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Saudi equity research · Tadawul Main Market & Nomu
Abdulla Ismaeel · updated 24 September 2026
Research › Manpower › Tamkeen

Tamkeen Human Resources Company

The smallest of the four and the fastest-growing, as its corporate book nearly trebled in two years. The widest net margin in the sector, the longest wait to be paid, and the highest payout.

Tadawul 1835 · The fastest · FY2021 to FY2025
As a customer If you want a supplier still small enough to notice you
Net revenues
SAR 1.0B
FY2025
Net profits
SAR 96.4M
continuing operations
less
+10.8pt
21.8% against 11.1%
See the workings
Revenue growth
+40.5%
vs FY2024
See the workings
EBITDA margin
10.7%
before capital charges
See the workings
Free cash flow
SAR 96.8M
after capital spending
Dividends per share
SAR 3.48
declared
See the workings
Debt to equity
0.04x
balance-sheet risk
See the workings

Source FY2025 audited financial statements, restated in the modelWorkings data appendixUpdated 24 September 2026

The read

The smallest of the four and the fastest-growing: revenue of SAR 1.0B, 11.5% of the four, with growth of +40.5% in FY2025. Almost all of it is the corporate door, which has nearly trebled in two years and is now more than three quarters of the company.

The widest net margin in the sector at 9.5%, and 21.8% on invested capital against a cost of 11.1%, a margin of +10.8pt. The price of the growth shows in the receivable: 67 days, the longest of the four, from about a month in 2021.

It declared no dividend in the first three years covered here and paid out 95.6% of FY2025 earnings, the most of the four, against free cash flow of SAR 96.8M. For a company whose visa bill and receivable both grow with every contract it wins, that is a large share to hand back.

The bet it made

Came late The fastest move into corporate work, and the slowest to be paid for it.
The visa shelf SAR 28M of visas bought in 2025, about what it bought in 2021 on a third of today's revenue.
The workforce 13,800 workers deployed, the smallest workforce, more than double 2021.
The doors 78% corporate, 17% household, 4% hourly. SAR 80,485 billed per worker.
Getting paid 67 days, the longest of the four, up from 29 in 2021.

Tamkeen came late to the corporate door and has gone through it fastest. Corporate contracts were SAR 277M in 2023 and SAR 795M in 2025, and industrial and operational work went from 18% of revenue in 2021 to 61%.

It is still the smallest of the four, with 13,800 workers deployed, more than double its 2021 workforce. Revenue per worker has risen from SAR 56,020 to SAR 80,485, level now with Maharah and Al Mawarid.

Maharah, Al Mawarid, SMASCO, Tamkeen, 2021 to 2025Maharah, Al Mawarid, SMASCO, Tamkeen, 2021 to 2025 The figures are listed in the table below this chart.0%1%2%3%2122232425
MaharahAl MawaridSMASCOTamkeen
Chart data
20212022202320242025
Maharah0.9%0.8%0.8%1.7%0.4%
Al Mawarid0.3%0.4%0.4%0.2%0.1%
SMASCO0.4%0.9%0.9%0.8%1.5%
Tamkeen2.6%1.8%2.9%2.3%0.6%
Capital expenditure as a share of revenue, as the cash flow statement reports it. It has never reached three percent at any of the four, because the asset in this business is a worker on a contract, and the money that brings the next one in runs through operating cash flow as a visa.

Where the money comes from

Corporate

SAR 795M and 78% of revenue, up 50% in 2025 after 91% in 2024.

Household

SAR 175M and 17% of revenue, down from 38% in 2021, the steepest fall in the household share of any of the four.

Hourly

SAR 44M and 4% of revenue, much the smallest hourly business here.

What it does with the money

Nothing was declared until 2024, and then 96% of 2025 earnings, the highest payout in the sector, in a year when revenue grew 41% and the receivable took 67 days to collect, the longest of the four.

Free cash flow of SAR 97M covered the payout in 2025. With the corporate book growing at this pace, and the visa bill and the receivable growing with it, the question is whether it does again.

What comes back to shareholders

Of what it earned in FY2025, Tamkeen declared SAR 3.48 a share, 95.6% of net profit, against free cash flow of SAR 96.8M. 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