National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss to SAR 12.5 million in H1 2023, compared with SAR 15.3 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 131.55 | 123.63 | (6.0 %) |
| Gross Income | 4.52 | 5.83 | 29.0 % |
| Operating Income | (12.91) | (10.18) | 21.2 % |
| Net Income | (15.34) | (12.46) | 18.8 % |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.43) | (0.35) | 18.8 % |
This was due to a decrease in the cost of sales, as well as an improvement in sales of Axles and casting products, in addition to lower selling, distributing, general and administrative expenses. The company also cited an increase in other incomes & profit from Murabaha and deposits with banks.
In Q2 2023, the company narrowed its net loss by 7.8% to SAR 7.6 million compared with SAR 8.2 million a year earlier.
On a quarterly basis, net losses widened from SAR 4.9 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 54.52 | 57.88 | 6.2 % |
| Gross Income | 1.53 | 1.92 | 25.9 % |
| Operating Income | (7.23) | (5.77) | 20.1 % |
| Net Income | (8.20) | (7.56) | 7.8 % |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.23) | (0.21) | 7.8 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 65.75 | 57.88 | (12.0 %) |
| Gross Income | 3.91 | 1.92 | (50.8 %) |
| Operating Income | (3.42) | (5.77) | (68.8 %) |
| Net Income | (4.90) | (7.56) | (54.3 %) |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.14) | (0.21) | (54.3 %) |
Shareholders’ equity, no minority interest, fell to SAR 303.11 million as of June 30, 2023, from SAR 336.46 million in the prior-year period.
Accumulated losses stood at SAR 78.06 million, or 22.05% of the company’s capital.
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