Maadaniyah trims 9M 2021 net loss to SAR 20.7 mln

03/11/2021 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss after Zakat and tax by 1.6% to SAR 20.7 million for the first nine months of 2021, from SAR 21 million in the year-earlier period.

The company attributed the decline in losses to improved sales, lower general and administrative expenses, and an increase in other income. Maadaniyah also cited a decline in finance charges and a slight decrease in Zakat provision.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	158.70	165.51	4.3 %
Gross Income	9.51	12.12	27.4 %
Operating Income	(15.61)	(15.89)	(1.7 %)
Net Income	(21.03)	(20.70)	1.6 %
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.70)	(0.69)	1.6 %

In Q3 2021, the metal casting firm lowered its net loss after Zakat and tax by 6.3% to SAR 6.2 million from SAR 5.9 million a year earlier, on higher production costs, along with increased selling and distribution expenses.

When compared to the previous quarter, Q3 net losses decreased by 15.6% from SAR 7.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	41.33	52.19	26.3 %
Gross Income	3.81	3.38	(11.4 %)
Operating Income	(3.90)	(4.43)	(13.7 %)
Net Income	(5.86)	(6.24)	(6.4 %)
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.20)	(0.21)	(6.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	48.07	52.19	8.6 %
Gross Income	5.12	3.38	(34.0 %)
Operating Income	(5.99)	(4.43)	25.9 %
Net Income	(7.38)	(6.24)	15.5 %
Average Shares	29.95	29.95	-
EPS (Riyals)	(0.25)	(0.21)	15.5 %

Shareholders’ equity, after minority interest, dropped 14% to SAR 247.43 million as of Sept. 30, 2021, from SAR 287.48 million a year earlier.

Accumulated losses reached SAR 60.86 million, or 21.65% of the company’s capital by the end of the nine-month period.

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