Meyar swings to SAR 799,000 loss in H1 2023

24/08/2023 Argaam Exclusive

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Meyar Co. turned to a net loss of SAR 799,000 in H1 2023 versus a net profit of SAR 3.2 million in the first half of 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	19.96	17.07	(14.5 %)
Gross Income	5.58	1.92	(65.7 %)
Operating Income	2.57	(1.44)	(156.1 %)
Net Income	3.18	(0.80)	(125.1 %)
Average Shares	1.06	1.33	25.0 %
EPS (Riyals)	2.99	(0.60)	(120.1 %)

The losses were incurred on lower sales, due to the entry of new competitors, fierce competition and low demand in the company’s business area.

Meyar reported an increased cost of goods sold, due to the high prices of basic materials and requirements on using new inputs for the company’s products.

Higher depreciation, as well as general and administrative expenses, due to the company’s listing on Nomu-Parallel Market, also weighed on the half-year results.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	19.96	17.07	(14.5 %)
Gross Income	5.58	1.92	(65.7 %)
Operating Income	2.57	(1.44)	(156.1 %)
Net Income	3.18	(0.80)	(125.1 %)
Average Shares	1.06	1.33	25.0 %
EPS (Riyals)	2.99	(0.60)	(120.1 %)

Item	H2 2022	H1 2023	Change‬
Revenues	18.11	17.07	(5.8 %)
Gross Income	2.73	1.92	(29.8 %)
Operating Income	0.17	(1.44)	(943.5 %)
Net Income	1.28	(0.80)	(162.5 %)
Average Shares	1.06	1.33	25.0 %
EPS (Riyals)	1.20	(0.60)	(150.0 %)

Total shareholders’ equity, no minority interest, rose to SAR 34.63 million as of June 30, 2023, from SAR 18.56 million a year earlier.

Historical Data
Period	Revenue (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	(0.80)	(0.60)

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