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Saudi Arabian Mining Co.(Ma'aden) announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4,300,512,7633,416,480,79225.8754,241,341,5401.395
Total Profit (Loss) 515,128,5141,240,433,705-58.471492,961,5134.496
Profit (Loss) Operational 192,670,6221,045,442,133-81.57251,828,646-23.491
Net Profit (Loss) after Zakat and Tax -243,667,410517,760,803-127,211,672-
Total Comprehensive Income -362,836,801517,760,803-147,084,473-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 8,541,854,3036,982,603,19922.33
Total Profit (Loss) 1,008,090,0272,617,242,716-61.482
Profit (Loss) Operational 444,499,2682,217,847,993-79.958
Net Profit (Loss) after Zakat and Tax -370,879,0821,155,925,615-
Total Comprehensive Income -509,921,2741,155,925,615-
Total Share Holders Equity (after deducting minority equity) 28,177,532,08827,252,164,6373.395
Profit (Loss) per Share -0.310.98
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year Due to the decrease in average realized prices of all products except gold, a decrease in the sales volume of aluminium and gold and also a decrease in share of net profit of the joint venture (SAMAPCO) despite an increase in sales volume of ammonia phosphate fertilizer, ammonia, alumina and flat rolled products and an increase in income from time deposits.

Also 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 resulting in the increase in cost of sales by 74% due to increase in volume sold and an increase in input cost, an increase in selling, marketing and logistic expenses by 143%, general and administrative expenses by 13% and finance cost by 67%.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter Due to the decrease in average realized prices of all products except gold, a decrease in the sales volume of ammonia and also a decrease in share of net profit of the joint venture (SAMAPCO) despite an increase in sales volume of all other products.

Also a slight increase in cost of sales and an increase in selling, marketing and logistics expenses by 42% due to increase in sales volume of all products excepts ammonia, an increase in general and administrative expenses by 22%, exploration and technical services expenses by 40% and finance cost by 7% affected the results for this quarter.

Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year Due to the decrease in average realized prices of all products and also a decrease in the sales volume of aluminium and gold despite an increase in sales volume of all other products, an increase in income from time deposits and an increase in share of net profit of the joint venture (Maaden Barrick Copper Company).

Also 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 resulting in increase in cost of sales by 73% 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 12% and finance cost by 68%.

Type of the external auditor's opinion Unmodified opinion
Reclassifications in quarter financial result 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 a date of initial application of 1 January 2019. The initial application resulted in recognition of an estimated additional SR 1.350 billion of right-of-use assets, estimated additional SR 1.350 billion of lease liabilities. Although 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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