Maadaniyah Losses Increase to SR7.14 mln during 1Q, by 0.85%

The National Metal Manufacturing and Casting Company “Maadaniyah” announced on Tuesday an increase in net losses after zakat and tax in the first quarter to SR7.14 million, compared to losses of SR7.08 million in the same quarter of last year, at a rate of 0.85%.

This came after Maadaniyah announcement on Tuesday the preliminary financial results for the period ending on 31.03.2022 (three months).

The operational loss in the first quarter amounted to SR5.5 million, compared to SR5.3 million in the same quarter of the previous year, an increase of 4%.

The gross income in the first quarter amounted to SR2.9 million, compared to SR3.6 million in the same quarter of the previous year, at a rate of 17.4%.

The total shareholders’ equity “without minority rights” in the three-month period amounted to SR344.6 million, compared to SR261 million in the same period last year, a growth of 32%.

The loss per share in the 3-month period was SR0.2, compared to SR0.24 in the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

– Reasons for the increase in losses during current quarter compare to the same quarter last year in spite of increase in sales are increase in production cost, increase in selling & distribution expenses, increase in general and administrative expenses and increase in Zakat provision.

– The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

Reasons for the decrease in net losses for current quarter compare to the previous quarter are improvement in sales, decrease in financial chargers, in addition to recording losses in actuarial evaluation for employees’ end of service liabilities during previous quarter.

The losses per share for the current quarter and same quarter last year is calculated by dividing the net losses for the quarter after Zakat attributable to shareholders over the weighted average number of ordinary shares as end of current quarter and previous year. The weighted average shares for the current quarter is 35,400,000 shares compared to same quarter last year of 29,520,822 shares.