Maadaniyah deepens 9M 2022 loss to SAR 24.8 mln; Q3 at SAR 9.5 mln

08/11/2022 Argaam Exclusive

National Metal Manufacturing and Casting Co. (Maadaniyah) slipped into a deeper net loss after Zakat and tax of SAR 24.8 million in the first nine months of 2022, compared to a loss of SAR 20.7 million in the prior-year period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 165.51 189.71 14.6 %
Gross Income 12.12 3.82 (68.5 %)
Operating Income (15.89) (20.80) (31.0 %)
Net Income (20.70) (24.84) (20.0 %)
Average Shares 29.95 35.40 18.2 %
EPS (Riyals) (0.69) (0.70) (1.5 %)

Maadaniyah reported an increase in production input costs, selling and marketing expenses, general and administrative (G&A) expenses, as well as Zakat provisions.

 

The higher losses were incurred despite improved sales.

 

In Q3 2022, the company also widened net losses after Zakat and tax to SAR 9.5 million, from SAR 6.24 million due to higher production input costs, selling and marketing expenses, G&A expenses and Zakat provisions.

 

Compared to the previous quarter, net losses widened by 15.9% from SAR 8.2 million on a decline in the average selling prices of main products, as well as higher G&A expenses, bank charges and Zakat provisions.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 52.19 58.16 11.4 %
Gross Income 3.38 (0.70) (120.6 %)
Operating Income (4.43) (7.51) (69.4 %)
Net Income (6.24) (9.50) (52.4 %)
Average Shares 29.95 35.40 18.2 %
EPS (Riyals) (0.21) (0.27) (28.9 %)

Total shareholders’ equity, no minority interest, stood at SAR 326.96 million as of Sept. 30, 2022, up from SAR 247.43 million in the year-earlier period.

 

Accumulated losses reached SAR -54.21 million by the end of the nine-month period, accounting for -15.31% of the company’s capital.

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Share Price

National Metal Manufacturing and Casting Co.
18.14
(0.10) (0.55 %)

National Metal Manufacturing and Casting Co. (MAADANIYAH)

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Financial Ratios
Current
Market Cap (M Riyal) 642.16
Enterprise Value (EV) (M) 621.42
Shares Outstanding ((M)) 35.40
EPS ( Riyal) (TTM) (1.08)
Book Value (BV) ( Riyal) 7.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.42
Return on Average Assets (%) (TTM) (9.14 )
Return on Average Equity (%) (TTM) (13.44 )
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