National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed net loss after Zakat and tax to SAR 21 million for the first nine months of 2020, compared to SAR 51.4 million in the year-earlier period.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 204.57 | 158.70 | (22.4 %) |
| Gross Income | 17.12 | 9.51 | (44.4 %) |
| Operating Income | (5.25) | (15.61) | (197.6 %) |
| Net Income | (51.37) | (21.03) | 59.1 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (1.72) | (0.70) | 59.1 % |
The improvement was attributed to lower cost of some production inputs, decrease in financial charges and a decline in Zakat provision. The firm also noted the impairment loss of goodwill of SAR 40.1 million in the same period last year.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 58.05 | 41.33 | (28.8 %) |
| Gross Income | 1.86 | 3.81 | 104.9 % |
| Operating Income | (4.69) | (3.90) | 16.9 % |
| Net Income | (47.08) | (5.86) | 87.6 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (1.57) | (0.20) | 87.6 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 37.82 | 41.33 | 9.3 % |
| Gross Income | 2.08 | 3.81 | 83.6 % |
| Operating Income | (5.98) | (3.90) | 34.8 % |
| Net Income | (7.71) | (5.86) | 24.0 % |
| Average Shares | 29.95 | 29.95 | - |
| EPS (Riyals) | (0.26) | (0.20) | 24.0 % |
The company’s net loss after Zakat and tax stood 5.9 million in Q3 2020, against a loss of SAR 47.08 million in the same period last year, due to decrease in cost of some production inputs, lower selling and distributing expenses, partial collection from provision for doubtful accounts and decrease in financial charges, along with an increase in other income. The company recorded impairment loss of goodwill of SAR 40.1 million in Q3 2019.
On a quarterly basis, the company narrowed its net losses in Q3 2020.
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