Maadaniyah widens H1 2024 loss to SAR 19.2M; Q2 at SAR 11.8M

07/08/2024 Argaam Exclusive

View other reports

National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss of SAR 19.2 million in H1 2024, compared to SAR 12.5 million in a year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	123.63	120.54	(2.5 %)
Gross Income	5.83	1.22	(79.0 %)
Operating Income	(10.18)	(16.33)	(60.4 %)
Net Income	(12.46)	(19.17)	(53.9 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.35)	(0.54)	(53.9 %)

This was attributed to lower sales of axles, spare parts, and casting products, and decreased average selling prices of drawn wire products.

Maadaniyah incurred a net loss of SAR 11.8 million in Q2 2024, compared to SAR 7.56 million in the year-earlier period.

The company cited lower sales of axles, spare parts, and casting products as well as decreased average selling prices of drawn wire products.

It also reported higher selling and distribution expenses and increased provisions for expected credit losses.

On a quarterly basis, Q2 2024 net loss widened from SAR 7.39 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	57.88	56.24	(2.8 %)
Gross Income	1.92	(0.39)	(120.4 %)
Operating Income	(5.77)	(10.02)	(73.5 %)
Net Income	(7.56)	(11.78)	(55.9 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.21)	(0.33)	(55.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	64.31	56.24	(12.5 %)
Gross Income	1.61	(0.39)	(124.2 %)
Operating Income	(5.72)	(10.02)	(75.2 %)
Net Income	(7.39)	(11.78)	(59.5 %)
Average Shares	35.40	35.40	-
EPS (Riyals)	(0.21)	(0.33)	(59.5 %)

Total shareholders’ equity (after deducting minority equity) reached SAR 265.1 million by June 30, 2024, compared to SAR 303.1 million in the corresponding period of the year before.

Accumulated loss reached SAR 88.9 million by June 30, 2024, accounting for 25% of 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.

×