Mayar turns to profits of SAR 16.6M in 2024, SAR 10.8M in H2

27/03/2025 Argaam Exclusive

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Mayar Holding Co. turned to a net profit after minority interest of SAR 16.6 million in 2024, versus losses of SAR 38.2 million in the year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 354.96 446.74 25.9 %
Gross Income 40.80 75.25 84.4 %
Operating Income (22.39) 23.16 203.4 %
Net Income (38.22) 16.57 143.4 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Halala) (31.85) 13.81 143.4 %
EPS (Halala) (31.85) 13.81 143.4 %

The 2024 profitmaking was driven by higher revenues for the same year. The 12-month top line soared as a result of the increased elevator segment sales on higher sales contracts and maintenance sales, in addition to the impact of the acquisition of two elevator-focused companies.

 

Besides, sales of the company’s feed segment advanced on an annual basis in 2024, thanks to the restructuring of the sales department, while also targeting strategic customers (production companies) and expanding poultry output to achieve integration between the feed production chain and poultry production and sales.

 

Mayar’s gross profit also surged to SAR 75 million in 2024, from SAR 41 million in the previous year.

 

However, the 2024 bottom line was weighed by higher financing costs, given the increased sales and purchases made during the current year, compared to 2023. Additionally, selling and distribution expenses appreciated during 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 167.57 241.70 44.2 %
Gross Income 23.11 43.14 86.7 %
Operating Income (14.85) 9.54 164.3 %
Net Income (25.27) 10.82 142.8 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Halala) (21.06) 9.01 142.8 %
EPS (Halala) (21.06) 9.01 142.8 %
In H2 2024, Mayar turned to net earnings of SAR 10.8 million, against SAR 25.2 million in losses in H2 2023.
 
Biannually, the six-month bottom line jumped 88.1 from SAR 5.75 million in H1 2024.

 

Shareholders' equity (excluding minority interest) rose to SAR 39.6 million as of Dec. 31, 2024, compared to SAR 32.4 million a year ago.

View More Financial Results

 

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Share Price

Mayar Holding Co.
2.57
(0.13) (4.81 %)

Mayar Holding Co. (MAYAR)

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Financial Ratios
Current
Market Cap (M Riyal) 308.40
Enterprise Value (EV) (M) 541.81
Shares Outstanding ((M)) 120.00
Book Value (BV) ( Riyal) 0.33
Par Value ( Halala) 50.00
Adjusted P/E (Last12) 18.62
Price/book 7.78
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