Mayar earns SAR 5.8M in first half of 2024

Mayar Holding Co. swung to a net profit of SAR 5.8 million after minority interest in the first half of 2024, against a net loss of SAR 13 million in H1 2023.

The six-month period profit was spurred by a 9.4% year-on-year (YoY) rise in revenue, due to increased sales from the company’s segments.

Mayar reported an expansion in gross profit margins (GPMs) to 15.7% in H1 2024, from SAR 9.4% in the prior-year period. It also reported the reversal of a credit loss provision of SAR 7.4 million during the same period.

On the other hand, financing costs increased due to higher interest rates, compared to the first half of 2023. Higher selling and distribution expenses, as well as general and administrative expenses also weighed on the first-half earnings.

Shareholders’ equity, after minority interest, reached SAR 26.7 million by the end of the six-month period, down from SAR 46.4 million a year earlier.

Accumulated losses stood at SAR 9.28 million as of June 30, 2024, representing 15.46% of the company’s capital.

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