Financial Results : Maadaniyah narrows 2020 loss to SAR 40.8 mln

Maadaniyah narrows 2020 loss to SAR 40.8 mln

30/03/2021 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss after Zakat and tax to SAR 40.8 million in 2020 from SAR 65.1 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 263.25 205.96 (21.8 %)
Gross Income 17.24 4.43 (74.3 %)
Operating Income (13.37) (29.87) (123.5 %)
Net Income (65.11) (40.82) 37.3 %
Average Shares 29.95 29.95 -
EPS (Riyals) (2.17) (1.36) 37.3 %

The metal manufacturer attributed the decline in loss to lower sales due to COVID-19 and the precautionary measures imposed to limit the spread, in addition to recording provisions for doubtful accounts and slow-moving inventory amounting to SAR 12.1 million.

 

The firm also cited recording goodwill impairment losses of SAR 40.1 million in the past year.

 

The company widened its net loss after Zakat and tax to SAR 19.8 million in Q4 2020 compared to SAR 13.7 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 58.68 47.26 (19.5 %)
Gross Income 0.13 (5.08) (4131.7 %)
Operating Income (8.12) (14.26) (75.6 %)
Net Income (13.74) (19.78) (44.0 %)
Average Shares 29.95 29.95 -
EPS (Riyals) (0.46) (0.66) (44.0 %)

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