National Metal Manufacturing and Casting Co. (Maadaniyah) slipped into a deeper net loss after Zakat and tax of SAR 24.8 million in the first nine months of 2022, compared to a loss of SAR 20.7 million in the prior-year period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 165.51 | 189.71 | 14.6 % |
| Gross Income | 12.12 | 3.82 | (68.5 %) |
| Operating Income | (15.89) | (20.80) | (31.0 %) |
| Net Income | (20.70) | (24.84) | (20.0 %) |
| Average Shares | 29.95 | 35.40 | 18.2 % |
| EPS (Riyals) | (0.69) | (0.70) | (1.5 %) |
Maadaniyah reported an increase in production input costs, selling and marketing expenses, general and administrative (G&A) expenses, as well as Zakat provisions.
The higher losses were incurred despite improved sales.
In Q3 2022, the company also widened net losses after Zakat and tax to SAR 9.5 million, from SAR 6.24 million due to higher production input costs, selling and marketing expenses, G&A expenses and Zakat provisions.
Compared to the previous quarter, net losses widened by 15.9% from SAR 8.2 million on a decline in the average selling prices of main products, as well as higher G&A expenses, bank charges and Zakat provisions.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 52.19 | 58.16 | 11.4 % |
| Gross Income | 3.38 | (0.70) | (120.6 %) |
| Operating Income | (4.43) | (7.51) | (69.4 %) |
| Net Income | (6.24) | (9.50) | (52.4 %) |
| Average Shares | 29.95 | 35.40 | 18.2 % |
| EPS (Riyals) | (0.21) | (0.27) | (28.9 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 54.52 | 58.16 | 6.7 % |
| Gross Income | 1.53 | (0.70) | (145.6 %) |
| Operating Income | (7.23) | (7.51) | (3.9 %) |
| Net Income | (8.20) | (9.50) | (15.9 %) |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.23) | (0.27) | (15.9 %) |
Total shareholders’ equity, no minority interest, stood at SAR 326.96 million as of Sept. 30, 2022, up from SAR 247.43 million in the year-earlier period.
Accumulated losses reached SAR -54.21 million by the end of the nine-month period, accounting for -15.31% of the company’s capital.
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