Maadaniyah widens H1 2020 losses to SAR 15.2 mln

19/08/2020 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) widened net loss after Zakat and tax to SAR 15.2 million for the first six months of 2020, compared to SAR 4.3 million in year-earlier period.

The losses were attributed to lower sales, higher selling and distribution expenses, higher shipping cost to the USA, increase in provision for doubtful accounts and lower other income.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	146.52	117.37	(19.9 %)
Gross Income	15.26	5.70	(62.6 %)
Operating Income	(0.55)	(11.71)	(2,014.1 %)
Net Income	(4.29)	(15.17)	(253.6 %)
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.14)	(0.51)	(253.6 %)

Net losses for Q2 2020 widened to SAR 7.7 million versus SAR 4.1 million in year earlier period, on lower sales, higher sales and distribution expenses, provision for doubtful accounts and lower other income.

On a sequential basis, Q2 2020 net losses widened from SAR 7.5 million in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	65.82	37.82	(42.5 %)
Gross Income	5.97	2.08	(65.2 %)
Operating Income	(2.40)	(5.98)	(149.7 %)
Net Income	(4.10)	(7.71)	(88.1 %)
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.14)	(0.26)	(88.1 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	79.55	37.82	(52.5 %)
Gross Income	3.63	2.08	(42.7 %)
Operating Income	(5.73)	(5.98)	(4.4 %)
Net Income	(7.46)	(7.71)	(3.3 %)
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.25)	(0.26)	(3.3 %)

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