Maadaniyah deepens 9M 2024 loss to SAR 28.1M; Q3 at SAR 8.9M

National Metal Manufacturing and Casting Co. (Maadaniyah) slid into a deeper loss of SAR 28.1 million in the first nine months of 2024, compared to a net loss of SAR 18.4 million in a year-earlier period.

The company ascribed the higher losses to lower sales of metal casting products, and a decline in the average selling prices of drawn wire products. Maadaniyah reported an increase in selling and distribution expenses, as well as general and administrative expenses (G&A).

Provisions for expected credit losses also increased, while other income and interest on deposits with banks decreased.

This was offset by better sales, as the sales of drawn wires jumped 32% year-on-year (YoY). Sales volumes also climbed 51%.

In Q3 2024, Maadniyah’s net losses widened by 50% to SAR 8.9 million from SAR 5.9 million a year earlier as the sales of metal casting products, and average selling prices of drawn wire products went down. The company reported higher G&A, as well as selling and distribution expenses.

However, net losses shrank by 24.1% from SAR 11.7 million in Q2 2024, thanks to improved sales as the sales of drawn wires jumped 18% quarter-on-quarter (QoQ) on a 20% rise in sales volumes.

Total shareholders’ equity, no minority interest, reached SAR 256.16 million as of Sept. 30, 2024, down from SAR 297.1 million in the corresponding period of the year before.

Accumulated loss reached SAR 97.84 million by the end of the nine-month period, accounting for 27.64% of the company’s capital.

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