National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss after Zakat and tax by 1.6% to SAR 20.7 million for the first nine months of 2021, from SAR 21 million in the year-earlier period.
The company attributed the decline in losses to improved sales, lower general and administrative expenses, and an increase in other income. Maadaniyah also cited a decline in finance charges and a slight decrease in Zakat provision.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 158.70 | 165.51 | 4.3 % |
| Gross Income | 9.51 | 12.12 | 27.4 % |
| Operating Income | (15.61) | (15.89) | (1.7 %) |
| Net Income | (21.03) | (20.70) | 1.6 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (0.70) | (0.69) | 1.6 % |
In Q3 2021, the metal casting firm lowered its net loss after Zakat and tax by 6.3% to SAR 6.2 million from SAR 5.9 million a year earlier, on higher production costs, along with increased selling and distribution expenses.
When compared to the previous quarter, Q3 net losses decreased by 15.6% from SAR 7.3 million.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 41.33 | 52.19 | 26.3 % |
| Gross Income | 3.81 | 3.38 | (11.4 %) |
| Operating Income | (3.90) | (4.43) | (13.7 %) |
| Net Income | (5.86) | (6.24) | (6.4 %) |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (0.20) | (0.21) | (6.4 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 48.07 | 52.19 | 8.6 % |
| Gross Income | 5.12 | 3.38 | (34.0 %) |
| Operating Income | (5.99) | (4.43) | 25.9 % |
| Net Income | (7.38) | (6.24) | 15.5 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (0.25) | (0.21) | 15.5 % |
Shareholders’ equity, after minority interest, dropped 14% to SAR 247.43 million as of Sept. 30, 2021, from SAR 287.48 million a year earlier.
Accumulated losses reached SAR 60.86 million, or 21.65% of the company’s capital by the end of the nine-month period.
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