last three years. It still earns 21.0% on invested capital against 11.7%, a margin of +9.3pt, and its EBITDA margin of 10.2% is second only to Tamkeen's.
Almost no debt: debt to equity of 0.08x, interest covered 29.2x over. Free cash flow of SAR 146M is the largest in the sector, and it pays out 66.4% of net profit.
The bet it made
SMASCO is the incumbent that kept its mix. It had the largest deployed workforce in 2021, at 28,400, and still has in 2025, at 46,800, but its lead over Maharah has gone from 6,300 workers to 2,900.
It is the only one of the four whose household and hourly business has kept its share of revenue, at 30% of the company, and it leads both doors. What that buys is a different kind of worker. It bills SAR 47,659 a head against about SAR 80,000 at the other three, and pays SAR 37,400 a head against SAR 57,000 to SAR 67,000, which leaves the margin per worker, at 22%, in the same range as theirs.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Maharah | 0.9% | 0.8% | 0.8% | 1.7% | 0.4% |
| Al Mawarid | 0.3% | 0.4% | 0.4% | 0.2% | 0.1% |
| SMASCO | 0.4% | 0.9% | 0.9% | 0.8% | 1.5% |
| Tamkeen | 2.6% | 1.8% | 2.9% | 2.3% | 0.6% |
Where the money comes from
Corporate
SAR 1.46B and 70% of revenue, the lowest corporate weighting of the four, up by a fifth since 2021. Its industrial and operational line has shrunk two years running, to SAR 597M.
Household
SAR 398M and 19% of revenue, the largest household business in the sector and the only one of the four growing faster than the company around it.
Hourly
SAR 240M and 11% of revenue, the largest hourly business in the sector, up 25% in 2025 after a fall in 2024.
What it does with the money
It generates the most free cash in the sector, SAR 146M in 2025, carries almost no debt, and pays out much of it: 66% of 2025 earnings, and more than it earned in 2021 and 2023, the years before a share price was quoted.
It is also the one company drawing its visa shelf down. It used SAR 40M of visas in 2025 and bought SAR 35M, has never had one refunded, and ended the year with the fewest days of visas in stock of the four.
What comes back to shareholders
Of what it earned in FY2025, SMASCO declared SAR 0.25 a share, 66.4% of net profit, against free cash flow of SAR 146M. 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.
In context
This company only means something next to the other three and against the economics of the industry they share.
Read the industry piece See it against the others