Financial Results : Maadaniyah loses SAR 40.3M in 2024, SAR 12.2M in Q4

Maadaniyah loses SAR 40.3M in 2024, SAR 12.2M in Q4

25/03/2025 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) slid into a deeper loss of SAR 40.3 million by the end of 2024, compared to SAR 31.5 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 217.27 244.50 12.5 %
Gross Income 9.51 10.47 10.1 %
Operating Income (18.53) (23.41) (26.3 %)
Net Income (31.47) (40.30) (28.1 %)
Average Shares 35.40 35.40 -
Earnings Per Share before unusual items (Riyals) (0.89) (1.14) (28.1 %)
EPS (Riyals) (0.89) (1.14) (28.1 %)

The wider losses were attributed to a decline in metal castings sales, lower average selling prices of drawn wire products, and a rise in selling, distribution, general, and administrative expenses in 2024.

 

During the same year, other revenues also decreased year-on-year (YoY), in tandem with weaker gains from bank deposits, higher financing costs, and elevated losses from discontinued operations.

 

This came despite the YoY overall sales growth in 2024 due to a 25% improvement in drawn wire product sales. However, Maadaniyah’s sales of metal casting products plunged by 3% YoY amid lower demand and intense competition.

 

In Q4 2024, however, Maadniyah’s net losses narrowed 6.7% to SAR 12.2 million, from SAR 13.05 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 40.55 55.61 37.1 %
Gross Income 0.35 8.34 2282.9 %
Operating Income (5.05) (0.27) 94.7 %
Net Income (13.05) (12.18) 6.7 %
Average Shares 35.40 35.40 -
Earnings Per Share before unusual items (Riyals) (0.37) (0.34) 6.7 %
EPS (Riyals) (0.37) (0.34) 6.7 %

On the other hand, sequentially, the three-month losses increased by 36.2% from SAR 8.94 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 245.48 million by the end of 2024, down from SAR 284.28 million in 2023.

 

Accumulated losses amounted to SAR 108.52 million by 2024-end, representing 30.66% of the company's SAR 354 million capital.

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