Maadaniyah expands losses to SAR 7.4M in Q1 2024

Maadaniyah expands losses to SAR 7.4M in Q1 2024

16/05/2024 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss of SAR 7.4 million for Q1 2024, up from SAR 4.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 65.75 64.31 (2.2 %)
Gross Income 3.91 1.61 (58.7 %)
Operating Income (4.41) (5.72) (29.8 %)
Net Income (4.90) (7.39) (50.8 %)
Average Shares 35.40 35.40 -
EPS (Riyals) (0.14) (0.21) (50.8 %)

The extended losses were attributed to the year-on-year (YoY) decrease in sales due to the lower average selling price of drawn wire products, although these products’ sales volumes soared 33% YoY during the first quarter of 2024.

 

This was also coupled with lower sales of axles and casting products by about 19% YoY due to a lower demand, mainly for casting products. The first-quarter losses also deepened amid the increase in selling & distribution expenses, alongside the decrease in other income and proceeds from deposits with banks.

 

Sequentially, the company cut losses from SAR 13.06 million in Q4 2023, buoyed by improved sales, lower general & administrative expenses and the reversal of the provision for doubtful debts.

 

Total shareholders’ equity, no minority interest, fell to SAR 276.89 million as of March 31, 2024, from SAR 310.7 million in the year before.

 

Accumulated losses stood at SAR 104.28 million by the end of Q1 2024, representing 29.46% of Maadaniyah’s SAR 354 million capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 114.77 3.6 % 21.35 20.1 % 13.55 31.4 %
Q2 2015 107.80 (1.7 %) 21.11 20.2 % 12.89 29.2 %
Q3 2015 95.00 0.9 % 17.28 6.6 % 9.44 0.1 %
Q4 2015 89.76 (9.0 %) 18.47 52.5 % 9.35 308.5 %
Q1 2016 79.11 (31.1 %) 21.47 0.6 % 13.22 (2.5 %)
Q2 2016 82.07 (23.9 %) 21.61 2.3 % 12.81 (0.7 %)
Q3 2016 50.11 (47.3 %) 9.73 (43.7 %) 2.71 (71.3 %)
Q4 2016 61.41 (31.6 %) 6.48 (64.9 %) (1.16) (112.4 %)
Q1 2017 65.88 (16.7 %) 12.04 (44.0 %) 3.34 (74.7 %)
Q2 2017 57.60 (29.8 %) 5.60 (74.1 %) (4.40) (134.4 %)
Q3 2017 68.14 36.0 % 6.62 (31.9 %) (0.12) (104.4 %)
Q4 2017 101.86 65.9 % 12.02 85.4 % 4.66 503.7 %
Q1 2018 82.02 24.5 % 9.49 (21.1 %) 1.88 (43.9 %)
Q2 2018 111.63 93.8 % 14.95 167.2 % 5.27 219.6 %
Q3 2018 101.60 49.1 % 11.17 68.7 % 1.90 1697.5 %
Q4 2018 95.92 (5.8 %) 12.30 2.3 % 4.11 (11.9 %)
Q1 2019 80.70 (1.6 %) 9.29 (2.2 %) 1.84 (1.8 %)
Q2 2019 65.82 (41.0 %) 5.97 (60.0 %) (2.40) (145.5 %)
Q3 2019 58.05 (42.9 %) 1.86 (83.3 %) (4.69) (346.8 %)
Q4 2019 58.68 (38.8 %) 0.13 (99.0 %) (8.12) (297.7 %)
Q1 2020 79.55 (1.4 %) 3.63 (61.0 %) (5.73) (411.3 %)
Q2 2020 37.82 (42.5 %) 2.08 (65.2 %) (5.98) (149.7 %)
Q3 2020 41.33 (28.8 %) 3.81 104.9 % (3.90) 16.9 %
Q4 2020 47.26 (19.5 %) (5.08) (4131.7 %) (14.26) (75.6 %)
Q1 2021 65.26 (18.0 %) 3.62 0.0 % (5.47) 4.6 %
Q2 2021 48.07 27.1 % 5.12 146.5 % (5.99) (0.1 %)
Q3 2021 52.19 26.3 % 3.38 (11.4 %) (4.43) (13.7 %)
Q4 2021 61.51 30.1 % 1.11 121.9 % (6.91) 51.5 %
Q1 2022 77.03 18.0 % 2.99 (17.5 %) (5.69) (4.1 %)
Q2 2022 54.52 13.4 % 1.53 (70.2 %) (7.23) (20.7 %)
Q3 2022 58.16 11.4 % (0.70) (120.6 %) (7.51) (69.4 %)
Q4 2022 67.92 10.4 % (4.70) (521.9 %) (13.38) (93.5 %)
Q1 2023 65.75 (14.6 %) 3.91 30.6 % (4.41) 22.5 %
Q2 2023 57.88 6.2 % 1.92 25.9 % (5.77) 20.1 %
Q3 2023 53.09 (8.7 %) 3.34 579.5 % (4.45) 40.7 %
Q4 2023 52.60 (22.6 %) (3.24) 30.9 % (12.54) 6.2 %
Q1 2024 64.31 (2.2 %) 1.61 (58.7 %) (5.72) (29.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 12.47 61.3 % 0.42 - 12.47 0.42
Q2 2015 9.42 6.7 % 0.31 - 9.42 0.31
Q3 2015 8.93 4.1 % 0.30 - 8.93 0.30
Q4 2015 (1.48) 66.2 % (0.05) (11.73) 10.24 0.34
Q1 2016 11.67 (6.4 %) 0.39 - 11.67 0.39
Q2 2016 11.01 16.9 % 0.37 - 11.01 0.37
Q3 2016 1.52 (83.0 %) 0.05 - 1.52 0.05
Q4 2016 (2.20) (48.1 %) (0.07) - (2.20) (0.07)
Q1 2017 1.45 (87.6 %) 0.05 - 1.45 0.05
Q2 2017 (6.37) (157.9 %) (0.21) - (6.37) (0.21)
Q3 2017 (4.49) (395.6 %) (0.15) - (4.49) (0.15)
Q4 2017 (10.26) (366.9 %) (0.34) (4.92) (5.34) (0.18)
Q1 2018 (0.89) (161.0 %) (0.03) - (0.89) (0.03)
Q2 2018 3.75 158.8 % 0.13 - 3.75 0.13
Q3 2018 (0.62) 86.1 % (0.02) - (0.62) (0.02)
Q4 2018 2.29 122.3 % 0.08 - 2.29 0.08
Q1 2019 (0.19) 78.3 % (0.01) - (0.19) (0.01)
Q2 2019 (4.10) (209.3 %) (0.14) - (4.10) (0.14)
Q3 2019 (47.08) (7,469.5 %) (1.57) (40.09) (7.00) (0.23)
Q4 2019 (13.74) (700.6 %) (0.46) - (13.74) (0.46)
Q1 2020 (7.46) (3,786.5 %) (0.25) - (7.46) (0.25)
Q2 2020 (7.71) (88.1 %) (0.26) - (7.71) (0.26)
Q3 2020 (5.86) 87.6 % (0.20) - (5.86) (0.20)
Q4 2020 (19.78) (44.0 %) (0.66) (2.43) (17.35) (0.58)
Q1 2021 (7.09) 5.1 % (0.24) - (7.09) (0.24)
Q2 2021 (7.38) 4.2 % (0.25) - (7.38) (0.25)
Q3 2021 (6.24) (6.4 %) (0.21) - (6.24) (0.21)
Q4 2021 (8.43) 57.4 % (0.24) - (8.43) (0.24)
Q1 2022 (7.14) (0.7 %) (0.20) - (7.14) (0.20)
Q2 2022 (8.20) (11.0 %) (0.23) - (8.20) (0.23)
Q3 2022 (9.50) (52.4 %) (0.27) - (9.50) (0.27)
Q4 2022 (14.16) (68.0 %) (0.40) - (14.16) (0.40)
Q1 2023 (4.90) 31.4 % (0.14) - (4.90) (0.14)
Q2 2023 (7.56) 7.8 % (0.21) - (7.56) (0.21)
Q3 2023 (5.96) 37.3 % (0.17) - (5.96) (0.17)
Q4 2023 (13.06) 7.8 % (0.37) - (13.06) (0.37)
Q1 2024 (7.39) (50.8 %) (0.21) - (7.39) (0.21)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 16.12 % 13.34 % 8.36 %
Q2 2015 17.04 % 14.26 % 8.54 %
Q3 2015 17.27 % 14.38 % 8.61 %
Q4 2015 19.20 % 15.79 % 10.08 %
Q1 2016 21.08 % 17.19 % 10.83 %
Q2 2016 22.79 % 18.48 % 12.10 %
Q3 2016 23.68 % 19.21 % 11.44 %
Q4 2016 21.74 % 17.56 % 8.07 %
Q1 2017 19.21 % 14.87 % 4.54 %
Q2 2017 14.40 % 9.23 % (2.38 %)
Q3 2017 12.14 % 7.56 % (4.59 %)
Q4 2017 12.36 % 8.53 % (5.03 %)
Q1 2018 10.89 % 7.55 % (5.52 %)
Q2 2018 11.85 % 9.02 % (1.92 %)
Q3 2018 11.99 % 8.60 % (0.78 %)
Q4 2018 12.25 % 8.33 % 1.16 %
Q1 2019 12.24 % 8.27 % 1.34 %
Q2 2019 11.26 % 7.10 % (0.76 %)
Q3 2019 9.79 % 5.92 % (3.00 %)
Q4 2019 6.55 % 2.14 % (9.51 %)
Q1 2020 4.42 % (0.75 %) (12.32 %)
Q2 2020 3.28 % (2.41 %) (15.34 %)
Q3 2020 4.43 % (2.28 %) (15.99 %)
Q4 2020 2.15 % (5.56 %) (18.64 %)
Q1 2021 2.31 % (5.98 %) (19.83 %)
Q2 2021 3.70 % (5.76 %) (18.66 %)
Q3 2021 3.31 % (5.79 %) (17.89 %)
Q4 2021 5.83 % (2.19 %) (12.83 %)
Q1 2022 5.28 % (2.20 %) (12.22 %)
Q2 2022 3.67 % (2.67 %) (12.23 %)
Q3 2022 1.96 % (4.06 %) (13.24 %)
Q4 2022 (0.34 %) (6.74 %) (15.14 %)
Q1 2023 0.02 % (6.82 %) (14.92 %)
Q2 2023 0.17 % (6.42 %) (14.46 %)
Q3 2023 1.83 % (5.44 %) (13.31 %)
Q4 2023 2.58 % (5.43 %) (13.72 %)
Q1 2024 1.59 % (6.01 %) (14.90 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 29.95 0.85 1.16 13.41
Q2 2015 29.95 0.87 1.18 13.23
Q3 2015 29.95 0.88 1.20 13.53
Q4 2015 29.95 0.98 1.37 13.48
Q1 2016 29.95 0.95 1.34 13.80
Q2 2016 29.95 1.01 1.40 13.70
Q3 2016 29.95 0.76 1.15 13.84
Q4 2016 29.95 0.73 0.73 13.69
Q1 2017 29.95 0.39 0.39 13.74
Q2 2017 29.95 (0.19) (0.19) 13.06
Q3 2017 29.95 (0.39) (0.39) 12.91
Q4 2017 29.95 (0.66) (0.49) 12.56
Q1 2018 29.95 (0.73) (0.57) 12.53
Q2 2018 29.95 (0.40) (0.23) 12.42
Q3 2018 29.95 (0.27) (0.10) 12.40
Q4 2018 29.95 0.15 0.15 12.45
Q1 2019 29.95 0.17 0.17 12.44
Q2 2019 29.95 (0.09) (0.09) 12.31
Q3 2019 29.95 (1.64) (0.30) 10.73
Q4 2019 29.95 (2.17) (0.84) 10.30
Q1 2020 29.95 (2.42) (1.08) 10.05
Q2 2020 29.95 (2.54) (1.20) 9.80
Q3 2020 29.95 (1.16) (1.16) 9.60
Q4 2020 29.95 (1.36) (1.28) 8.95
Q1 2021 29.95 (1.35) (1.27) 8.72
Q2 2021 29.95 (1.34) (1.26) 8.47
Q3 2021 29.95 (1.35) (1.27) 8.26
Q4 2021 35.40 (0.82) (0.82) 9.94
Q1 2022 35.40 (0.82) (0.82) 9.74
Q2 2022 35.40 (0.85) (0.85) 9.50
Q3 2022 35.40 (0.94) (0.94) 9.24
Q4 2022 35.40 (1.10) (1.10) 8.91
Q1 2023 35.40 (1.04) (1.04) 8.78
Q2 2023 35.40 (1.02) (1.02) 8.56
Q3 2023 35.40 (0.92) (0.92) 8.39
Q4 2023 35.40 (0.89) (0.89) 8.03
Q1 2024 35.40 (0.96) (0.96) 7.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 40.85 29.86 2.59
Q2 2015 44.90 33.02 2.96
Q3 2015 32.07 23.67 2.09
Q4 2015 28.26 20.19 2.05
Q1 2016 26.57 18.83 1.83
Q2 2016 27.20 19.58 2.00
Q3 2016 25.32 16.70 1.39
Q4 2016 35.63 35.63 1.91
Q1 2017 63.99 63.99 1.83
Q2 2017 NEG NEG 1.74
Q3 2017 NEG NEG 1.87
Q4 2017 NEG NEG 1.73
Q1 2018 NEG NEG 1.63
Q2 2018 NEG NEG 1.65
Q3 2018 NEG NEG 1.60
Q4 2018 More than 100 More than 100 1.51
Q1 2019 More than 100 More than 100 1.54
Q2 2019 NEG NEG 1.39
Q3 2019 NEG NEG 1.54
Q4 2019 NEG NEG 1.60
Q1 2020 NEG NEG 1.31
Q2 2020 NEG NEG 1.58
Q3 2020 NEG NEG 3.42
Q4 2020 NEG NEG 4.06
Q1 2021 NEG NEG 4.59
Q2 2021 NEG NEG 5.26
Q3 2021 NEG NEG 4.94
Q4 2021 NEG NEG 2.58
Q1 2022 NEG NEG 2.76
Q2 2022 NEG NEG 2.03
Q3 2022 NEG NEG 2.12
Q4 2022 NEG NEG 1.90
Q1 2023 NEG NEG 2.11
Q2 2023 NEG NEG 2.42
Q3 2023 NEG NEG 2.21
Q4 2023 NEG NEG 2.47
Q1 2024 NEG NEG 2.26

Business Segments (Million)

Compared With The
Period Transformative Industries engineering industries sector & metal
Q1 2015 84.21 30.56
Q2 2015 81.85 25.95
Q3 2015 73.97 21.03
Q4 2015 65.87 23.89
Q1 2016 55.05 24.06
Q2 2016 64.63 17.44
Q3 2016 37.77 12.34
Q4 2016 49.66 12.14
Q1 2017 53.22 12.67
Q2 2017 48.04 9.56
Q3 2017 59.25 8.90
Q4 2017 92.73 9.13
Q1 2018 71.81 10.22
Q2 2018 102.04 9.59
Q3 2018 90.76 10.84
Q4 2018 81.40 14.52
Q1 2019 65.04 15.66
Q2 2019 49.53 16.29
Q3 2019 40.49 17.56
Q4 2019 39.72 18.96
Q1 2020 56.80 22.75
Q2 2020 21.93 15.89
Q3 2020 24.96 16.37
Q4 2020 32.56 14.70
Q1 2021 48.18 17.08
Q2 2021 32.00 16.07
Q3 2021 37.49 14.70
Q4 2021 42.85 18.66
Q1 2022 53.59 23.45
Q2 2022 32.85 21.67
Q3 2022 32.89 25.26
Q4 2022 38.62 29.31
Q1 2023 34.55 31.20
Q2 2023 28.28 29.60
Q3 2023 25.84 27.25
Q4 2023 34.61 17.99
Q1 2024 38.93 25.38

Current
Market Cap (M Riyal) 618.79
Enterprise Value (EV) (M) 598.06
Shares Outstanding ((M)) 35.40
EPS ( Riyal) (TTM) (1.16)
Book Value (BV) ( Riyal) 7.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.42
Return on Average Assets (%) (TTM) (10.26 )
Return on Average Equity (%) (TTM) (14.88 )

National Metal Manufacturing and Casting Co. (MAADANIYAH)


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