Sawaeed Holding

1. Company Overview & Earnings Context

Sawaeed Holding PJSC reported its Q1 2026 results, delivering a stable performance with steady revenue and profit growth, supported by its core manpower and services business.

2. Financial Performance Snapshot

• Revenue: AED 107.2M (+18% YoY)

• Gross profit: AED 32.3M (+35% YoY)

• Profit before tax: AED 21.2M (+9% YoY)

• Net profit after tax: AED 18.5M (+9% YoY)

• EPS: AED 0.36 (vs AED 0.33 YoY)

• Cost structure: G&A expenses at AED 11.3M (+22% YoY)

3. Operational Highlights & Key Metrics

• Total assets: AED 395.9M

• Total equity: AED 250.5M

• Cash & cash equivalents: AED 64.5M

• Operating cash flow: AED 25.4M

• Revenue mix: Majority from manpower outsourcing (~AED 100M)

• Dividend payout: AED 105M during the quarter

4. Key Performance Drivers

Sawaeed’s Q1 performance was driven by steady growth in its core manpower outsourcing segment, which remains the primary revenue contributor (~93% of total revenue), as seen in the segment analysis (page 26).

Profitability improved modestly due to:

• Higher gross profit (+35% YoY), indicating better operating leverage

• Growth in rental income and ancillary services, supporting diversification

• Stable cost of operations, although partially offset by higher G&A expenses

At the same time, impairment on investment property and higher administrative costs limited overall profit expansion.

5. Outlook & Forward Guidance

Management highlighted a focus on sustainable growth and business expansion, with continued investment across manpower, real estate, and support services.

Future performance will depend on execution across core segments, cost control, and demand for manpower and facility services in the UAE market.

6. 🧾 Investor Takeaway

Sawaeed delivered steady growth with improving gross profitability, though earnings expansion remains moderate amid rising costs and impairments.