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Saudi Arabian Mining Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4,298,679,8053,395,985,15826.5814,300,512,763-0.042
Gross Profit (Loss) 639,230,0601,255,454,584-49.083515,128,51424.091
Operational Profit (Loss) 269,357,291973,309,818-72.325192,670,62239.801
Net Profit (Loss) after Zakat and Tax -92,037,703414,983,753--243,667,410-62.228
Total Comprehensive Income -134,917,688414,983,753--362,836,801-62.815
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 12,840,534,10810,346,059,30524.11
Gross Profit (Loss) 1,647,320,0873,840,168,248-57.102
Operational Profit (Loss) 713,856,5593,191,157,811-77.63
Net Profit (Loss) after Zakat and Tax -462,916,7851,570,909,368-
Total Comprehensive Income -644,838,9621,570,909,368-
Total Share Holders Equity (after Deducting Minority Equity) 28,042,614,40027,667,148,3901.357
Profit (Loss) per Share -0.391.34
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 Due to the decrease in the average realized prices of all products except gold, a decrease in the sales volume of ammonia, aluminium and alumina despite an increase in sales volume of ammonia phosphate fertilizer, flat rolled products and gold. A decrease in the share of net profit of the joint venture (SAMAPCO) and an increase in income from time deposits and other income.

The commencement of commercial operations of Ma’aden Wa’ad Al-Shamal Phosphate Company and Ma’aden Rolling Company in December 2018 affected the results for this quarter, resulted in the increase in cost of sales by 71% due to increase in volume sold and an increase in input cost. An increase in selling, marketing and logistic expenses by 44%, exploration and technical services expenses by 98% and finance cost by 15%.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Decrease in net loss due to increase in sales volume of ammonia phosphate fertilizer, flat rolled products and gold also an increase in average realized prices of gold and flat rolled products. A slight decrease in cost of sales, decrease in finance cost by 15% and an increase in other income.

However, an increase in selling, marketing and logistics expenses by 17% due to increase in sales volume of ammonia phosphate fertilizer and flat rolled products, an increase in general and administrative expenses by 10%, exploration and technical services expenses by 20%, and a decrease in share of net profit of the joint venture (SAMAPCO) affected the results for this quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Due to the decrease in the average realized prices of all products except gold and also a decrease in the sales volume of all products except ammonia phosphate fertilizer and flat rolled products. A decrease in share of net profit of the joint venture (SAMAPCO) despite an increase in income from time deposits and other income.

The commencement of commercial operations of Ma’aden Wa’ad Al-Shamal Phosphate Company and Ma’aden Rolling Company in December 2018 affected the results for this period resulted in increase in cost of sales by 72% due to increase in volume sold and an increase in input cost. An increase in selling, marketing and logistic expenses by 88%, general and administrative expenses by 9%, exploration and technical services expenses by 74% and finance cost by 48%.

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 / period 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 The Company applied IFRS 16 with effect from 1 January 2019. The initial application resulted in recognition of an estimated additional SAR 1.350 billion of right-of-use assets with a corresponding additional SAR 1.350 billion of lease liabilities. The application of IFRS 16 did not have a material impact on consolidated statement of profit or loss

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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