Mayar records losses of SAR 13.4 million during H1

Mayar Holding Company recorded a net loss after zakat and tax during the first half of SAR 13.4 million, compared to a profit of SAR 8.6 million in the same half of last year. This came after the announcement on Monday of the interim financial results for the period ended on June 30 (six months).

The operational loss amounted to SAR 7.5 million in the first half, compared to a profit of SAR 6.7 million in the same half of the previous year.

The total shareholders’ equity “without minority rights” amounted to SAR 46.4 million in the 6-month period, compared to SAR 77.1 million in the same period last year, a decline of 39.8%.

The loss per share in the current period reached SAR 2.16, compared to a profit of SAR 1.52 in the same period last year.

The reason of net loss during the current Period compared to the net profit for the same Period of the last year is:

Decrease in Sales of some of Subsidiaries.

The difficulty of importing raw materials for Subsidiaries’ companies operating in Egypt, as well as the decline in the value of the local currency, Egyptian pound, for these companies.

Increase in financing Charges due to the increase in the interest rate.

Increase of General & administrative expenses due to IPO Expenses which is Extraordinary Expenses.

Increase of Expected Credit Loss Expenses.

Decrease in other revenues.

The accumulated losses amounted to 4.95 million, 8.26% of the capital as on 30 June 2023.