Meyar 2023 profit falls 66% to SAR 1.5M

30/03/2024 Argaam Exclusive

Meyar Co. reported a net profit of SAR 1.5 million for 2023, a drop of 66% compared to SAR 4.5 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 38.07 34.14 (10.3 %)
Gross Income 8.31 3.69 (55.6 %)
Operating Income 2.74 (3.01) (209.6 %)
Net Income 4.46 1.49 (66.5 %)
Average Shares 1.06 1.33 25.0 %
EPS (Riyals) 4.20 1.13 (73.2 %)

The company recorded lower revenues compared with a year earlier, due to the entry of new competitors into the market. It also cited the completion of some major projects, in which the company was the main supplier.

 

Meyar also reported higher cost of raw materials used in production, and an increase in the depreciation item in operating expenses due to the entry of new assets this year.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 18.11 17.07 (5.7 %)
Gross Income 2.73 1.77 (35.0 %)
Operating Income 0.17 (1.56) (1013.6 %)
Net Income 1.28 2.29 79.3 %
Average Shares 1.06 1.33 25.0 %
EPS (Riyals) 1.20 1.73 43.5 %

Total shareholders’ equity, no minority interest, stood at SAR 36.90 million by the end of 2023, compared to SAR 19.77 million a year earlier.

 

Historical Data

Period

Revenues

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

20.05

1.97

1.85

H2 2021

21.24

2.48

2.34

H1 2022

19.96

3.18

2.99

H2 2022

18.11

1.28

1.21

H1 2023

17.07

(0.08)

(0.64)

H2 2023

17.07

2.29

1.83

 

View More Financial Results

 

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Share Price

Meyar Co.
61.10
(0.60) (0.97 %)

Meyar Co. (MEYAR)

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Financial Ratios
Current
Market Cap (M Riyal) 81.08
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 1.33
Book Value (BV) ( Riyal) 27.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 2.21
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