Financial Results : Meyar H1 2022 net profit up 61% to SAR 3.2 mln

Meyar H1 2022 net profit up 61% to SAR 3.2 mln

16/02/2023 Argaam Exclusive

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Meyar Co. reported a net profit after Zakat and tax of SAR 3.2 million in the first six months of 2022, an increase of 61% compared to SAR 2 million a year earlier.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 20.05 19.96 (0.5 %)
Gross Income 3.85 5.58 45.0 %
Operating Income 1.58 2.57 62.9 %
Net Income 1.97 3.18 61.4 %
Average Shares 0.85 1.06 24.4 %
EPS (Riyals) 2.31 2.99 29.8 %

The earnings increase was primarily due to achieving a gross profit margin of 28% in H1 2022 compared to 19% in the year earlier period. Meanwhile, cost of sales declined 11% year-on-year.

 

This increase was mitigated by lower sales, along with general and administrative expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 20.05 19.96 (0.5 %)
Gross Income 3.85 5.58 45.0 %
Operating Income 1.58 2.57 62.9 %
Net Income 1.97 3.18 61.4 %
Average Shares 0.85 1.06 24.4 %
EPS (Riyals) 2.31 2.99 29.8 %

Total shareholders’ equity, no minority interest, stood at SAR 18.6 million by the end of H1 2022, compared to SAR 12.6 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 20.05 - 3.85 - 1.58 -
H2 2021 21.24 - 5.48 - 2.58 -
H1 2022 19.96 (0.5 %) 5.58 45.0 % 2.57 62.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 1.97 - 2.31 - 1.97 2.31
H2 2021 2.49 - 2.34 - 2.49 2.34
H1 2022 3.18 61.4 % 2.99 - 3.18 2.99

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 22.61 % 19.09 % 10.79 %
H1 2022 26.86 % 20.97 % 13.75 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 0.85 - - 14.82
H2 2021 1.06 4.20 4.20 14.48
H1 2022 1.06 5.34 5.34 17.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -

Business Segments (Million)

Compared With The
Period Ready- mix concrete segment Blocks segment Interlocks segment Supplementary


Financial Ratios
Current
Market Cap (M Riyal) 88.78
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 1.33
Book Value (BV) ( Riyal) 27.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 2.42
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Share Price

Meyar Co.
66.90
3.40 5.35 %

Meyar Co. (MEYAR)

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