Mayar cuts accumulated losses to 15.46% of capital

Logo of Mayar Holding Co.

Mayar Holding Co. trimmed its accumulated losses from 48.13% as of Dec. 31, 2023 to 15.46% as of June 30, 2024, of its SAR 60 million capital.

In a statement on Tadawul, Mayar said that this reduction is primarily driven by the enhanced operational and financial performance during H1 2024.

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This is in addition to taking measures to cut losses including improving and controlling costs.

Meanwhile, the executive management is working, in accordance with the board of directors’ directives, to improve operational efficiency and rationalize costs to increase its profitability.

The company was also able to extinguish losses amounting to SAR 13.60 million, representing 22.7% of the capital, through the parent company’s acquisition of some trade receivables, and accounting was done to reverse the expected credit losses for these receivables as an equity transaction and classifying them as carrying losses without having a financial impact on the income statement.

For details on the company's financial position following the reduction, please refer to the attached auditor's report: