Financial Results : Meyar turns to losses of SAR 3.9M in 2024, SAR 1.4M in H2

Meyar turns to losses of SAR 3.9M in 2024, SAR 1.4M in H2

30/03/2025 Argaam Exclusive

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Meyar Co. reported a net loss of SAR 3.9 million in 2024, against profits of SAR 951,000 in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 34.14 51.09 49.7 %
Gross Income 4.00 4.49 12.3 %
Operating Income (3.29) (3.85) (17.0 %)
Net Income 0.95 (3.95) (514.8 %)
Average Shares 1.33 1.33 -
Earnings Per Share before unusual items (Riyals) (2.11) (2.97) (41.0 %)
EPS (Riyal) 0.72 (2.97) (514.8 %)

The company cited higher cement prices during the year, being a core feedstock. In addition, Meyar Alasasat for Ready-Mixed Concrete Co., a subsidiary, did not carry out production activities for the same year.

 

Meyar also bore additional costs such as employee salaries, depreciation, and borrowing obligations related to Meyar Alasasat in H1 2024.

 

However, the company posted increased sales for 2024, in tandem with a 10% year-on-year (YoY) hike in selling prices.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 17.07 33.20 94.5 %
Gross Income 2.08 3.45 65.6 %
Operating Income (1.84) (1.87) (1.2 %)
Net Income 1.75 (1.43) (181.7 %)
Average Shares 1.33 1.33 -
Earnings Per Share before unusual items (Riyal) (1.51) (1.08) 28.5 %
EPS (Riyal) 1.32 (1.08) (181.7 %)

In H2 2024, the company turned to losses of SAR 1.4 million, against earnings of SAR 1.75 million in H2 2023.

 

Compared to H1 2024, Meyar narrowed its six-month net loss from SAR 2.52 million.

 

Total shareholders’ equity, no minority interest, reached SAR 31.85 million as of Dec. 31, 2024, down from SAR 35.40 million a year earlier.

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