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SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES ITS ESTIMATED CONSOLIDATED FINANCIAL RESULTS FOR THE PERIOD ENDED 31 MARCH 2012 (THREE MONTHS)
2012-04-10 (1433-05-18 )      09:30:01
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1.The estimated net income attributable to shareholders of the parent company for the first quarter ended 31 March 2012 amounted to SAR 246 million, an increase of 459% compared to the actual net income for the same quarter of 2011 (SAR 44 million) and a decrease of (12%) compared to the actual net income for the fourth quarter 2011 (SAR 280 million).

2.The estimated gross profit for the first quarter ended 31 March 2012 amounted to SAR 458 million, an increase of 258% compared to the actual gross profit for the same quarter 2011 (SAR 128 million).

3.The estimated Operating Profit for the first quarter ended 31 March 2012 amounted to SAR 362 million, an increase of 878% compared to the actual operating profit for the same quarter of 2011 (SAR 37 million).

4.The estimated basic and diluted earnings per share (EPS) for the three months ended 31 March 2012 amounted to SAR 0.27 compared to the actual basic and diluted earnings per share of SAR 0.05 for the same quarter of 2011.

5.The increase in the estimated net income for the first quarter of 2012 compared to the actual for the same quarter in 2011 is attributed to the beginning of the commercial production by Maaden Phosphate Co. (MPC) mainly the commercial production of ammonia during the fourth quarter of 2011 and the commercial production of diammonium phosphate (DAP) during the first quarter of 2012. In addition, an increase in the average realized prices per ounce of gold sold and an increase in the volume of gold ounces sold contributed to a higher estimated net income for the first quarter of 2012.This result was achieved despite an increase in financial charges related to MPC loan and an increase Zakat provisions. The decline in the estimated net income of the first quarter of 2012 compared to the fourth quarter of 2011 is due to the reduction in the selling prices of ammonia, as well as, a higher cost of sales of DAP and Ammonia due to the beginning of the MPCs whole complex commercial production.

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