Meyar Co. reported a net profit of SAR 1.5 million for 2023, a drop of 66% compared to SAR 4.5 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 38.07 | 34.14 | (10.3 %) |
| Gross Income | 8.31 | 3.69 | (55.6 %) |
| Operating Income | 2.74 | (3.01) | (209.6 %) |
| Net Income | 4.46 | 1.49 | (66.5 %) |
| Average Shares | 1.06 | 1.33 | 25.0 % |
| EPS (Riyals) | 4.20 | 1.13 | (73.2 %) |
The company recorded lower revenues compared with a year earlier, due to the entry of new competitors into the market. It also cited the completion of some major projects, in which the company was the main supplier.
Meyar also reported higher cost of raw materials used in production, and an increase in the depreciation item in operating expenses due to the entry of new assets this year.
Total shareholders’ equity, no minority interest, stood at SAR 36.90 million by the end of 2023, compared to SAR 19.77 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenues (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 |
(0.08) |
(0.64) |
|
H2 2023 |
17.07 |
2.29 |
1.83 |
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