Mayar earns SAR 5.8M in first half of 2024

11/08/2024 Argaam Exclusive

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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 %

Item	H2 2023	H1 2024	Change‬
Revenues	167.57	205.05	22.4 %
Gross Income	23.11	32.11	39.0 %
Operating Income	(14.85)	13.61	191.7 %
Net Income	(25.27)	5.75	122.8 %
Average Shares	120.00	120.00	-
EPS (Halala)	(21.06)	4.79	122.8 %

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

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	121.80	-	28.27	-	7.21	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	286.24	135.0 %	44.11	56.0 %	14.93	107.1 %
H1 2022	246.72	-	29.45	-	6.68	-
H2 2022	167.07	-	26.26	-	0.98	-
2022	413.79	44.6 %	55.71	26.3 %	7.66	(48.7 %)
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 %)
2023	354.96	(14.2 %)	40.80	(26.8 %)	(22.39)	(392.3 %)
H1 2024	205.05	9.4 %	32.11	81.4 %	13.61	280.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	121.80	-	28.27	-	7.21	-
2021	286.24	135.0 %	44.11	56.0 %	14.93	107.1 %
2022	413.79	44.6 %	55.71	26.3 %	7.66	(48.7 %)
2023	354.96	(14.2 %)	40.80	(26.8 %)	(22.39)	(392.3 %)

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	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	2.97	-	2.48	-	2.97	0.02
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	18.22	513.2 %	15.18	7.94	10.28	0.09
H1 2022	6.46	-	5.38	-	6.46	0.05
H2 2022	(5.08)	-	(4.23)	2.19	(7.27)	(0.06)
2022	1.38	(92.4 %)	1.15	2.19	(0.81)	(0.01)
H1 2023	(12.95)	(300.6 %)	(10.79)	-	(12.95)	(0.11)
H2 2023	(25.27)	(397.8 %)	(21.06)	-	(25.27)	(0.21)
2023	(38.22)	(2867.4 %)	(31.85)	-	(38.22)	(0.32)
H1 2024	5.75	144.4 %	4.79	-	5.75	0.05

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	2.97	-	2.48	-	2.97	0.02
2021	18.22	513.2 %	15.18	7.94	10.28	0.09
2022	1.38	(92.4 %)	1.15	2.19	(0.81)	(0.01)
2023	(38.22)	(2867.4 %)	(31.85)	-	(38.22)	(0.32)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	23.21 %	10.92 %	2.44 %
H1 2021	-	-	-
H2 2021	-	-	-
2021	15.41 %	8.14 %	3.59 %
H1 2022	-	-	-
H2 2022	13.46 %	5.41 %	(0.20 %)
2022	13.46 %	5.41 %	(0.20 %)
H1 2023	12.40 %	2.42 %	(5.70 %)
H2 2023	11.50 %	(1.96 %)	(10.77 %)
2023	11.50 %	(1.96 %)	(10.77 %)
H1 2024	14.82 %	4.04 %	(5.24 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	23.21 %	10.92 %	2.44 %
2021	15.41 %	8.14 %	3.59 %
2022	13.46 %	5.41 %	(0.20 %)
2023	11.50 %	(1.96 %)	(10.77 %)

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	11.94 %	5.56 %	2.62 %
H2 2022	15.72 %	5.18 %	(4.35 %)
H1 2023	9.44 %	(0.05 %)	(6.91 %)
H2 2023	13.79 %	(4.10 %)	(15.08 %)
H1 2024	15.66 %	10.69 %	2.80 %

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

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	120.00	2.48	2.48	(0.31)
2021	120.00	15.18	8.57	0.12
2022	120.00	1.15	(0.68)	0.64
2023	120.00	(31.85)	(31.85)	0.27

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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	NEG	NEG	19.20

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	-

Period	Elevators and Escalators	Feed and agriculture	Plastic	Deletions
2020	153.07	-	-	(31.28)
2021	251.34	41.41	15.81	(22.32)
2022	173.77	208.65	95.40	(64.03)
2023	196.77	140.26	83.83	(65.91)

Financial Ratios

	Current
Market Cap (M Riyal)	411.60
Enterprise Value (EV) (M)	657.28
Shares Outstanding ((M))	120.00
Book Value (BV) ( Riyal)	0.27
Par Value ( Halala)	50.00
Adjusted P/E (Last12)	Neg
Price/book	12.69

Mayar Holding Co. (MAYAR)

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Mayar earns SAR 5.8M in first half of 2024

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Mayar Holding Co. (MAYAR)

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Mayar earns SAR 5.8M in first half of 2024

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Mayar Holding Co. (MAYAR)

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Business Segments (Million)