Maadaniyah widens H1 2022 losses to SAR 15.3 mln, Q2 at SAR 8.2 mln

21/08/2022 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) widened net losses after Zakat and tax to SAR 15.3 million in H1 2022, from SAR 14.5 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	113.32	131.55	16.1 %
Gross Income	8.74	4.52	(48.3 %)
Operating Income	(11.45)	(12.91)	(12.8 %)
Net Income	(14.47)	(15.34)	(6.0 %)
Average Shares	29.95	35.40	18.2 %
EPS (Riyals)	(0.48)	(0.43)	10.3 %

The company cited higher production input costs, selling and distribution expenses, as well as general and administrative (G&A) expenses. An increased Zakat provision also weighed on the first-half results. The higher losses came despite better sales revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	48.07	54.52	13.4 %
Gross Income	5.12	1.53	(70.2 %)
Operating Income	(5.99)	(7.23)	(20.7 %)
Net Income	(7.38)	(8.20)	(11.0 %)
Average Shares	29.95	35.40	18.2 %
EPS (Riyals)	(0.25)	(0.23)	6.1 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	77.03	54.52	(29.2 %)
Gross Income	2.99	1.53	(49.0 %)
Operating Income	(5.69)	(7.23)	(27.0 %)
Net Income	(7.14)	(8.20)	(14.8 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.20)	(0.23)	(14.8 %)

In Q2 2022, the company’s net losses after Zakat and tax increased by 11.1% to SAR 8.2 million from SAR 7.38 million a year earlier. The three-month period was impacted by higher production input costs, selling and distribution expenses, G&A and Zakat provisions.

On a quarterly basis, net losses deepened from SAR 7.14 million.

Shareholders’ equity, after minority interest, rose to SAR 336.46 million as of June 30, 2022, from SAR 253.67 million in the prior-year period.

Accumulated losses stood at SAR 44.71 million, or 12.63% of the company’s capital.

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