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Saudi Arabian Mining Company (Ma’aden) announces its interim Financial results for the period ending on 30-06-2021 (6 months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 6,101,453,1194,016,413,63951.9125,449,766,12111.958
Gross Profit (Loss) 2,056,799,207292,993,827601.9941,436,396,16143.191
Operational Profit (Loss) 1,612,089,660-163,365,800-1,046,980,35553.975
Net Profit (Loss) after Zakat and Tax 1,104,516,722-434,146,130-761,155,75545.11
Total Comprehensive Income 1,137,952,991-497,732,466-795,258,28543.092
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 11,551,219,2408,371,572,59037.981
Gross Profit (Loss) 3,493,195,368575,749,361506.721
Operational Profit (Loss) 2,659,070,015-282,653,479-
Net Profit (Loss) after Zakat and Tax 1,865,672,477-787,399,460-
Total Comprehensive Income 1,933,211,276-1,027,054,338-
Total Share Holders Equity (after Deducting Minority Equity) 32,172,671,09929,618,823,3048.622
Profit (Loss) per Share 1.52-0.63
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
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 reason for the increase in net profit during the current quarter compared to the same quarter of the last year is the increase in the average realized price of all products except industrial minerals, despite a decrease in the sales volume of gold, ammonia and alumina. Also, an increase in net profit attributable to Ma’aden share of joint ventures and an increase in other income, while income from time deposits decreased.

Moreover, general and administrative expenses decreased by 11%, exploration and technical services expenses decreased by 38% and finance cost decreased by 46%, while cost of sales increased by 9%, selling, marketing and logistic expenses increased by 39% and zakat and income tax expense increased by 377%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the increase in net profit during the current quarter compared to the previous quarter is the increase in the average realized price of all products except industrial minerals, despite a decrease in the sales volume of all products except ammonium phosphate fertilizer and alumina. Also, income from time deposits and other income increased, while net profit attributable to Ma’aden share of joint ventures decreased.

Moreover, general and administrative expenses decreased by 1% and finance cost decreased by 4%, while cost of sales increased by 1%, selling, marketing and logistic expenses increased by 40%, exploration and technical services expenses increased by 39% and zakat and income tax expense increased by 86%.

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 reason for the increase in net profit during the current period compared to the same period of the last year is the increase in the average realized price of all products, in addition to an increase in the sales volume of all products except gold and ammonia. Also, an increase in net profit attributable to Ma’aden share of joint ventures and an increase in other income, while income from time deposits decreased.

Moreover, general and administrative expenses decreased by 4%, exploration and technical services expenses decreased by 37% and finance cost decreased by 42%, while cost of sales increased by 3%, selling, marketing and logistic expenses increased by 17% and zakat and income tax expense increased by 364%.

Statement of the type of external auditor's report Unmodified conclusion
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 for the quarter and six months ended 30 June 2020 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 six months ended 30 June 2020, amounted to SAR 93 million and SAR 173 million, respectively.

Such reclassifications were made in the comparative quarter / period 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 comparative quarter / period.

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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