Maaden’s net profit surges 83% in H1

Saudi Arabian Mining Co. (Maaden), the Kingdom’s largest mining firm, reported a net profit of SAR 1.2 billion for H1 2018, a rise of 82.9 percent year-on-year (YoY), thanks to higher sales of gold, ammonia and ammonium phosphate fertilizer (APF) along with a rise in average realized prices.

Net profit was also bolstered by an increase in other income and the company’s profit share from its joint venture, Maaden Barrick Copper Co.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	5,695.26	6,982.60	22.6 %
Gross Income	1,937.57	2,617.24	35.1 %
Operating Income	1,546.14	2,236.43	44.6 %
Net Income	632.08	1,155.93	82.9 %
Average Shares	3,505.43	3,505.43	-
Earnings Per Share before unusual items (Riyals)	0.18	0.33	82.9 %
EPS (Riyal)	0.18	0.33	82.9 %

Net income in Q2 jumped 45 percent YoY to SAR 517.8 million.

When compared to the previous quarter, net earnings dropped 19 percent, due to a decline in sales volumes of all products except for APF, along with a drop in average realized prices.

In addition, the company reported an increase in the selling, marketing and logistic costs, the general and administrative expenses, as well as financing charges.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	2,987.17	3,416.48	14.4 %
Gross Income	1,011.92	1,240.43	22.6 %
Operating Income	808.11	1,045.44	29.4 %
Net Income	356.47	517.76	45.2 %
Average Shares	3,505.43	3,505.43	-
Earnings Per Share before unusual items (Riyal)	0.10	0.15	45.2 %
EPS (Riyal)	0.10	0.15	45.2 %

Item	Q1 2018	Q2 2018	Change‬
Revenues	3,566.12	3,416.48	(4.2 %)
Gross Income	1,414.90	1,240.43	(12.3 %)
Operating Income	1,190.99	1,045.44	(12.2 %)
Net Income	638.16	517.76	(18.9 %)
Average Shares	3,505.43	3,505.43	-
Earnings Per Share before unusual items (Riyal)	0.18	0.15	(18.9 %)
EPS (Riyal)	0.18	0.15	(18.9 %)

Maaden’s net profit surges 83% in H1

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Financials (M)

Current Quarter Comparison (M)

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