Riyadh: The Saudi National Metal Manufacturing and Casting Company (Maadaniyah) on Sunday announced turning to a profit during the second quarter of 2018, against suffering a loss in the year-ago period.
Maadaniyah generated a profit of SAR 3.75 million in Q2-18, against incurring SAR 6.37 million losses during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the firm also turned profitable in Q2-18 after suffering A LOSS OF SAR 89,000 in the first three months of this year.
The Tadawul-listed company attributed the positive turn in second-quarter financials to a rise in sales volume on the back of higher demand for some of its products, coupled with a decrease in other expenses.
At the level of the first six months of 2018, the company recorded a profit of SAR 2.86 million, against suffering a loss of SAR 4.9 million in H1-17.
Maadaniyah’s stock fell 2.14% to close Sunday’s trading session at SAR 18.30.