MAYAR Announces Accumulated Losses Fully Extinguished

Mayar Holding Co. announced on Tuesday that the accumulated losses declined from 15.46%, or SAR 9.28 million, as of June 30, 2024, to retained earnings of SAR 1.18 million as of Dec. 31, 2024, after all accumulated losses were extinguished.

The Company stated in a statement on Tadawul that the decline in accumulated losses was mainly due to improved operational and financial performance during the current fiscal year. It added that executive management, in line with the Board of Directors’ directives, is working to enhance operational efficiency and control costs to boost profitability.

Net profit in H2 2024 reached SAR 9.96 million, representing 16.6% of capital.

The statement referred to Mayar Holding’s announcement on March 27 regarding full-year 2024 financial results.