Mayar Holding turns to SAR 13 mln loss in H1 2023

Mayar Holding turns to SAR 13 mln loss in H1 2023

28/08/2023 Argaam Exclusive

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Mayar Holding Co. swung to a net loss of SAR 13 million in the first half of 2023 against a net profit of SAR 6.5 million in H1 2022. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 246.72 187.39 (24.0 %)
Gross Income 29.45 17.70 (39.9 %)
Operating Income 6.68 (7.54) (212.9 %)
Net Income 6.46 (12.95) (300.6 %)
Average Shares 120.00 120.00 -
EPS (Halala) 5.38 (10.79) (300.6 %)

The six-month losses were attributed to a decline in subsidiaries’ sales. The company faced some difficulties with importing raw materials for the subsidiaries operating in Egypt amid the Egyptian pound devaluation.

 

Mayar reported higher finance costs due to increased interest rates. Higher general and administrative expenses as well as credit loss provision costs, along with lower other income also weighed on the half-year results.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 246.72 187.39 (24.0 %)
Gross Income 29.45 17.70 (39.9 %)
Operating Income 6.68 (7.54) (212.9 %)
Net Income 6.46 (12.95) (300.6 %)
Average Shares 120.00 120.00 -
EPS (Halala) 5.38 (10.79) (300.6 %)

Shareholders’ equity, after minority interest, dropped to SAR 46.4 million as of June 30, 2023, from SAR 72.6 million a year earlier. 

 

Accumulated losses reached SAR 4.95 million by the end of the six-month period, representing 8.26% of the company’s capital.

 

Historical Data 

Period 

Revenue (SAR mln) 

Net Profit (SAR mln) 

EPS (SAR) 

H1 2022 

246.70

6.46

1.08

H2 2022 

167.09

(5.08)

(0.85)

H1 2023 

187.40

(12.95)

(2.16)

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
H2 2022 13.46 % 5.41 % (0.20 %)
H1 2023 12.40 % 2.42 % (5.70 %)


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

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 - -


Financial Ratios
Current
Market Cap (M Riyal) 396.00
Enterprise Value (EV) (M) 641.68
Shares Outstanding ((M)) 120.00
Book Value (BV) ( Riyal) 0.27
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
Price/book 12.21
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Share Price

Mayar Holding Co.
3.30
(0.08) (2.37 %)

Mayar Holding Co. (MAYAR)

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