Saudi Arabia’s National Metal Manufacturing and Casting Co. (Maadaniyah) reported lower revenue but reduced net losses in the first half of 2026, supported by improved product pricing, a better sales mix and lower operating costs.
Revenue declined 33.8pct YoY to SAR 88.8 mln (USD 23.7 mln) in Jan-Jun 2026 from SAR 134 mln (USD 35.7 mln), mainly due to lower sales of drawn wire products and axles following delays in imported raw material arrivals and shortages of finished goods.
The company’s net loss narrowed to SAR 7.7 mln (USD 2.1 mln) from SAR 8.6 mln (USD 2.3 mln) a year earlier. Maadaniyah attributed the improvement to higher average selling prices for drawn wire products, an improved sales mix in its casting business, lower selling and administrative expenses, higher other income, reduced finance costs and a lower Zakat provision.
In the second quarter, revenue fell 38.7pct YoY to SAR 39.2 mln (USD 10.4 mln), while the net loss narrowed to SAR 2 mln (USD 0.5 mln) from SAR 5.4 mln (USD 1.4 mln). Improved pricing for drawn wire products, a stronger casting product mix and lower operating expenses helped offset the decline in sales.
The company said accumulated losses stood at SAR 136.1 mln (USD 36.3 mln), equivalent to 38.4pct of its paid-up capital, mainly due to weak domestic and export demand, increased competition from Chinese imports, volatility in high-carbon steel raw material prices and logistics disruptions that delayed imported raw material shipments.
Maadaniyah said it will continue implementing its restructuring plan, improving operational efficiency, reducing costs and increasing revenue through new projects as part of its 2026 recovery strategy.
Maadaniyah operates several manufacturing facilities, including wire drawing, metal casting, axle production, and machining and fabrication plants located in Jubail and Dammam. The company also operates a facility within King Salman Energy Park (SPARK), specializing in the production of industrial valves and related accessories for the oil and gas, water, and petrochemical sectors across the region.
1 USD / 3.75 SAR