Mayar Holding turns to SAR 13 mln loss in H1 2023

28/08/2023 Argaam Exclusive

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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.

Financials (M)

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.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 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 %)

Item	H2 2022	H1 2023	Change‬
Revenues	167.07	187.39	12.2 %
Gross Income	26.26	17.70	(32.6 %)
Operating Income	0.98	(7.54)	(868.4 %)
Net Income	(5.08)	(12.95)	(155.2 %)
Average Shares	120.00	120.00	-
EPS (Halala)	(4.23)	(10.79)	(155.2 %)

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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