Maadaniyah widens H1 2024 loss to SAR 19.2M; Q2 at SAR 11.8M

07/08/2024 Argaam Exclusive
National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss of SAR 19.2 million in H1 2024, compared to SAR 12.5 million in a year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 123.63 120.54 (2.5 %)
Gross Income 5.83 1.22 (79.0 %)
Operating Income (10.18) (16.33) (60.4 %)
Net Income (12.46) (19.17) (53.9 %)
Average Shares 35.40 35.40 -
EPS (Riyals) (0.35) (0.54) (53.9 %)

This was attributed to lower sales of axles, spare parts, and casting products, and decreased average selling prices of drawn wire products.

 

Maadaniyah incurred a net loss of SAR 11.8 million in Q2 2024, compared to SAR 7.56 million in the year-earlier period.

 

The company cited lower sales of axles, spare parts, and casting products as well as decreased average selling prices of drawn wire products.

 

It also reported higher selling and distribution expenses and increased provisions for expected credit losses.

 

On a quarterly basis, Q2 2024 net loss widened from SAR 7.39 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 57.88 56.24 (2.8 %)
Gross Income 1.92 (0.39) (120.4 %)
Operating Income (5.77) (10.38) (79.8 %)
Net Income (7.56) (11.78) (55.9 %)
Average Shares 35.40 35.40 -
EPS (Riyals) (0.21) (0.33) (55.9 %)

Total shareholders’ equity (after deducting minority equity) reached SAR 265.1 million by June 30, 2024, compared to SAR 303.1 million in the corresponding period of the year before.

 

Accumulated loss reached SAR 88.9 million by June 30, 2024, accounting for 25% of 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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