Maadaniyah narrows losses to SAR 18.4 mln in 9M 2023; Q3 at SAR 6 mln

01/11/2023 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (MAADANIYAH)

National Metal Manufacturing and Casting Co. (Maadaniyah) narrowed its net loss to SAR 18.4 million in the first nine months of 2023, from SAR 24.8 million in the prior-year period.   



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 189.71 176.72 (6.8 %)
Gross Income 3.82 9.16 139.8 %
Operating Income (20.80) (14.64) 29.6 %
Net Income (24.84) (18.42) 25.9 %
Average Shares 35.40 35.40 -
EPS (Riyals) (0.70) (0.52) 25.9 %

The lower losses came from improvement in sales of axles, spare parts and casting products, in addition to lower cost of sales, selling and distributing expenses, and administrative expenses. The company reported higher other income, as well as profit from Murabaha and bank deposits. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 58.16 53.09 (8.7 %)
Gross Income (0.70) 3.34 579.5 %
Operating Income (7.51) (4.46) 40.7 %
Net Income (9.50) (5.96) 37.3 %
Average Shares 35.40 35.40 -
EPS (Riyals) (0.27) (0.17) 37.3 %

The company trimmed losses to SAR 6 million in Q3 2023, from SAR 9.50 million in the same quarter last year. 

 

Compared to Q2 2023, the company cut its losses from SAR 7.56 million.  

   

Shareholders’ equity, no minority interest, stood at SAR 297.15 million as of Sept. 30, 2023, compared to SAR 326.96 million a year earlier.  

 

Accumulated losses reached SAR 8.02 million at the end of the nine-month period, representing 23.73% of the company’s capital. 



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 110.75 12.0 % 17.78 58.4 % 7.74 161.4 % 0.26
Q2 2014 109.63 6.9 % 17.56 43.7 % 8.82 108.6 % 0.29
Q3 2014 94.13 7.1 % 16.21 78.0 % 8.58 377.9 % 0.29
Q4 2014 98.65 7.5 % 12.12 7.0 % (4.39) (355.4 %) (0.15)
Q1 2015 114.77 3.6 % 21.35 20.1 % 12.47 61.3 % 0.42
Q2 2015 107.80 (1.7 %) 21.11 20.2 % 9.42 6.7 % 0.31
Q3 2015 95.00 0.9 % 17.28 6.6 % 8.93 4.1 % 0.30
Q4 2015 89.76 (9.0 %) 18.47 52.5 % (1.48) 66.2 % (0.05)
Q1 2016 79.11 (31.1 %) 21.47 0.6 % 11.67 (6.4 %) 0.39
Q2 2016 82.07 (23.9 %) 21.61 2.3 % 11.01 16.9 % 0.37
Q3 2016 50.11 (47.3 %) 9.73 (43.7 %) 1.52 (83.0 %) 0.05
Q4 2016 61.41 (31.6 %) 6.48 (64.9 %) (2.20) (48.1 %) (0.07)
Q1 2017 65.88 (16.7 %) 12.04 (44.0 %) 1.45 (87.6 %) 0.05
Q2 2017 57.60 (29.8 %) 5.60 (74.1 %) (6.37) (157.9 %) (0.21)
Q3 2017 68.14 36.0 % 6.62 (31.9 %) (4.49) (395.6 %) (0.15)
Q4 2017 101.86 65.9 % 12.02 85.4 % (10.26) (366.9 %) (0.34)
Q1 2018 82.02 24.5 % 9.49 (21.1 %) (0.89) (161.0 %) (0.03)
Q2 2018 111.63 93.8 % 14.95 167.2 % 3.75 158.8 % 0.13
Q3 2018 101.60 49.1 % 11.17 68.7 % (0.62) 86.1 % (0.02)
Q4 2018 95.92 (5.8 %) 12.30 2.3 % 2.29 122.3 % 0.08
Q1 2019 80.70 (1.6 %) 9.29 (2.2 %) (0.19) 78.3 % (0.01)
Q2 2019 65.82 (41.0 %) 5.97 (60.0 %) (4.10) (209.3 %) (0.14)
Q3 2019 58.05 (42.9 %) 1.86 (83.3 %) (47.08) (7,469.5 %) (1.57)
Q4 2019 58.68 (38.8 %) 0.13 (99.0 %) (13.74) (700.6 %) (0.46)
Q1 2020 79.55 (1.4 %) 3.63 (61.0 %) (7.46) (3,786.5 %) (0.25)
Q2 2020 37.82 (42.5 %) 2.08 (65.2 %) (7.71) (88.1 %) (0.26)
Q3 2020 41.33 (28.8 %) 3.81 104.9 % (5.86) 87.6 % (0.20)
Q4 2020 47.26 (19.5 %) (5.08) (4131.7 %) (19.78) (44.0 %) (0.66)
Q1 2021 65.26 (18.0 %) 3.62 0.0 % (7.09) 5.1 % (0.24)
Q2 2021 48.07 27.1 % 5.12 146.5 % (7.38) 4.2 % (0.25)
Q3 2021 52.19 26.3 % 3.38 (11.4 %) (6.24) (6.4 %) (0.21)
Q4 2021 61.51 30.1 % 1.11 121.9 % (8.43) 57.4 % (0.24)
Q1 2022 77.03 18.0 % 2.99 (17.5 %) (7.14) (0.7 %) (0.20)
Q2 2022 54.52 13.4 % 1.53 (70.2 %) (8.20) (11.0 %) (0.23)
Q3 2022 58.16 11.4 % (0.70) (120.6 %) (9.50) (52.4 %) (0.27)
Q4 2022 67.92 10.4 % (4.70) (521.9 %) (14.16) (68.0 %) (0.40)
Q1 2023 65.75 (14.6 %) 3.91 30.6 % (4.90) 31.4 % (0.14)
Q2 2023 57.88 6.2 % 1.92 25.9 % (7.56) 7.8 % (0.21)
Q3 2023 53.09 (8.7 %) 3.34 579.5 % (5.96) 37.3 % (0.17)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 12.83 % 9.75 % 3.94 %
Q2 2014 13.94 % 10.61 % 5.02 %
Q3 2014 15.48 % 11.90 % 6.61 %
Q4 2014 15.41 % 12.48 % 7.29 %
Q1 2015 16.12 % 13.34 % 8.36 %
Q2 2015 17.04 % 14.26 % 8.54 %
Q3 2015 17.27 % 14.38 % 8.61 %
Q4 2015 19.20 % 15.79 % 10.08 %
Q1 2016 21.08 % 17.19 % 10.83 %
Q2 2016 22.79 % 18.48 % 12.10 %
Q3 2016 23.68 % 19.21 % 11.44 %
Q4 2016 21.74 % 17.56 % 8.07 %
Q1 2017 19.21 % 14.87 % 4.54 %
Q2 2017 14.40 % 9.23 % (2.38 %)
Q3 2017 12.14 % 7.56 % (4.59 %)
Q4 2017 12.36 % 8.53 % (5.03 %)
Q1 2018 10.89 % 7.55 % (5.52 %)
Q2 2018 11.85 % 9.02 % (1.92 %)
Q3 2018 11.99 % 8.60 % (0.78 %)
Q4 2018 12.25 % 8.33 % 1.16 %
Q1 2019 12.24 % 8.27 % 1.34 %
Q2 2019 11.26 % 7.10 % (0.76 %)
Q3 2019 9.79 % 5.92 % (3.00 %)
Q4 2019 6.55 % 2.14 % (9.51 %)
Q1 2020 4.42 % (0.75 %) (12.32 %)
Q2 2020 3.28 % (2.41 %) (15.34 %)
Q3 2020 4.43 % (2.28 %) (15.99 %)
Q4 2020 2.15 % (5.56 %) (18.64 %)
Q1 2021 2.31 % (5.98 %) (19.83 %)
Q2 2021 3.70 % (5.76 %) (18.66 %)
Q3 2021 3.31 % (5.79 %) (17.89 %)
Q4 2021 5.83 % (2.19 %) (12.83 %)
Q1 2022 5.28 % (2.20 %) (12.22 %)
Q2 2022 3.67 % (2.67 %) (12.23 %)
Q3 2022 1.96 % (4.06 %) (13.24 %)
Q4 2022 (0.34 %) (6.74 %) (15.14 %)
Q1 2023 0.02 % (6.82 %) (14.92 %)
Q2 2023 0.17 % (6.42 %) (14.46 %)
Q3 2023 1.83 % (5.44 %) (13.31 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 29.95 0.52 0.52 12.56
Q2 2014 29.95 0.67 0.67 12.85
Q3 2014 29.95 0.90 0.90 13.14
Q4 2014 29.95 0.69 1.01 12.99
Q1 2015 29.95 0.85 1.16 13.41
Q2 2015 29.95 0.87 1.18 13.23
Q3 2015 29.95 0.88 1.20 13.53
Q4 2015 29.95 0.98 1.37 13.48
Q1 2016 29.95 0.95 1.34 13.80
Q2 2016 29.95 1.01 1.40 13.70
Q3 2016 29.95 0.76 1.15 13.84
Q4 2016 29.95 0.73 0.73 13.69
Q1 2017 29.95 0.39 0.39 13.74
Q2 2017 29.95 (0.19) (0.19) 13.06
Q3 2017 29.95 (0.39) (0.39) 12.91
Q4 2017 29.95 (0.66) (0.49) 12.56
Q1 2018 29.95 (0.73) (0.57) 12.53
Q2 2018 29.95 (0.40) (0.23) 12.42
Q3 2018 29.95 (0.27) (0.10) 12.40
Q4 2018 29.95 0.15 0.15 12.45
Q1 2019 29.95 0.17 0.17 12.44
Q2 2019 29.95 (0.09) (0.09) 12.31
Q3 2019 29.95 (1.64) (0.30) 10.73
Q4 2019 29.95 (2.17) (0.84) 10.30
Q1 2020 29.95 (2.42) (1.08) 10.05
Q2 2020 29.95 (2.54) (1.20) 9.80
Q3 2020 29.95 (1.16) (1.16) 9.60
Q4 2020 29.95 (1.36) (1.28) 8.95
Q1 2021 29.95 (1.35) (1.27) 8.72
Q2 2021 29.95 (1.34) (1.26) 8.47
Q3 2021 29.95 (1.35) (1.27) 8.26
Q4 2021 35.40 (0.82) (0.82) 9.94
Q1 2022 35.40 (0.82) (0.82) 9.74
Q2 2022 35.40 (0.85) (0.85) 9.50
Q3 2022 35.40 (0.94) (0.94) 9.24
Q4 2022 35.40 (1.10) (1.10) 8.91
Q1 2023 35.40 (1.04) (1.04) 8.78
Q2 2023 35.40 (1.02) (1.02) 8.56
Q3 2023 35.40 (0.92) (0.92) 8.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 More than 50 More than 50 2.83
Q2 2014 More than 50 More than 50 3.19
Q3 2014 More than 50 More than 50 4.70
Q4 2014 47.17 32.48 2.52
Q1 2015 40.85 29.86 2.59
Q2 2015 44.90 33.02 2.96
Q3 2015 32.07 23.67 2.09
Q4 2015 28.26 20.19 2.05
Q1 2016 26.57 18.83 1.83
Q2 2016 27.20 19.58 2.00
Q3 2016 25.32 16.70 1.39
Q4 2016 35.63 35.63 1.91
Q1 2017 More than 50 More than 50 1.83
Q2 2017 NEG NEG 1.74
Q3 2017 NEG NEG 1.87
Q4 2017 NEG NEG 1.73
Q1 2018 NEG NEG 1.63
Q2 2018 NEG NEG 1.65
Q3 2018 NEG NEG 1.60
Q4 2018 More than 50 More than 50 1.51
Q1 2019 More than 50 More than 50 1.54
Q2 2019 NEG NEG 1.39
Q3 2019 NEG NEG 1.54
Q4 2019 NEG NEG 1.60
Q1 2020 NEG NEG 1.31
Q2 2020 NEG NEG 1.58
Q3 2020 NEG NEG 3.42
Q4 2020 NEG NEG 4.06
Q1 2021 NEG NEG 4.59
Q2 2021 NEG NEG 5.26
Q3 2021 NEG NEG 4.94
Q4 2021 NEG NEG 2.58
Q1 2022 NEG NEG 2.76
Q2 2022 NEG NEG 2.03
Q3 2022 NEG NEG 2.12
Q4 2022 NEG NEG 1.90
Q1 2023 NEG NEG 2.11
Q2 2023 NEG NEG 2.42
Q3 2023 NEG NEG 2.21

Business Segments (Million)

Compared With The
Period Manufacturing sectors engineering industries sector & metal
Q1 2014 73.92 36.84
Q2 2014 71.32 38.31
Q3 2014 70.30 23.83
Q4 2014 69.65 29.00
Q1 2015 84.21 30.56
Q2 2015 81.85 25.95
Q3 2015 73.97 21.03
Q4 2015 65.87 23.89
Q1 2016 55.05 24.06
Q2 2016 64.63 17.44
Q3 2016 37.77 12.34
Q4 2016 49.66 12.14
Q1 2017 53.22 12.67
Q2 2017 48.04 9.56
Q3 2017 59.25 8.90
Q4 2017 92.73 9.13
Q1 2018 71.81 10.22
Q2 2018 102.04 9.59
Q3 2018 90.76 10.84
Q4 2018 81.40 14.52
Q1 2019 65.04 15.66
Q2 2019 49.53 16.29
Q3 2019 40.49 17.56
Q4 2019 39.72 18.96
Q1 2020 56.80 22.75
Q2 2020 21.93 15.89
Q3 2020 24.96 16.37
Q4 2020 32.56 14.70
Q1 2021 48.18 17.08
Q2 2021 32.00 16.07
Q3 2021 37.49 14.70
Q4 2021 42.85 18.66
Q1 2022 53.59 23.45
Q2 2022 32.85 21.67
Q3 2022 32.89 25.26
Q4 2022 38.62 29.31
Q1 2023 34.55 31.20
Q2 2023 28.28 29.60
Q3 2023 25.84 27.25

Current
Market Cap (M Riyal) 617.38
Enterprise Value (EV) (M) 590.07
Shares Outstanding ((M)) 35.40
EPS ( Riyal) (TTM) (0.89)
Book Value (BV) ( Riyal) 8.03
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.17
Return on Average Assets (%) (TTM) (7.46 )
Return on Average Equity (%) (TTM) (10.49 )

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