Riyadh – Mubasher: National Metal Manufacturing and Casting Co.’s (Maadaniyah) net profit dropped 78% year-on-year to SAR 1.96 million ($523,000) in the third quarter of 2016 from SAR 8.93 million ($2.38 million).

The decrease in net profit is attributed to lower sales volume due to lower demand, adding to the effect of higher energy price and lower other income.

The company’s profits fell 17.49% to SAR 25.43 million in the first nine months of 2016 from SAR 30.82 million in the year-ago period.

Revenues also declined 47% to SAR 50.1 million in Q3-16 from SAR 95 million in Q3-15, according to a bourse filing on Tuesday.

Total sales levelled down 33% to SAR 211.3 million in the nine-month period of 2016 compared to SAR 317.6 mill8on in the prior-year period.