Riyadh – Mubasher: The National Metal Manufacturing and Casting Company (Maadaniyah) posted a 78.7% decrease in its losses during the first quarter of 2019.

Maadaniyah’s losses, after zakat and taxes, tumbled to around SAR 190,000 from nearly SAR 890,000 in the year-ago period, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company ascribed the Q1 loss drop to lower selling and distribution expenses, a decline in general and administrative expenses, and a decrease in zakat provision as well as a growth in other income.

Meanwhile, revenues retreated 1.6% to SAR 80.7 million in Q1-19, compared to SAR 82.02 million in the year-ago period.

Quarter-on-quarter, the Saudi-based firm turned to losses, versus a profit of SAR 2.29 million in Q4-18.

For the full-year 2018, Maadaniyah turned to a profit of SAR 4.53 million, against SAR 19.66 million in net losses in the prior year.