Sunday, 4 May 2025

National Metal Manufacturing reports 11% losses to SR8 mln in ‎Q2‎

The National Metal Manufacturing and Casting Co. “Maadanya” recorded a net loss after zakat and tax of 8 million riyals in the second quarter, compared to a loss of 7.4 million riyals in the same quarter of last year, an increase of 11%, this came after the announcement today of the financial results for the period ended On June 30 2022 (6 months).

The operational loss amounted to 6.6 million riyals in the second quarter, compared to a loss of 5.6 million riyals in the same quarter of the previous year, an increase of 19%.

The net loss after zakat and tax in the 6-month period amounted to 15.3 million riyals, compared to a loss of 14.5 million riyals in the same period last year, an increase of 6%.

اقرأ المزيد

The loss per share in the current period amounted to 0.43 riyals, compared to a loss of 0.49 riyals in the same period last year.

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 cost of production inputs, increase in selling and distributing expenses and increase in ZAKAT provision.

Reasons for the increase in losses for current quarter compare to the previous quarter are decrease in sales due to low market demand for some products, increase in general and administrative expenses and increase in allowance for expected credits losses.

Reasons for the increase in losses during current period compare to the same period last year in spite of increase in sales are increase in cost of production inputs, increase in selling and distributing expenses and increase in ZAKAT provision.

Additional Information:

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.

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