Mayar earns SAR 5.8M in first half of 2024

11/08/2024 Argaam Exclusive

Mayar Holding Co. swung to a net profit of SAR 5.8 million after minority interest in the first half of 2024, against a net loss of SAR 13 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 187.39 205.05 9.4 %
Gross Income 17.70 32.11 81.4 %
Operating Income (7.54) 13.61 280.6 %
Net Income (12.95) 5.75 144.4 %
Average Shares 120.00 120.00 -
EPS (Halala) (10.79) 4.79 144.4 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 187.39 205.05 9.4 %
Gross Income 17.70 32.11 81.4 %
Operating Income (7.54) 13.61 280.6 %
Net Income (12.95) 5.75 144.4 %
Average Shares 120.00 120.00 -
EPS (Halala) (10.79) 4.79 144.4 %

The six-month period profit was spurred by a 9.4% year-on-year (YoY) rise in revenue, due to increased sales from the company’s segments.

 

Mayar reported an expansion in gross profit margins (GPMs) to 15.7% in H1 2024, from SAR 9.4% in the prior-year period. It also reported the reversal of a credit loss provision of SAR 7.4 million during the same period.

 

On the other hand, financing costs increased due to higher interest rates, compared to the first half of 2023. Higher selling and distribution expenses, as well as general and administrative expenses also weighed on the first-half earnings.

 

Shareholders’ equity, after minority interest, reached SAR 26.7 million by the end of the six-month period, down from SAR 46.4 million a year earlier.

 

Accumulated losses stood at SAR 9.28 million as of June 30, 2024, representing 15.46% of the company’s capital.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

246.70

6.46

5.38

H2 2022

167.09

(5.08)

(4.23)

H1 2023

187.40

(12.95)

(10.79)

H2 2023

167.57

(25.27)

(21.05)

H1 2024

205

5.75

4.79
 

View More Financial Results

 

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Share Price

Mayar Holding Co.
3.58
(0.11) (2.98 %)

Mayar Holding Co. (MAYAR)

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Financial Ratios
Current
Market Cap (M Riyal) 429.60
Enterprise Value (EV) (M) 675.28
Shares Outstanding ((M)) 120.00
Book Value (BV) ( Riyal) 0.27
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
Price/book 13.25
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 246.72 - 29.45 - 6.68 -
H2 2022 167.07 - 26.26 - 0.98 -
H1 2023 187.39 (24.0 %) 17.70 (39.9 %) (7.54) (212.9 %)
H2 2023 167.57 0.3 % 23.11 (12.0 %) (14.85) (1613.6 %)
H1 2024 205.05 9.4 % 32.11 81.4 % 13.61 280.6 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 6.46 - 5.38 - 6.46 0.05
H2 2022 (5.08) - (4.23) 2.19 (7.27) (0.06)
H1 2023 (12.95) (300.6 %) (10.79) - (12.95) (0.11)
H2 2023 (25.27) (397.8 %) (21.06) - (25.27) (0.21)
H1 2024 5.75 144.4 % 4.79 - 5.75 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
H2 2022 13.46 % 5.41 % (0.20 %)
H1 2023 12.40 % 2.42 % (5.70 %)
H2 2023 11.50 % (1.96 %) (10.77 %)
H1 2024 14.82 % 4.04 % (5.24 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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 120.00 - - 0.61
H2 2022 120.00 1.15 (0.68) 0.64
H1 2023 120.00 (15.02) (16.85) 0.39
H2 2023 120.00 (31.85) (31.85) 0.27
H1 2024 120.00 (16.26) (16.26) 0.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
H2 2022 - - -
H1 2023 NEG NEG 11.65
H2 2023 NEG NEG 19.20
H1 2024 NEG NEG 16.07

Business Segments (Million)

Compared With The
Period Elevators and Escalators Feed and agriculture Plastic Deletions
Q4 2021 79.00 41.41 15.81 (22.32)
Q2 2022 86.39 108.25 52.07 -
Q4 2022 87.38 100.40 43.32 (64.03)
Q2 2023 76.71 72.13 - -
Q4 2023 120.06 68.14 45.28 (65.91)
Q2 2024 66.56 102.71 35.79 -

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