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

Item	H1 2022	H2 2022	Change‬
Revenues	246.72	167.07	(32.3 %)
Gross Income	29.45	26.26	(10.8 %)
Operating Income	6.68	0.98	(85.3 %)
Net Income	6.46	(5.08)	(178.6 %)
Average Shares	120.00	120.00	-
EPS (Halala)	5.38	(4.23)	(178.6 %)

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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