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Saudi Arabian Mining Company (Ma'aden) announces its Annual Financial Results for the year Ended on 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 40,277,122,289 | 26,769,006,109 | 50.46 | ||
| Gross Profit (Loss) | 16,248,951,457 | 9,154,668,071 | 77.49 | ||
| Operational Profit (Loss) | 13,536,808,429 | 7,413,643,935 | 82.59 | ||
| Net Profit (Loss) after Zakat and Tax | 9,319,047,152 | 5,227,700,464 | 78.26 | ||
| Total Comprehensive Income | 9,429,942,121 | 5,351,327,367 | 76.22 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 45,069,189,616 | 35,651,254,463 | 26.42 | ||
| Profit (Loss) per Share | 3.79 | 2.12 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the increase in net profit during the current year compared to the previous year are: • Higher average realized sales prices of all products except gold; • Higher sales volumes of all products except alumina, primary aluminum and gold; • Income from time deposits 5.7 times higher, due to increased investments placed and deposit rates and • Other non-operating income 3.8 times higher, due to one-off insurance claim income totaling SAR 195 million following a contained fire incident at MPC’s Ammonia plant in Q2 2021. This increase in net profit is partially offset by: • Higher cost of sales by 36% as a result of increased raw material costs and production levels; • Higher selling, marketing and logistic expenses by 50%; • Higher general and administrative expenses by 62% due to one-off costs incurred for stimulating organizational transformation initiatives; • Higher exploration and technical services expenses by 36%; • Lower share in net profit of joint ventures attributable to Ma’aden by 24%; • Higher finance cost by 26% due to increase in SIBOR and LIBOR rates and • Higher zakat and income tax expense by 101% as a result of Ma’aden’s increased profitability |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | During the year, 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 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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