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Saudi Arabian Mining Company (Ma’aden) announces its interim Financial results for the period ending on 31-03-2020 (3 months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 4,355,158,9514,241,341,5402.6834,895,744,478-11.041
Gross Profit (Loss) 202,723,847484,388,931-58.148656,398,499-69.115
Operational Profit (Loss) -119,287,679251,828,646-171,782,882-
Net Profit (Loss) after Zakat and Tax -353,253,330-127,211,672177.689-276,547,15327.737
Total Comprehensive Income -529,321,872-147,084,473259.876-268,948,72596.811
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 30,121,527,90427,755,646,2608.523
Profit (Loss) per Share -0.28-0.1
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, and also a decrease in the sales volume of ammonia and alumina despite an increase in 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 increase in cost of sales by 11% due to increase in volume sold had affected the results of this quarter. Also, an increase in selling, marketing and logistic expenses by 7%, general and administrative expenses by 67% and exploration and technical services expenses by 67% despite a decrease in finance cost by 20% and zakat and income tax expense by 61% 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 and also a decrease in the sales volume of all products except ammonia phosphate fertilizer and flat rolled products which has also resulted in a slight decrease in cost of sales.

Moreover, a decrease in income from time deposits and an increase in other expenses despite a decrease in selling, marketing and logistic expenses by 23%, general and administrative expenses by 31%, exploration and technical services expenses by 32%, finance cost by 9% and zakat and income tax expense by 89% had affected the results of this quarter.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative figures of the previous quarter / year have been reclassified, wherever necessary, to conform with the current quarter’s presentation.

Such reclassifications did not affect either the net worth or the net profit of the Group for the previous quarter / 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 quarter (1,230,591,146) and for the same quarter 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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