Meyar widens H1 2024 loss to SAR 2.5M

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 %)

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)

 

View More Financial Results

 


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 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 %
H2 2022 18.11 (14.7 %) 2.73 (50.2 %) 0.17 (93.4 %)
H1 2023 17.07 (14.5 %) 1.92 (65.7 %) (1.44) (156.1 %)
H2 2023 17.07 (5.7 %) 1.77 (35.0 %) (1.56) (1013.6 %)
H1 2024 17.90 4.9 % 1.04 (45.7 %) (1.98) (37.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) 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 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
H2 2022 1.28 (48.6 %) 1.20 - 1.28 1.20
H1 2023 (0.80) (125.1 %) (0.60) - (0.80) (0.60)
H2 2023 2.29 79.3 % 1.73 3.75 (1.46) (1.10)
H1 2024 (2.52) (215.1 %) (1.90) - (2.52) (1.90)

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 22.61 % 19.09 % 10.79 %
H1 2022 26.86 % 20.97 % 13.75 %
H2 2022 21.84 % 14.77 % 11.71 %
H1 2023 13.21 % 5.48 % 1.36 %
H2 2023 10.81 % 3.59 % (6.61 %)
H1 2024 8.05 % 4.28 % (11.36 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) 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 0.85 - - 14.82
H2 2021 1.06 4.20 4.20 14.48
H1 2022 1.06 5.34 5.34 17.48
H2 2022 1.06 4.20 4.20 18.63
H1 2023 1.33 0.36 0.36 26.10
H2 2023 1.33 1.13 (1.70) 27.62
H1 2024 1.33 (0.17) (2.99) 25.80

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 More than 100 More than 100 3.44
H2 2023 63.96 NEG 2.61
H1 2024 NEG NEG 2.71

Business Segments (Million)

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


Financial Ratios
Current
Market Cap (M Riyal) 90.10
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 2.46
more

Share Price

Meyar Co.
67.90
0.50 0.74 %

Meyar Co. (MEYAR)

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