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Saudi Arabian Mining Company (Ma'aden) announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4,016,413,6394,300,512,763-6.6064,355,158,951-7.778
Gross Profit (Loss) 199,868,998515,128,514-61.2202,723,847-1.408
Operational Profit (Loss) -163,365,800192,670,622--119,287,67936.951
Net Profit (Loss) after Zakat and Tax -434,146,130-243,667,41078.171-353,253,33022.899
Total Comprehensive Income -497,732,466-362,836,80137.178-529,321,872-5.967
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 8,371,572,5908,541,854,303-1.993
Gross Profit (Loss) 402,592,8451,008,090,027-60.063
Operational Profit (Loss) -282,653,479444,499,268-
Net Profit (Loss) after Zakat and Tax -787,399,460-370,879,082112.306
Total Comprehensive Income -1,027,054,338-509,921,274101.414
Total Share Holders Equity (after Deducting Minority Equity) 29,618,823,30428,177,532,0885.115
Profit (Loss) per Share -0.63-0.31
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 decrease in the average realized prices of all products except gold, flat rolled products and industrial minerals, and also a decrease in the sales volume of all products except gold. In addition to a decrease in share of net profit of joint ventures, income from time deposits partially off-set by an increase in other income.

Moreover, the cost of sales increased slightly by 1% mainly due to higher gold ounces sold. Also, an increase in general and administrative expenses by 60% and exploration and technical services expenses by 73%, despite a decrease in selling, marketing and logistic expenses by 33%, finance cost by 17% and zakat and income tax expense by 85% had affected the results of this quarter.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The decrease in the average realized prices of all products except gold, ammonia phosphate fertilizer and industrial minerals, and also a decrease in the sales volume of flat rolled products, ammonia phosphate fertilizer and ammonia, despite an increase in the sales volume of all other products. In addition to a decrease in share of net profit of joint ventures, income from time deposits partially off-set by a decrease in other expenses.

Moreover, the increase in general and administrative expenses by 16% and exploration and technical services expenses by 45%, finance cost by 11%, and zakat and income tax expense by 71%, despite a decrease in cost of sales by 8% and selling, marketing and logistic expenses by 4%, had affected the results of this quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The decrease in the average realized prices of all products except gold, flat rolled products and industrial minerals, and also a decrease in the sales volume of ammonia, alumina and industrial minerals, despite an increase in the sales volume of all other products. In addition to a decrease in share of net profit of joint ventures, income from time deposits and an increase in other expenses.

Moreover, the cost of sales increased by 6% due to higher volume sold of all products except ammonia, alumina and industrial minerals. Also, an increase in general and administrative expenses by 63% and exploration and technical services expenses by 70%, despite a decrease in selling, marketing and logistic expenses by 19%, finance cost by 18% and zakat and income tax expense by 81%, had affected the results of this period.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative figures of the previous quarter / period / year have been reclassified, wherever necessary, to conform with the current quarter’s / period’s presentation. Such reclassifications did not affect either the net worth or the net profit 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 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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