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Saudi Arabian Mining Company (Ma’aden) announces its interim financial results for the period ending on 30-06-2023 (6 months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 6,966,269,838 | 11,876,156,403 | -41.34 | 8,045,093,113 | -13.41 |
| Gross Profit (Loss) | 1,615,854,461 | 6,157,993,536 | -73.76 | 1,585,630,582 | 1.91 |
| Operational Profit (Loss) | 843,393,595 | 5,553,772,327 | -84.81 | 930,206,136 | -9.33 |
| Net Profit (Loss) after Zakat and Tax | 350,941,901 | 4,028,117,244 | -91.29 | 419,418,967 | -16.33 |
| Total Comprehensive Income | 332,019,071 | 4,028,111,965 | -91.76 | 455,654,241 | -27.13 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 15,011,362,951 | 20,790,237,004 | -27.8 |
| Gross Profit (Loss) | 3,201,485,043 | 10,042,057,546 | -68.12 |
| Operational Profit (Loss) | 1,773,599,731 | 8,816,151,632 | -79.88 |
| Net Profit (Loss) after Zakat and Tax | 770,360,868 | 6,200,039,118 | -87.57 |
| Total Comprehensive Income | 787,673,312 | 6,303,289,699 | -87.5 |
| Total Share Holders Equity (after Deducting Minority Equity) | 45,882,699,196 | 45,069,189,616 | 1.8 |
| Profit (Loss) per Share | 0.21 | 1.68 | |
| 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 general and administrative expenses including expected credit loss allowance by 40%. • Higher exploration and technical services expenses by 116%. • Higher finance cost by 86% due to increase in SIBOR and LIBOR rates. • Lower share in net profit of joint ventures attributable to Ma’aden by 59%. • Higher zakat, income tax and severance fees expenses by 2% mainly due to one-off severance fees charge which was partially offset by lower zakat and income tax as a result of decrease in profitability. This decrease in net profit is partially offset by: • Higher sales volumes of all products except ammonia, primary aluminum and flat rolled products. • Lower cost of sales by 6% due to decrease in raw material costs which was partially offset by increased production costs as a result of higher sales volumes. • Lower selling, marketing and logistic expenses by 17%. • Income from time deposits 5.1 times higher, due to increased investments placed and deposit rates. • Higher other non-operating income by 164%. |
| 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, flat rolled products and gold. • Higher selling, marketing and logistics expenses by 10%. • Higher general and administrative expenses including expected credit loss allowance by 14%. • Higher exploration and technical services expenses by 54%. • Lower share in net profit of joint ventures attributable to Ma’aden by 21%. • Higher zakat, income tax and severance fees expense by 80% mainly due to one-off severance fees charge which was partially offset by lower zakat and income tax as a result of decrease in profitability. This decrease in net profit is partially offset by: • Higher sales volumes of all products except alumina and flat rolled products. • Lower cost of sales by 17% due to decrease in raw material and operating costs which was partially offset by increased production costs as a result of higher sales volumes. • Higher income from time deposits by 6% due to increased investments placed and deposit rates. • Lower finance cost by 8% due to higher capitalization of finance cost attributable to capital project. • Higher other non-operating income by 32.3 times. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reasons for the decrease in net profit during the current period compared to the same period of the last year are: • Lower average realized sales prices of all products except gold. • Higher cost of sales by 10% due to increased production costs as a result of higher sales volumes which was partially offset by decrease in raw material costs. • Higher general and administrative expenses including expected credit loss allowance by 27%. • Higher exploration and technical services expenses by 121%. • Higher finance cost by 96% due to increase in SIBOR and LIBOR rates. • Lower share in net profit of joint ventures attributable to Ma’aden by 51%. This decrease in net profit is partially offset by: • Higher sales volumes of all products except primary aluminum and flat rolled products. • Lower selling, marketing and logistic expenses by 24%. • Income from time deposits 7.1 times higher, due to increased investments placed and deposit rates. • Higher other non-operating income by 137%. • Lower zakat, income tax and severance fees expense by 9% as a result of decrease in profitability which was partially offset by one-off severance fees charge. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | As a result of voluntary reclassification, as at 30 June 2022, the Group 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 1 January 2022 was represented to conform to the new presentation. |
| Additional Information | As a result of issuance of bonus shares, as approved by Extraordinary General Assembly on 7 June 2023, the outstanding weighted average number of ordinary shares post the bonus shares issuance (3,691,773,438 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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