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RIYADH: Saudi industrial and petrochemical firm National Metal Manufacturing and Casting Co. has managed to clean its balance sheet as it narrowed down accumulated losses to 8.3 percent of capital.
Maadaniyah, one of the largest metallurgic firms, saw its losses for 2021 standing at SR29.4 million ($7.84 million), according to a bourse statement.
This was attained after reducing the company’s capital by SR47.1 million by offsetting it with accumulated losses, followed by a rights issue to boost capital by SR120 million.
With a market presence in over 14 countries, Maadaniyah caters to several industrial sectors. It is specialized in the field of wire manufacturing.
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