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Mayar Holding Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 355 | 413.8 | -14.21 | ||
| Gross Profit (Loss) | 40.8 | 55.7 | -26.75 | ||
| Operational Profit (Loss) | -22.4 | 7.7 | - | ||
| Net profit (Loss) | -41.9 | 0.8 | - | ||
| Total Comprehensive Income | -56.9 | 4.7 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 32.4 | 77.1 | -57.98 | ||
| Profit (Loss) per Share | -0.32 | 0.01 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -28.88 | 48.13 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in revenues during the current year compared to revenues during the previous year is due to: 1-Decrease in sales of some subsidiaries 2-The fundamental change in the exchange rate of the Egyptian pound against the US dollar, which caused distortions in the numbers expressing activity, especially since controlling this change is beyond the company’s control, despite the increase in sales in the Egyptian currency. 3- A production line was disrupted in one of the subsidiaries for a period of seven months. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for achieving a net loss during the current period compared to a net profit during the similar period of the previous year is due to: 1-Decrease in sales of some subsidiaries 2-The fundamental change in the exchange rate of the Egyptian pound against the US dollar, which caused distortions in the numbers expressing activity, especially since controlling this change is beyond the company’s control, despite the increase in sales in the Egyptian currency. 3-The difficulty of importing raw materials for Subsidiaries companies operating in the Egypt, as well as the decline in the value of the local currency, Egyptian pound, for companies. 4-Increase in financing Charges due to the increase in the cost of lending during 2023. 5-Increase in Expected Credit Loss of Accounts Receivables & Contract Assets during 2023. 6-Increase of General & administrative expenses due to IPO Expenses which is Extraordinary Expenses. 7-Increase of General & administrative expenses due to IPO Expenses which is Extraordinary Expenses. 8- A production line was disrupted in one of the subsidiaries for a period of seven months. 9-Expenses for establishing a new company whose commercial activity has not been started during the year 2023 |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/ A |
| Reclassification of Comparison Items | Some figures for the previous period have been reclassified to match the presentation figures for the current period.. |
| Additional Information | The company would also like to clarify to shareholders that the accumulated losses as of December 31, 2023 amounted to 28.88 million Saudi riyals, representing 48.13% of the company’s capital, which amounts to 60 million Saudi riyals. The main reasons for these accumulated losses were mentioned above in explaining the reason for the increase (decrease) in net profit during the current year compared to the previous year. The Board of Directors took the following measures to address the company's accumulated losses: •The company's financing and liquidity position was evaluated to determine the company's ability to meet its obligations when they fall due, and the company's business plan for the next five years was reviewed and approved, including cash flows and future forecasts. The company is currently working to complete the acquisition of two poultry production farms during the year 2024 , as a first step, followed by expansion steps in poultry production during the years 2024 and 2025 . It is expected that the expansion of this activity will contribute to supporting the activities of feed production and the sale and distribution of poultry and contribute to improving both profitability and cash flows. For the company in the medium and long term. The company intends to purchase fixed assets and ERP software, modernize some current machines and machines, and add new assets, which aims to modernize and automate production lines in order to raise operating efficiency and quality, which allows the company to undertake projects to reduce energy costs, as well as digital transformation of the production process, and implement a policy Flexible production, which will It contributes to increasing sales and reducing production and labor costs. The company is expected to complete the purchase and replacement of current equipment during the third quarter of 2024. The procedures and instructions for companies whose shares are listed on the Saudi Stock Exchange, whose accumulated losses amounted to 35% or more of their capital, will be applied. Basic earnings per share amounts are calculated by dividing net income for the year attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares during the year. Diluted earnings per share amounts are calculated by dividing the net income for the year attributable to ordinary equity holders of the Parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. As shown in Note (14) about the capital, during the current year the nominal value of the company's share was divided from ten riyals. per share to Fifty halalas per share while keeping the company's capital unchanged, and in accordance with the requirements of International Accounting Standard No. (33) The weighted average number of shares has been revised retroactively for all periods offered. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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