Riyadh – Mubasher: The Saudi-based National Metal Manufacturing and Casting Company (Maadaniyah) reported SAR 4.53 million ($1.21 million) in net profits in 2018, against SAR 19.66 million ($5.24 million) in net losses in the prior year.
The Saudi firm’s revenues grew 33.3% to SAR 391.17 million last year, compared to SAR 293.5 million in 2017, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
Turning a profit in 2018 was supported by the increased value and volume of sales, along with the growth in other revenues and the decrease in other expenses due to lower provisions for doubtful debts.
During the fourth quarter of 2018, Maadaniyah posted SAR 2.29 million in profits, versus SAR 10.26 in losses in the prior-year period, according to statistics conducted by Mubasher.
Over the first nine months of last year, the Saudi firm’s net profit amounted to SAR 2.24 million, against SAR 9.4 million in the corresponding period a year earlier.
Maadaniyah’s stock was stable at SAR 17.86 at the end of Monday’s trading session.
