Maadaniyah turns to losses in Q2

The company turned to losses

Riyadh – Mubasher: National Metal Manufacturing and Casting Company (Maadaniyah) reported its interim financial results for the second quarter of 2019.

The company turned to losses with SAR 4.1 million in Q2-19, against profits of SAR 3.75 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company ascribed the move to losses to the decrease in demand, a decrease in the average selling price of some products, and an increase in financial charges.

Total revenues fell by 41% to SAR 65.82 million during the three-month period between April and June, from SAR 111.6 million in the same period of the prior year.

For the first half of 2019, Maadaniyah incurred SAR 4.29 million in losses, versus profits of SAR 2.86 million in H1-18.

The company generated SAR 146.52 million in revenues during H1-19, down 24.3% from SAR 193.65 million in the corresponding period last year.

Source: Mubasher

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