Maadaniyah cuts 2023 loss to SAR 31.5M; Q4 at SAR 13.1M

26/03/2024 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its 2023 net loss to SAR 31.5 million, from SAR 39 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	257.63	229.32	(11.0 %)
Gross Income	(0.88)	5.92	776.5 %
Operating Income	(34.18)	(27.18)	20.5 %
Net Income	(39.00)	(31.47)	19.3 %
Average Shares	35.40	35.40	-
EPS (Riyals)	(1.10)	(0.89)	19.3 %

The improved results were due to strong sales of axles, spare parts and casting products, as well as lower cost of sales, a decrease in selling, distributing, and administrative expenses. The company also cited higher other income and robust profit from Murabaha and deposits with banks.

The decline in sales was due to a 20% fall in the average selling prices of drawn wire products and a 2% decrease in the quantities sold.

In Q4 2023, net losses narrowed to SAR 13.1 million, from SAR 14.16 million in Q4 2022.

Compared with the previous quarter, the company increased Q4 losses from SAR 5.96 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	67.92	52.60	(22.6 %)
Gross Income	(4.70)	(3.24)	30.9 %
Operating Income	(13.38)	(12.54)	6.2 %
Net Income	(14.16)	(13.06)	7.8 %
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.40)	(0.37)	7.8 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	53.09	52.60	(0.9 %)
Gross Income	3.34	(3.24)	(197.2 %)
Operating Income	(4.45)	(12.54)	(181.5 %)
Net Income	(5.96)	(13.06)	(119.1 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.17)	(0.37)	(119.1 %)

Total shareholders’ equity, no minority interest, dropped to SAR 284.28 million as of Dec. 31, 2023, from SAR 315.56 million a year earlier.

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