Maadaniyah deepens 9M 2022 loss to SAR 24.8 mln; Q3 at SAR 9.5 mln

08/11/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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