National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its 2023 net loss to SAR 31.5 million, from SAR 39 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 257.63 | 229.32 | (11.0 %) |
| Gross Income | (0.88) | 5.92 | 776.5 % |
| Operating Income | (34.18) | (27.18) | 20.5 % |
| Net Income | (39.00) | (31.47) | 19.3 % |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (1.10) | (0.89) | 19.3 % |
The improved results were due to strong sales of axles, spare parts and casting products, as well as lower cost of sales, a decrease in selling, distributing, and administrative expenses. The company also cited higher other income and robust profit from Murabaha and deposits with banks.
The decline in sales was due to a 20% fall in the average selling prices of drawn wire products and a 2% decrease in the quantities sold.
In Q4 2023, net losses narrowed to SAR 13.1 million, from SAR 14.16 million in Q4 2022.
Compared with the previous quarter, the company increased Q4 losses from SAR 5.96 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 67.92 | 52.60 | (22.6 %) |
| Gross Income | (4.70) | (3.24) | 30.9 % |
| Operating Income | (13.38) | (12.02) | 10.1 % |
| Net Income | (14.16) | (13.06) | 7.8 % |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.40) | (0.37) | 7.8 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 53.09 | 52.60 | (0.9 %) |
| Gross Income | 3.34 | (3.24) | (197.2 %) |
| Operating Income | (4.46) | (12.02) | (169.8 %) |
| Net Income | (5.96) | (13.06) | (119.1 %) |
| Average Shares | 35.40 | 35.40 | - |
| EPS (Riyals) | (0.17) | (0.37) | (119.1 %) |
Total shareholders’ equity, no minority interest, dropped to SAR 284.28 million as of Dec. 31, 2023, from SAR 315.56 million a year earlier.
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