Financial Results : Mayar’s 2022 net profit plummets 91% to SAR 1.6 mln

Mayar’s 2022 net profit plummets 91% to SAR 1.6 mln

22/06/2023 Argaam Exclusive

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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. 

 



Financials (M)

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 %)


Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬

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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