Meyar widens H1 2024 loss to SAR 2.5M

29/08/2024 Argaam Exclusive

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Meyar Co. increased its net loss in H1 2024 to SAR 2.5 million from SAR 799,000 in the first half of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	17.07	17.90	4.9 %
Gross Income	1.92	1.04	(45.7 %)
Operating Income	(1.44)	(1.98)	(37.3 %)
Net Income	(0.80)	(2.52)	(215.1 %)
Average Shares	1.33	1.33	-
EPS (Riyals)	(0.60)	(1.90)	(215.1 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	17.07	17.90	4.9 %
Gross Income	1.92	1.04	(45.7 %)
Operating Income	(1.44)	(1.98)	(37.3 %)
Net Income	(0.80)	(2.52)	(215.1 %)
Average Shares	1.33	1.33	-
EPS (Riyals)	(0.60)	(1.90)	(215.1 %)

Item	H2 2023	H1 2024	Change‬
Revenues	17.07	17.90	4.9 %
Gross Income	1.77	1.04	(41.3 %)
Operating Income	(1.56)	(1.98)	(26.8 %)
Net Income	2.29	(2.52)	(209.8 %)
Average Shares	1.33	1.33	-
EPS (Riyals)	1.73	(1.90)	(209.8 %)

The losses were attributed to higher salaries, wages, and the like, due to an increase in the number of equipment during the period. This is in addition to a rise in assets and costs resulting from the establishment and operation of the North Riyadh Ready Mix Concrete Factory. The average value of cement grew from SAR 170 per ton to SAR 201.

However, the company posted higher prices of products sold from the second month in the period.

Total shareholders’ equity, no minority interest, rose to SAR 34.23 million as of June 30, 2024, from SAR 34.63 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	(0.80)	(0.60)
H2 2023	17.07	2.29	1.73
H1 2024	17.90	(2.51)	(1.91)

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