Maaden’s net profit more than doubles in FY18

24/01/2019 Argaam Exclusive

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Saudi Arabian Mining Co.
47.65
0.00 0.00 %

Saudi Arabian Mining Co. (MAADEN)

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Saudi Arabian Mining Co. (Maaden) posted a net profit after zakat and tax of SAR 1.85 billion for fiscal year 2018, an over twofold increase year-on-year (YoY), driven by higher average realized prices of ammonium phosphate fertilizers, ammonia, aluminum and alumina.

 

The company also recorded higher sales volumes of ammonium phosphate fertilizers, alumina, aluminum flat-rolled products and gold.



Financials (M)

Item 2017 2018 Change‬
Revenues 12,085.93 14,170.76 17.3 %
Gross Income 3,933.51 4,886.98 24.2 %
Operating Income 2,958.62 3,977.17 34.4 %
Net Income 714.84 1,847.92 158.5 %
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) 0.20 0.53 158.5 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 3,222.24 3,824.70 18.7 %
Gross Income 1,165.28 1,046.81 (10.2 %)
Operating Income 838.78 767.43 (8.5 %)
Net Income (943.51) 277.01 129.4 %
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) (0.27) 0.08 129.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 160.20 38.8 % 75.90 5.8 % 17.64 (49.0 %) 0.01
Q2 2009 176.33 84.9 % 93.38 128.8 % (5.75) 64.2 % 0.00
Q3 2009 163.62 34.4 % 86.45 25.8 % 49.11 (23.0 %) 0.02
Q4 2009 134.30 5.2 % 72.48 83.9 % 333.78 175.7 % 0.11
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 20.63 17.0 % 0.01
Q2 2010 197.32 11.9 % 109.68 17.5 % 31.22 643.4 % 0.01
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (0.20) (100.4 %) 0.00
Q4 2010 196.30 46.2 % 111.08 53.3 % (60.85) (118.2 %) (0.02)
Q1 2011 205.16 33.7 % 127.84 58.7 % 43.73 111.9 % 0.01
Q2 2011 245.64 24.5 % 160.34 46.2 % 62.54 100.3 % 0.02
Q3 2011 202.53 27.1 % 88.46 5.3 % 27.41 14158.5 % 0.01
Q4 2011 879.69 348.1 % 624.67 462.4 % 279.63 559.6 % 0.09
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 246.05 462.7 % 0.08
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 128.27 105.1 % 0.04
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 311.12 1034.9 % 0.10
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 405.50 45.0 % 0.13
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 239.19 (2.8 %) 0.08
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 40.98 (68.0 %) 0.01
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 1,431.41 360.1 % 0.45
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (29.21) (107.2 %) (0.01)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 125.18 (47.7 %) 0.04
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 370.79 804.8 % 0.12
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 485.41 (66.1 %) 0.15
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 375.96 1386.9 % 0.11
Q1 2015 2,743.30 54.5 % 615.81 55.4 % 260.93 108.4 % 0.07
Q2 2015 3,011.46 26.2 % 765.77 1.0 % 270.01 (27.2 %) 0.08
Q3 2015 2,541.99 (19.3 %) 523.84 (44.1 %) 79.91 (83.5 %) 0.02
Q4 2015 2,659.38 (23.5 %) 533.62 (47.9 %) (206.41) (154.9 %) (0.06)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 194.30 (25.5 %) 0.06
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 171.22 (36.6 %) 0.05
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 107.45 34.5 % 0.03
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) (674.54) (226.8 %) (0.19)
Q1 2017 2,708.09 19.3 % 925.64 87.1 % 275.61 41.8 % 0.08
Q2 2017 2,987.17 17.1 % 1,011.92 74.2 % 356.47 108.2 % 0.10
Q3 2017 3,151.29 36.6 % 830.67 59.7 % 242.91 126.1 % 0.07
Q4 2017 3,222.24 38.1 % 1,165.28 174.4 % (943.51) (39.9 %) (0.27)
Q1 2018 3,566.12 31.7 % 1,414.90 52.9 % 638.16 131.5 % 0.18
Q2 2018 3,416.48 14.4 % 1,240.43 22.6 % 517.76 45.2 % 0.15
Q3 2018 3,395.99 7.8 % 1,255.46 51.1 % 414.98 70.8 % 0.12
Q4 2018 3,824.70 18.7 % 1,046.81 (10.2 %) 277.01 129.4 % 0.08
2018 14,170.76 17.3 % 4,886.98 24.2 % 1,847.92 158.5 % 0.53

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 44.53 % 9.10 % 36.92 %
Q2 2009 47.35 % 18.11 % 33.58 %
Q3 2009 47.01 % 25.26 % 29.00 %
Q4 2009 51.73 % 30.83 % 62.22 %
Q1 2010 53.02 % 30.85 % 63.37 %
Q2 2010 53.82 % 30.85 % 67.02 %
Q3 2010 53.80 % 27.04 % 59.80 %
Q4 2010 54.54 % 25.14 % (1.30 %)
Q1 2011 57.06 % 24.45 % 1.83 %
Q2 2011 59.93 % 27.47 % 5.61 %
Q3 2011 57.40 % 26.60 % 8.57 %
Q4 2011 65.32 % 50.63 % 26.96 %
Q1 2012 58.47 % 55.81 % 26.37 %
Q2 2012 49.56 % 51.07 % 20.56 %
Q3 2012 46.90 % 50.08 % 19.90 %
Q4 2012 46.52 % 49.91 % 19.56 %
Q1 2013 43.90 % 46.94 % 17.87 %
Q2 2013 39.24 % 42.89 % 15.75 %
Q3 2013 34.83 % 37.19 % 10.83 %
Q4 2013 24.96 % 26.08 % 4.21 %
Q1 2014 21.26 % 21.98 % 2.22 %
Q2 2014 25.55 % 25.60 % 6.51 %
Q3 2014 27.21 % 29.25 % 11.06 %
Q4 2014 28.86 % 33.18 % 12.77 %
Q1 2015 28.36 % 34.39 % 12.88 %
Q2 2015 26.98 % 34.58 % 11.44 %
Q3 2015 24.88 % 34.62 % 8.81 %
Q4 2015 22.26 % 33.03 % 4.21 %
Q1 2016 22.11 % 33.97 % 3.76 %
Q2 2016 21.28 % 33.79 % 2.92 %
Q3 2016 21.75 % 34.37 % 3.00 %
Q4 2016 21.35 % 35.51 % 4.21 %
Q1 2017 24.76 % 38.59 % 4.85 %
Q2 2017 27.88 % 41.91 % 6.44 %
Q3 2017 28.56 % 42.30 % 7.16 %
Q4 2017 32.59 % 44.39 % 3.38 %
Q1 2018 34.21 % 45.23 % 5.96 %
Q2 2018 34.83 % 48.09 % 6.98 %
Q3 2018 37.32 % 50.84 % 8.12 %
Q4 2018 34.90 % 50.48 % 12.55 %
2018 34.49 % 50.60 % 12.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 3,151.65 0.06 0.06 5.14
Q2 2009 3,151.65 0.06 0.06 5.14
Q3 2009 3,151.65 0.06 0.06 5.16
Q4 2009 3,151.65 0.13 0.13 5.26
Q1 2010 3,151.65 0.13 0.13 5.27
Q2 2010 3,151.65 0.14 0.14 5.28
Q3 2010 3,151.65 0.12 0.12 5.28
Q4 2010 3,151.65 0.00 0.00 5.26
Q1 2011 3,151.65 0.00 0.00 5.27
Q2 2011 3,151.65 0.01 0.01 5.29
Q3 2011 3,151.65 0.02 0.02 5.30
Q4 2011 3,151.65 0.13 0.13 5.39
Q1 2012 3,151.65 0.20 0.20 5.47
Q2 2012 3,151.65 0.22 0.22 5.51
Q3 2012 3,151.65 0.31 0.31 5.61
Q4 2012 3,151.65 0.35 0.35 5.74
Q1 2013 3,151.65 0.34 0.34 5.81
Q2 2013 3,151.65 0.32 0.32 5.82
Q3 2013 3,151.65 0.67 0.21 6.28
Q4 2013 3,151.65 0.53 0.08 6.27
Q1 2014 3,151.65 0.50 0.04 6.31
Q2 2014 3,151.65 0.60 0.15 6.43
Q3 2014 3,151.65 0.30 0.31 6.58
Q4 2014 3,505.43 0.39 0.39 7.61
Q1 2015 3,505.43 0.43 0.43 7.69
Q2 2015 3,505.43 0.40 0.40 7.77
Q3 2015 3,505.43 0.28 0.30 7.79
Q4 2015 3,505.43 0.12 0.13 7.79
Q1 2016 3,505.43 0.10 0.11 7.29
Q2 2016 3,505.43 0.07 0.08 7.34
Q3 2016 3,505.43 0.08 0.08 7.37
Q4 2016 3,505.43 (0.06) 0.11 7.23
Q1 2017 3,505.43 (0.03) 0.14 7.31
Q2 2017 3,505.43 0.02 0.19 7.41
Q3 2017 3,505.43 0.06 0.23 7.46
Q4 2017 3,505.43 (0.02) 0.12 7.44
Q1 2018 3,505.43 0.08 0.22 7.63
Q2 2018 3,505.43 0.13 0.27 7.77
Q3 2018 3,505.43 0.18 0.32 7.89
Q4 2018 3,505.43 0.53 0.51 7.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 78.24 78.24 0.90
Q2 2009 94.47 94.47 1.15
Q3 2009 More than 100 More than 100 1.28
Q4 2009 53.95 53.95 1.28
Q1 2010 58.80 58.80 1.41
Q2 2010 49.55 49.55 1.30
Q3 2010 69.46 69.46 1.61
Q4 2010 NEG NEG 1.62
Q1 2011 More than 100 More than 100 1.82
Q2 2011 More than 100 More than 100 2.01
Q3 2011 More than 100 More than 100 1.89
Q4 2011 75.35 75.35 1.83
Q1 2012 70.99 70.99 2.54
Q2 2012 54.92 54.92 2.16
Q3 2012 39.93 39.93 2.18
Q4 2012 36.56 36.56 2.21
Q1 2013 38.61 38.61 2.29
Q2 2013 35.94 35.94 1.95
Q3 2013 16.22 51.16 1.74
Q4 2013 23.71 More than 100 2.02
Q1 2014 28.41 More than 100 2.24
Q2 2014 22.28 89.95 2.09
Q3 2014 52.55 51.59 2.41
Q4 2014 27.73 27.31 1.41
Q1 2015 31.28 30.84 1.73
Q2 2015 35.05 34.45 1.79
Q3 2015 36.38 34.59 1.31
Q4 2015 More than 100 88.61 1.50
Q1 2016 More than 100 88.69 1.37
Q2 2016 More than 100 More than 100 1.76
Q3 2016 More than 100 More than 100 1.44
Q4 2016 NEG More than 100 1.89
Q1 2017 NEG More than 100 1.97
Q2 2017 More than 100 90.57 2.32
Q3 2017 More than 100 80.18 2.45
Q4 2017 NEG More than 100 2.45
Q1 2018 More than 100 87.43 2.52
Q2 2018 More than 100 75.53 2.58
Q3 2018 More than 100 57.74 2.30
Q4 2018 32.84 34.04 2.18

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
Q1 2010 - - - - 4.36 149.12 - -
Q2 2010 - - - - 8.94 188.38 - -
Q3 2010 - - - - 9.93 149.48 - -
Q4 2010 - - - - 6.90 189.40 - -
Q1 2011 - - - - 11.30 193.87 - -
Q2 2011 - - - - 8.11 237.53 - -
Q3 2011 - - - - 22.35 180.18 - -
Q4 2011 594.43 - - - 28.76 254.17 2.32 -
Q1 2012 568.33 - - - 28.30 341.18 0.40 -
Q2 2012 910.61 - - - 25.72 186.05 0.32 -
Q3 2012 1,371.57 - - - 31.73 194.66 0.32 10.23
Q4 2012 1,597.22 - - - 40.12 279.66 0.46 -
Q1 2013 1,157.55 - 192.45 146.15 - - 38.13 (37.73)
Q2 2013 1,020.39 - 216.28 250.08 - - 40.07 (39.81)
Q3 2013 1,104.27 781.46 119.16 (396.23) - - 41.37 (41.24)
Q4 2013 1,040.16 234.19 181.36 - - - (119.57) 118.78
Q1 2014 1,190.21 410.35 174.98 - - - - -
Q2 2014 1,388.16 817.38 180.66 - - - - -
Q3 2014 1,434.27 1,558.04 160.00 - - - - -
Q4 2014 1,565.12 1,713.67 199.49 - - - - -
Q1 2015 1,111.14 1,454.39 177.76 - - - - -
Q2 2015 1,533.95 1,295.95 181.55 - - - - -
Q3 2015 1,337.60 1,026.37 177.23 - - - - -
Q4 2015 1,505.16 985.55 168.67 - - - - -
Q1 2016 1,052.72 1,036.49 181.23 - - - - -
Q2 2016 1,145.68 1,103.85 302.18 - - - - -
Q3 2016 1,058.82 965.85 283.11 - - - - -
Q4 2016 907.84 1,143.08 283.01 - - - - -
Q1 2017 1,250.08 1,131.49 326.51 - - - - -
Q2 2017 1,487.28 1,170.89 328.99 - - - - -
Q3 2017 1,401.03 1,352.72 386.22 - - - - -
Q4 2017 1,322.83 1,376.45 551.44 - - - - -
Q1 2018 1,544.33 1,426.45 595.34 - - - - -
Q2 2018 1,486.30 1,434.84 495.34 - - - - -
Q3 2018 1,605.08 1,317.13 441.24 - - - - -
Q4 2018 1,890.45 1,489.83 444.42 - - - - -

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 390.80 277.01 (29.1 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
Al Rajhi Capital 348.00 277.01 (20.4) %
Sico 370.00 277.01 (25.1) %
AlJazira Capital 454.40 277.01 (39.0) %


Financial Ratios
Current
Market Cap (M Riyal) 175,912.84
Enterprise Value (EV) (M) 207,082.07
Shares Outstanding ((M)) 3,691.77
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 12.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.71
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.6
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