Meyar 2023 profit falls 66% to SAR 1.5M

30/03/2024 Argaam Exclusive

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Meyar Co. reported a net profit of SAR 1.5 million for 2023, a drop of 66% compared to SAR 4.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	38.07	34.14	(10.3 %)
Gross Income	8.31	3.69	(55.6 %)
Operating Income	2.74	(3.01)	(209.6 %)
Net Income	4.46	1.49	(66.5 %)
Average Shares	1.06	1.33	25.0 %
EPS (Riyals)	4.20	1.13	(73.2 %)

The company recorded lower revenues compared with a year earlier, due to the entry of new competitors into the market. It also cited the completion of some major projects, in which the company was the main supplier.

Meyar also reported higher cost of raw materials used in production, and an increase in the depreciation item in operating expenses due to the entry of new assets this year.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	18.11	17.07	(5.7 %)
Gross Income	2.73	1.77	(35.0 %)
Operating Income	0.17	(1.56)	(1013.6 %)
Net Income	1.28	2.29	79.3 %
Average Shares	1.06	1.33	25.0 %
EPS (Riyals)	1.20	1.73	43.5 %

Item	H1 2023	H2 2023	Change‬
Revenues	17.07	17.07	0.0 %
Gross Income	1.92	1.77	(7.5 %)
Operating Income	(1.44)	(1.56)	(8.3 %)
Net Income	(0.80)	2.29	387.1 %
Average Shares	1.33	1.33	-
EPS (Riyals)	(0.60)	1.73	387.1 %

Total shareholders’ equity, no minority interest, stood at SAR 36.90 million by the end of 2023, compared to SAR 19.77 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	20.05	1.97	1.85
H2 2021	21.24	2.48	2.34
H1 2022	19.96	3.18	2.99
H2 2022	18.11	1.28	1.21
H1 2023	17.07	(0.08)	(0.64)
H2 2023	17.07	2.29	1.83

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