Saudi Arabian Mining Company (Ma’aden) announces its Annual Financial Results for the Period Ending on 31-12-2020
|Element List||Current Year||Previous Year||%Change|
|Gross Profit (Loss)||2,566,994,757||2,671,864,351||-3.924|
|Operational Profit (Loss)||810,594,691||885,639,441||-8.473|
|Net Profit (Loss) after Zakat and Tax||-208,980,874||-739,463,938||-71.738|
|Total Comprehensive Income||-383,390,676||-913,787,687||-58.043|
|Total Share Holders Equity (after Deducting Minority Equity)||30,251,637,885||30,655,542,772||-1.317|
|Profit (Loss) per Share||-0.17||-0.62|
|All figures are in (Actual) Saudi Arabia, Riyals|
|The reason of the increase (decrease) in the net profit during the current year compared to the last year is||The reason for the decrease in net loss for the current year compared to the previous year is the increase in the sales volume of all products except alumina and industrial minerals, despite the decrease in the average realized prices of all products except gold. In addition, share of net profit of joint ventures increased, while income from time deposits decreased and other expenses increased. |
Moreover, selling, marketing and logistic expenses decreased by 20%, finance cost decreased by 31% and zakat and income tax expense decreased by 63%, while cost of sales increased by 6% due to higher volume sold of all products except alumina and industrial minerals. Further, general and administrative expenses increased by 11% and exploration and technical services expenses increased by 18%.
|Statement of the type of external auditor's report||Unmodified opinion|
|Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion||N/A|
|Reclassification of Comparison Items||During the year ended 31 December 2020, the Group undertook an analysis of the expenses classified under cost of sales function, and certain expenses that were presented as cost of sales in prior year were reclassified to general and administrative expenses during the year ended 31 December 2020, based on the more representative function of such expenses. The comparative information has been restated to reflect the appropriate classification. The amounts reclassified from cost of sales to general and administrative expenses in the comparative consolidated statements of profit or loss and other comprehensive income for the year ended 31 December 2019, amounted to SAR 368 million. |
Such reclassifications were made in the comparative year for improved comparability and did not affect either the net worth, the operating profit / (loss) or the net profit / (loss) of the Group for the previous year.
|Additional Information||In November 2019, the Company has increased its Share Capital from 1,168 million shares to 1,231 million shares by the way of converting its long-term borrowing due to Public Investment Fund (“PIF”) into equity amounting to SAR 2,986,387,500 (USD 796,370,000) resulting in the issuance of 62,112,885 ordinary shares to PIF. The Company has calculated the earnings / (loss) per ordinary share based on the weighted average number of the issued shares for the current year (1,230,591,146) and for the previous year (1,178,348,253), in accordance with the International Financial Reporting Standards (IFRS) and the accounting policies adopted by the Company.|
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