Meyar Co. reported a net profit after Zakat and tax of SAR 3.2 million in the first six months of 2022, an increase of 61% compared to SAR 2 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 20.05 | 19.96 | (0.5 %) |
| Gross Income | 3.85 | 5.58 | 45.0 % |
| Operating Income | 1.58 | 2.57 | 62.9 % |
| Net Income | 1.97 | 3.18 | 61.4 % |
| Average Shares | 0.85 | 1.06 | 24.4 % |
| EPS (Riyals) | 2.31 | 2.99 | 29.8 % |
The earnings increase was primarily due to achieving a gross profit margin of 28% in H1 2022 compared to 19% in the year earlier period. Meanwhile, cost of sales declined 11% year-on-year.
This increase was mitigated by lower sales, along with general and administrative expenses.
Total shareholders’ equity, no minority interest, stood at SAR 18.6 million by the end of H1 2022, compared to SAR 12.6 million in the year-earlier period.
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