Riyadh – Mubasher: National Metal Manufacturing and Casting Company (Maadaniyah) incurred a net loss after Zakat and tax worth SAR 7.08 million during the first quarter (Q1) of 2021, a decrease of 5% from SAR 7.46 million in the same quarter a year earlier.

The company’s loss per share stood at SAR 0.25 in Q1-21, compared with SAR 0.27 in Q1-20, according to the interim financial results.

Revenues decreased by almost 18% to SAR 65.26 million in Q1-21 from SAR 79.55 million in the same three months last year.

On a quarterly basis, the net loss in Q1-21 narrowed 64% from SAR 19.78 million in the fourth quarter (Q4) of 2020.

Revenues meanwhile grew by 38% in Q1-21 from SAR 47.26 million in Q4-20.

Maadaniyah has registered accumulated losses worth SAR 47.24 million until 31 March 2021, accounting for 16.8% of the SAR 281.12 million paid-up capital.