Maadaniyah cuts H1 2023 loss to SAR 12.5 mln; Q2 at SAR 7.6 mln

08/08/2023 Argaam Exclusive

View other reports

National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss to SAR 12.5 million in H1 2023, compared with SAR 15.3 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	131.55	123.63	(6.0 %)
Gross Income	4.52	5.83	29.0 %
Operating Income	(12.91)	(10.18)	21.2 %
Net Income	(15.34)	(12.46)	18.8 %
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.43)	(0.35)	18.8 %

This was due to a decrease in the cost of sales, as well as an improvement in sales of Axles and casting products, in addition to lower selling, distributing, general and administrative expenses. The company also cited an increase in other incomes & profit from Murabaha and deposits with banks.

In Q2 2023, the company narrowed its net loss by 7.8% to SAR 7.6 million compared with SAR 8.2 million a year earlier.

On a quarterly basis, net losses widened from SAR 4.9 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	54.52	57.88	6.2 %
Gross Income	1.53	1.92	25.9 %
Operating Income	(7.23)	(5.77)	20.1 %
Net Income	(8.20)	(7.56)	7.8 %
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.23)	(0.21)	7.8 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	65.75	57.88	(12.0 %)
Gross Income	3.91	1.92	(50.8 %)
Operating Income	(4.41)	(5.77)	(31.0 %)
Net Income	(4.90)	(7.56)	(54.3 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.14)	(0.21)	(54.3 %)

Shareholders’ equity, no minority interest, fell to SAR 303.11 million as of June 30, 2023, from SAR 336.46 million in the prior-year period.

Accumulated losses stood at SAR 78.06 million, or 22.05% of the company’s capital.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×