Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 419.4 million for Q1 2023, a slump of 81% from SAR 2.17 billion in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 8,914.08 | 8,045.09 | (9.7 %) |
| Gross Income | 3,884.06 | 1,585.63 | (59.2 %) |
| Operating Income | 3,262.38 | 930.21 | (71.5 %) |
| Net Income | 2,171.92 | 419.42 | (80.7 %) |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | 0.59 | 0.11 | (80.7 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 9,472.46 | 8,045.09 | (15.1 %) |
| Gross Income | 2,633.07 | 1,585.63 | (39.8 %) |
| Operating Income | 1,766.91 | 930.21 | (47.4 %) |
| Net Income | 1,016.47 | 419.42 | (58.7 %) |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | 0.28 | 0.11 | (58.7 %) |
This profit decline was driven by lower average selling prices of all products except gold, higher cost of sales, and an increase in raw material costs as well as production operating costs.
Maaden also cited an increase in the general and administrative expenses, higher exploration and technical services expenses and higher cost of finance due to a rise in SAIBOR and LIBOR rates.
The mining firm reported 40% lower profit from joint ventures.
On a sequential basis, net profit dropped 58.7% from SAR 1.01 billion in Q4 2022.
Shareholders’ equity, excluding minority interest, reached SAR 45.54 billion as of March 31, 2023, compared to SAR 37.92 billion in the prior-year period.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}