Maadaniyah narrows losses to SAR 14.5 mln in H1 2021

18/08/2021 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed net loss after Zakat and tax to SAR 14.5 million in H1 2021, from SAR 15.2 million in the prior-year period.

The company attributed the decline in losses to the improvement in selling price, decrease in selling and distribution expenses, increase in other income, decrease in financial charges and slight decrease in provision for Zakat.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	117.37	113.32	(3.4 %)
Gross Income	5.70	8.74	53.3 %
Operating Income	(11.71)	(11.45)	2.2 %
Net Income	(15.17)	(14.47)	4.6 %
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.51)	(0.48)	4.6 %

The company reported a net loss after Zakat and tax of SAR 7.4 million for Q2 2021, compared to SAR 7.7 million in the same quarter last year.

On a sequential basis, the company widened its losses in Q2 2021 on lower sales, higher general and administrative expenses and other expenses due to provision for doubtful accounts.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	37.82	48.07	27.1 %
Gross Income	2.08	5.12	146.5 %
Operating Income	(5.98)	(5.99)	(0.1 %)
Net Income	(7.71)	(7.38)	4.2 %
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.26)	(0.25)	4.2 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	65.26	48.07	(26.3 %)
Gross Income	3.62	5.12	41.2 %
Operating Income	(5.47)	(5.99)	(9.5 %)
Net Income	(7.09)	(7.38)	(4.2 %)
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.24)	(0.25)	(4.2 %)

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