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Saudi Arabian Mining Company (Ma’aden) announces its interim financial results for the period ending on 31-03-2023 (3 months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 8,045,093,113 | 8,914,080,601 | -9.75 | 9,472,464,267 | -15.07 |
| Gross Profit (Loss) | 1,585,630,582 | 3,884,064,010 | -59.17 | 2,633,066,315 | -39.78 |
| Operational Profit (Loss) | 930,206,136 | 3,262,379,305 | -71.49 | 1,766,909,754 | -47.35 |
| Net Profit (Loss) after Zakat and Tax | 419,418,967 | 2,171,921,874 | -80.69 | 1,016,473,264 | -58.74 |
| Total Comprehensive Income | 455,654,241 | 2,275,177,734 | -79.97 | 977,758,140 | -53.4 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 45,543,471,047 | 45,069,189,616 | 1.05 |
| Profit (Loss) per Share | 0.17 | 0.88 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reasons for the decrease in net profit during the current quarter compared to the same quarter of the last year are: • Lower average realized sales prices of all products except gold; • Higher cost of sales by 28% as a result of increased raw material costs and production operating costs; • Higher general and administrative expenses by 15%; • Higher exploration and technical services expenses by 129%; • Higher finance cost by 105% due to increase in SIBOR and LIBOR rates; and • Lower share in net profit of joint ventures attributable to Ma’aden by 40%. This decrease in net profit is partially offset by: • Higher sales volumes of all products except mainly primary aluminum and gold; • Lower selling, marketing and logistic expenses by 30%; • Income from time deposits 11.6 times higher, due to increased investments placed and deposit rates; • Lower other non-operating expenses by 97%; and • Lower zakat and income tax expense by 24% as a result of decrease in profitability. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reasons for the decrease in net profit during the current quarter compared to the previous quarter are: • Lower average realized sales prices of all products except alumina, primary aluminum, flat rolled products and gold; • Lower sales volumes of all products except ammonium phosphate fertilizer and alumina; • Higher finance cost by 11% due to increase in SIBOR and LIBOR rates; • Higher other non-operating expenses by 101% mainly due to decrease in gain on currency exchange relating to Meridian; and • Lower share in net profit of joint ventures attributable to Ma’aden by 6%. This decrease in net profit is partially offset by: • Lower cost of sales by 6% as a result of decreased production operating costs; • Lower selling, marketing and logistic expenses by 37%; • Lower general and administrative expenses by 22%; • Lower exploration and technical services expenses by 5%; • Income from time deposits 1.5 times higher, due to increased investments placed and deposit rates; and • Lower zakat and income tax expense by 35% as a result of decrease in profitability. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | During Q2 2022, the Group has voluntarily reclassified the cash flow hedge reserve attributable to ordinary shareholders of the parent company from Retained earnings and presented it within Other reserves for better presentation. The comparative information as of 31 March 2022 has been restated to conform to the new presentation. |
| Additional Information | As a result of issuance of bonus shares, as approved by Extraordinary General Assembly on 30 May 2022, the outstanding weighted average number of ordinary shares post the bonus shares issuance (2,461,182,292 shares) have been used for calculation of basic and diluted earnings per ordinary share from continuing operations, for all periods presented. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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