Mayar Holding Co. swung to a net loss of SAR 13 million in the first half of 2023 against a net profit of SAR 6.5 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 246.72 | 187.39 | (24.0 %) |
| Gross Income | 29.45 | 17.70 | (39.9 %) |
| Operating Income | 6.68 | (7.54) | (212.9 %) |
| Net Income | 6.46 | (12.95) | (300.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Halala) | 5.38 | (10.79) | (300.6 %) |
The six-month losses were attributed to a decline in subsidiaries’ sales. The company faced some difficulties with importing raw materials for the subsidiaries operating in Egypt amid the Egyptian pound devaluation.
Mayar reported higher finance costs due to increased interest rates. Higher general and administrative expenses as well as credit loss provision costs, along with lower other income also weighed on the half-year results.
Shareholders’ equity, after minority interest, dropped to SAR 46.4 million as of June 30, 2023, from SAR 72.6 million a year earlier.
Accumulated losses reached SAR 4.95 million by the end of the six-month period, representing 8.26% of the company’s capital.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
246.70 |
6.46 |
1.08 |
|
H2 2022 |
167.09 |
(5.08) |
(0.85) |
|
H1 2023 |
187.40 |
(12.95) |
(2.16) |
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