Financial Results : Maadaniyah widens losses to SAR 7.1 mln in Q1 2022

Maadaniyah widens losses to SAR 7.1 mln in Q1 2022

24/05/2022 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) net loss after Zakat and tax widened to SAR 7.14 million in Q1 2022, from SAR 7.08 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 65.26 77.03 18.0 %
Gross Income 3.62 2.99 (17.5 %)
Operating Income (5.47) (5.69) (4.1 %)
Net Income (7.09) (7.14) (0.7 %)
Average Shares 29.95 35.40 18.2 %
EPS (Riyals) (0.24) (0.20) 14.8 %

The increased losses were attributed to higher production cost, selling and distribution expenses, general and administrative expenses as well as Zakat provision.

 

On a sequential basis, the company narrowed losses from SAR 8.43 million in Q4 2021 on improved sales and lower financing charges.

 

Total shareholders’ equity, excluding minority interest, rose 32% to SAR 344.66 million as of March 31, 2022, from SAR 261.05 million a year ago.

 

The company’s accumulated losses reached SAR 36.51 million as of March 31, 2022, representing 10.31% of its SAR 354 million capital.

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