Meyar swings to SAR 799,000 loss in H1 2023

Meyar swings to SAR 799,000 loss in H1 2023

24/08/2023 Argaam Exclusive

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Meyar Co. turned to a net loss of SAR 799,000 in H1 2023 versus a net profit of SAR 3.2 million in the first half of 2022. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 19.96 17.07 (14.5 %)
Gross Income 5.58 1.92 (65.7 %)
Operating Income 2.57 (1.44) (156.1 %)
Net Income 3.18 (0.80) (125.1 %)
Average Shares 1.06 1.33 25.0 %
EPS (Riyals) 2.99 (0.60) (120.1 %)

The losses were incurred on lower sales, due to the entry of new competitors, fierce competition and low demand in the company’s business area.

 

Meyar reported an increased cost of goods sold, due to the high prices of basic materials and requirements on using new inputs for the company’s products.

 

Higher depreciation, as well as general and administrative expenses, due to the company’s listing on Nomu-Parallel Market, also weighed on the half-year results. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 19.96 17.07 (14.5 %)
Gross Income 5.58 1.92 (65.7 %)
Operating Income 2.57 (1.44) (156.1 %)
Net Income 3.18 (0.80) (125.1 %)
Average Shares 1.06 1.33 25.0 %
EPS (Riyals) 2.99 (0.60) (120.1 %)

Total shareholders’ equity, no minority interest, rose to SAR 34.63 million as of June 30, 2023, from SAR 18.56 million a year earlier.

 

                                                            Historical Data

Period

Revenue

(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)

 

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 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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) 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 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)

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 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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) 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 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

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 More than 100 More than 100 3.44

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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