Maadaniyah reports lower net losses in 9M-23, unveils $22.4mln accumulated losses

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Riyadh – The income statements of National Metal Manufacturing and Casting Company (Maadaniyah) showed that its net losses after Zakat and tax shrank by 25.84% year-on-year (YoY) to SAR 18.42 million in the first nine months (9M) of 2023 from SAR 24.84 million in the same period of 2022.

The company’s loss per share also fell to SAR 0.17 in 9M-23 from SAR 0.52 in 9M-22.

Revenues declined by 6.84% to SAR 176.72 million in the January-September 2023 period, compared to SAR 189.70 million in 9M-22.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the company reported a net loss after Zakat and tax of SAR 5.96 million, down by 37.26% from SAR 9.50 million in Q3-22.

The revenues also decreased by 8.72% to SAR 53.09 million in Q3-23 from SAR 58.16 million in Q3-22.

On a quarterly basis, the net loss in Q3-23 declined by 21.16% from SAR 7.56 million in Q2-23, while the revenues dropped by 8.28% from SAR 57.88 million.

Accumulated Losses

As of 30 September 2023, the accumulated losses of Maadaniyah reached SAR 84.02 million, which accounted for 23.73% of the SAR 354 million capital.