Financial Results : Maadaniyah narrows net loss to SAR 21 mln in 9M 2020

Maadaniyah narrows net loss to SAR 21 mln in 9M 2020

08/11/2020 Argaam Exclusive

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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.

 



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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