Financial Results : Maadaniyah narrows losses to SAR 4.9 mln in Q1 2023

Maadaniyah narrows losses to SAR 4.9 mln in Q1 2023

18/05/2023 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss of SAR 4.9 million for Q1 2023, from SAR 7.1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 77.03 65.75 (14.6 %)
Gross Income 2.99 3.91 30.6 %
Operating Income (5.69) (4.41) 22.5 %
Net Income (7.14) (4.90) 31.4 %
Average Shares 35.40 35.40 -
EPS (Riyals) (0.20) (0.14) 31.4 %

The reduction in losses was attributed to lower production costs, mainly steel wire rod, which is the raw material for the main products of the group. This is in addition to lower selling and distribution expenses, besides higher other income and profit from bank deposits.

 

Sequentially, the company cut losses from SAR 14.16 million in Q4 2022, buoyed by improved sales of axles and metal castings.

 

Total shareholders’ equity, no minority interest, fell to SAR 310.67 million as of March 31, 2023, from SAR 344.66 million a year earlier.

 

Accumulated losses stood at SAR 70.51 million by the end of Q1 2023, representing 19.92% of capital.

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