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Saudi Arabian Mining Company (Ma’aden) announces its Interim Financial Results for the Period Ending on 30-09-2020 (Nine Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4,659,154,2654,298,679,8058.3854,016,413,63916.002
Gross Profit (Loss) 668,409,245721,280,305-7.33293,002,830128.123
Operational Profit (Loss) 249,528,715269,357,291-7.361-163,365,800-
Net Profit (Loss) after Zakat and Tax 6,472,900-92,037,703--434,146,130-
Total Comprehensive Income 43,420,212-134,917,688--497,732,466-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 13,030,726,85512,840,534,1081.481
Gross Profit (Loss) 1,244,158,6061,890,319,217-34.182
Operational Profit (Loss) -33,124,764713,856,559-
Net Profit (Loss) after Zakat and Tax -780,926,560-462,916,78568.696
Total Comprehensive Income -983,634,126-644,838,96252.539
Total Share Holders Equity (after Deducting Minority Equity) 29,656,975,64228,042,614,4005.756
Profit (Loss) per Share -0.63-0.39
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for increase in net profit for current quarter compared to the same quarter of the previous year is the increase in the average realized prices of gold and ammonia, despite the decrease in the average realized prices of all other products. Further, sales volume of all products increased except alumina and gold. In addition, there is an increase in share of net profit of joint ventures, decrease in income from time deposits and an increase in other expenses.

Moreover, selling, marketing and logistic expenses decreased by 32% and finance cost decreased by 41%, while cost of sales increased by 12% due to higher volume sold of primary aluminum, ammonia and flat rolled products. Further, general and administrative expenses increased by 13%, exploration and technical services expenses increased by 7% and zakat and income tax expense increased by 2%.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for increase in net profit for current quarter compared to the previous quarter is the increase in the average realized prices of all products except flat rolled products, and the increase in the sales volume of all products except gold, alumina and ammonia. In addition share of net profit of joint ventures increased, while income from time deposits decreased and other expenses increased.

Moreover, general and administrative expenses decreased by 15%, exploration and technical services expenses decreased by 25% and finance cost decreased by 40%, while cost of sales increased by 7% due to higher volume sold of all products except gold, alumina and ammonia. Further, selling, marketing and logistic expenses increased by 17% and zakat and income tax expense increased by 68%.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for increase in net loss for current period compared to the similar period of the previous year is the decrease in the average realized prices of all products except gold, and also, a decrease in the sales volume of alumina, despite an increase in the sales volume of all other products. In addition, income from time deposits decreased and other expenses increased.

Moreover, cost of sales increased by 8% due to higher volume sold of all products except alumina. Further, general and administrative expenses increased by 30% and exploration and technical services expenses increased by 44%, while selling, marketing and logistic expenses decreased by 25%, finance cost decreased by 25%, and zakat and income tax expense decreased by 67%.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items During the quarter and nine months period ended 30 September 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 periods were reclassified to general and administrative expenses during the quarter and nine months period ended 30 September 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 interim statements of profit or loss and other comprehensive income for the quarter and nine months period ended 30 September 2019, and in the comparative consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2019, amounted to SAR 82 million, SAR 243 million and SAR 368 million, respectively.

Such reclassifications were made in the comparative periods 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 quarter / period / 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 period (1,230,591,146) and for the same period of the previous year (1,168,478,261), in accordance with the International Financial Reporting Standards (IFRS) and the accounting policies adopted by the Company.

The Capital Market Authority and the Saudi Stock 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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