Maadaniyah widens H1 2024 loss to SAR 19.2M; Q2 at SAR 11.8M

Maadaniyah widens H1 2024 loss to SAR 19.2M; Q2 at SAR 11.8M

07/08/2024 Argaam Exclusive

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National Metal Manufacturing and Casting Co. (Maadaniyah) reported a net loss of SAR 19.2 million in H1 2024, compared to SAR 12.5 million in a year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 123.63 120.54 (2.5 %)
Gross Income 5.83 1.22 (79.0 %)
Operating Income (10.18) (16.33) (60.4 %)
Net Income (12.46) (19.17) (53.9 %)
Average Shares 35.40 35.40 -
EPS (Riyals) (0.35) (0.54) (53.9 %)

This was attributed to lower sales of axles, spare parts, and casting products, and decreased average selling prices of drawn wire products.

 

Maadaniyah incurred a net loss of SAR 11.8 million in Q2 2024, compared to SAR 7.56 million in the year-earlier period.

 

The company cited lower sales of axles, spare parts, and casting products as well as decreased average selling prices of drawn wire products.

 

It also reported higher selling and distribution expenses and increased provisions for expected credit losses.

 

On a quarterly basis, Q2 2024 net loss widened from SAR 7.39 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 57.88 56.24 (2.8 %)
Gross Income 1.92 (0.39) (120.4 %)
Operating Income (5.77) (10.02) (73.5 %)
Net Income (7.56) (11.78) (55.9 %)
Average Shares 35.40 35.40 -
EPS (Riyals) (0.21) (0.33) (55.9 %)

Total shareholders’ equity (after deducting minority equity) reached SAR 265.1 million by June 30, 2024, compared to SAR 303.1 million in the corresponding period of the year before.

 

Accumulated loss reached SAR 88.9 million by June 30, 2024, accounting for 25% of capital.

View more financial results

 


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 %)
Q2 2024 56.24 (2.8 %) (0.39) (120.4 %) (10.02) (73.5 %)


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)
Q2 2024 (11.78) (55.9 %) (0.33) - (11.78) (0.33)

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 %)
Q2 2024 0.58 % 4.19 % (16.88 %)


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
Q2 2024 35.40 (1.08) (1.08) 7.49

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
Q2 2024 NEG NEG 2.16

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
Q2 2024 35.95 20.29


Financial Ratios
Current
Market Cap (M Riyal) 626.58
Enterprise Value (EV) (M) 605.85
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 2.45
Return on Average Assets (%) (TTM) (10.26 )
Return on Average Equity (%) (TTM) (14.88 )
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Share Price

National Metal Manufacturing and Casting Co.
17.70
(0.14) (0.78 %)

National Metal Manufacturing and Casting Co. (MAADANIYAH)

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