Mayar Holding Co.reported a net profit decline of 91% to SAR 1.6 million in 2022, compared to SAR 18.2 million in the year earlier period.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 286.24 | 413.79 | 44.6 % |
| Gross Income | 44.11 | 55.71 | 26.3 % |
| Operating Income | 14.93 | 7.66 | (48.7 %) |
| Net Income | 18.22 | 1.38 | (92.4 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Halala) | 15.18 | 1.15 | (92.4 %) |
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 113.90 | 79.12 | (30.5 %) |
| Gross Income | 7.34 | 13.64 | 85.8 % |
| Operating Income | (4.63) | 3.68 | 179.6 % |
| Net Income | 1.94 | (0.40) | (120.4 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Halala) | 1.62 | (0.33) | (120.4 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 87.95 | 79.12 | (10.0 %) |
| Gross Income | 12.63 | 13.64 | 8.0 % |
| Operating Income | (2.70) | 3.68 | 236.3 % |
| Net Income | (4.68) | (0.40) | 91.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Halala) | (3.90) | (0.33) | 91.5 % |
This was driven by the higher cost of raw materials for the companies operating in Egypt due to export difficulties and currency devaluation. Mayar also cited higher selling and distribution expenses and an increase in general and administrative expenses. Financing charges also rose during the period.
Shareholders’ equity, excluding minority interest, stood at SAR 77.1 million by Dec. 31, 2022, compared to SAR 14.8 million in the prior-year period.
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