Meyar’s profit inches up to SAR 4.5 mln in 202

24/05/2023 Argaam Exclusive

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Meyar Co., which specializes in manufacturing hollow cement blocks, bricks, and ready-mixed concrete, reported a marginal rise in 2022 net profit to SAR 4.46 million, from SAR 4.45 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	41.29	38.07	(7.8 %)
Gross Income	9.33	8.31	(10.9 %)
Operating Income	4.16	2.74	(34.1 %)
Net Income	4.45	4.46	0.1 %
Average Shares	1.06	1.06	-
EPS (Riyals)	4.20	4.20	0.1 %

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	21.24	18.11	(14.7 %)
Gross Income	5.48	2.73	(50.2 %)
Operating Income	2.58	0.17	(93.4 %)
Net Income	2.49	1.28	(48.6 %)
Average Shares	1.06	1.06	-
EPS (Riyals)	2.34	1.20	(48.6 %)

Item	H1 2022	H2 2022	Change‬
Revenues	19.96	18.11	(9.3 %)
Gross Income	5.58	2.73	(51.1 %)
Operating Income	2.57	0.17	(93.3 %)
Net Income	3.18	1.28	(59.8 %)
Average Shares	1.06	1.06	-
EPS (Riyals)	2.99	1.20	(59.8 %)

The marginal profit rise was backed by an increase in other income from SAR 627,783 to SAR 1.79 million.

Shareholders’ equity, no minority interest, rose to SAR 19.77 million as of Dec. 31, 2022, from SAR 15.37 million a year earlier.

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