National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss after Zakat and tax of SAR 65.1 million for fiscal year 2019, compared to a net profit of SAR 4.5 million a year earlier.
The metal manufacturer turned to loss last year on lower sales due to the decrease in market demand in the GCC and a decline in pre-stressed concrete strands in the United States.
The company also cited higher other expenses due to goodwill impairment of SAR 4.1 million, as well as lower other income and a rise in financial charges.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 391.17 | 263.25 | (32.7 %) |
| Gross Income | 47.91 | 17.24 | (64.0 %) |
| Operating Income | 13.15 | (13.37) | (201.7 %) |
| Net Income | 4.53 | (65.11) | (1537.6 %) |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | 0.15 | (2.17) | (1537.6 %) |
In Q4 2019, Maadaniyah swung to a net loss of SAR 13.7 million as compared to a net profit of SAR 2.2 million in Q4 2018.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 95.92 | 58.68 | (38.8 %) |
| Gross Income | 12.30 | 0.13 | (99.0 %) |
| Operating Income | 4.11 | (8.12) | (297.7 %) |
| Net Income | 2.29 | (13.74) | (700.6 %) |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | 0.08 | (0.46) | (700.6 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 58.05 | 58.68 | 1.1 % |
| Gross Income | 1.86 | 0.13 | (93.2 %) |
| Operating Income | (4.69) | (8.12) | (73.0 %) |
| Net Income | (47.08) | (13.74) | 70.8 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (1.57) | (0.46) | 70.8 % |
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