Maadaniyah exports 70% of sales, expects annual sales of SAR 100 mln from aluminum foundry plant: CEO

Shaker Al Otaibi, CEO of Maadaniyah

National Metal Manufacturing and Casting Co. (Maadaniyah) is eying new markets in the GCC region, Europe and the US, CEO Shaker Al Otaibi told Argaam in an exclusive, adding that exports account for up to 70% of the company’s total sales.

The COVID-19 lockdown had a major impact on global trade and Maadaniyah’s operations, Al Otaibi explained, affirming that the company’s exports started to recover by the end of Q4 2020 and in early 2021.

Maadaniyah owes nearly SAR 20 million to the Saudi Industrial Development Fund (SIDF) and almost SAR 40 million to local banks, the CEO noted, adding that long-term loans represent the majority of these debts.

Commenting on the planned aluminum foundry plant, Al Otaibi said: “A land plot was allocated for the plant construction in Jubail city. The project is expected to deliver SAR 70-100 million sales annually,” he added.

Last month, Maadaniyah signed a six-month, renewable memorandum of understanding (MoU) with IGL Group to establish an aluminum foundry plant, Argaam reported.