Mayar earns SAR 5.8M in first half of 2024

11/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	187.39	205.05	9.4 %
Gross Income	17.70	32.11	81.4 %
Operating Income	(7.54)	13.61	280.6 %
Net Income	(12.95)	5.75	144.4 %
Average Shares	120.00	120.00	-
EPS (Halala)	(10.79)	4.79	144.4 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	187.39	205.05	9.4 %
Gross Income	17.70	32.11	81.4 %
Operating Income	(7.54)	13.61	280.6 %
Net Income	(12.95)	5.75	144.4 %
Average Shares	120.00	120.00	-
EPS (Halala)	(10.79)	4.79	144.4 %

Item	H2 2023	H1 2024	Change‬
Revenues	167.57	205.05	22.4 %
Gross Income	23.11	32.11	39.0 %
Operating Income	(14.85)	13.61	191.7 %
Net Income	(25.27)	5.75	122.8 %
Average Shares	120.00	120.00	-
EPS (Halala)	(21.06)	4.79	122.8 %

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.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	246.70	6.46	5.38
H2 2022	167.09	(5.08)	(4.23)
H1 2023	187.40	(12.95)	(10.79)
H2 2023	167.57	(25.27)	(21.05)
H1 2024	205	5.75	4.79

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