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×Maaden’s 9M profit jumps 94% to SAR 2 bln
25/10/2018
Argaam Exclusive
Saudi Arabian Mining Co. (Maaden) posted a net profit after zakat and tax of SAR 1.9 billion for the first nine months of 2018, up 93.7 percent year-on-year (YoY) on lower expenses and increased sales volumes.
Financials (M)
| Item | 9m 2017 | 9m 2018 | Change |
|---|---|---|---|
| Revenues | 8,835.22 | 10,346.06 | 17.1 % |
| Gross Income | 2,768.23 | 3,840.17 | 38.7 % |
| Operating Income | 2,119.84 | 3,209.74 | 51.4 % |
| Net Income | 819.58 | 1,570.91 | 91.7 % |
| Average Shares | 1,168.48 | 1,168.48 | - |
| EPS (Riyals) | 0.70 | 1.34 | 91.7 % |
The third-quarter net profit after zakat and tax surged 97.5 percent YoY to SAR 518.79 million, driven by higher prices, increased sales volumes and higher profit share from Maaden Barrick Copper Co.
When compared to the previous quarter, Q3 net earnings dropped 17.6 percent.
Current Quarter Comparison (M)
| Item | Q3 2017 | Q3 2018 | Change |
|---|---|---|---|
| Revenues | 3,139.96 | 3,395.99 | 8.2 % |
| Gross Income | 830.67 | 1,255.46 | 51.1 % |
| Operating Income | 629.11 | 973.31 | 54.7 % |
| Net Income | 242.91 | 414.98 | 70.8 % |
| Average Shares | 1,168.48 | 1,168.48 | - |
| EPS (Riyals) | 0.21 | 0.36 | 70.8 % |
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Share Price
| Current | |
| Market Cap (M Riyal) | 51,684.78 |
| Shares Outstanding ((M)) | 1,230.59 |
| EPS ( Riyal) (TTM) | (0.86) |
| Book Value (BV) ( Riyal) | 24.10 |
| P/E (TTM) | NEG |
| Price/book | 1.74 |
| Return on Average Assets (%) (TTM) | (1.09 ) |
| Return on Average Equity (%) (TTM) | (3.67 ) |
| Adjusted P/E (Last12) | NEG |
| Enterprise Value (EV) (M Riyal) | 102,152.63 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS (Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2018 | 3,566.12 | 31.7 % | 1,414.90 | 52.9 % | 638.16 | 131.5 % | 0.55 |
| Q2 2018 | 3,416.48 | 14.4 % | 1,240.43 | 22.6 % | 517.76 | 45.2 % | 0.44 |
| Q3 2018 | 3,395.99 | 8.2 % | 1,255.46 | 51.1 % | 414.98 | 70.8 % | 0.36 |
Profitability
| Period | Gross Margin | Net Margin |
|---|---|---|
| Q1 2018 | 39.68 % | 17.90 % |
| Q2 2018 | 36.31 % | 15.15 % |
| Q3 2018 | 36.97 % | 12.22 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS | Adjusted EPS | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 1,168.48 | 0.97 | 1.38 | 22.88 |
| Q2 2018 | 1,168.48 | 1.11 | 1.52 | 23.32 |
| Q3 2018 | 1,168.48 | 1.25 | 1.66 | 23.68 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2018 | HIGH | 41.86 | 2.52 |
| Q2 2018 | HIGH | 39.74 | 2.58 |
| Q3 2018 | 43.48 | 32.80 | 2.30 |
Business Segments (Million)
Q3 2018
| Period | Phosphate | Aluminum | Precious and Base Metals | Corporate | Industrial minerals | Gold | Infrastructure | Adjustments |
|---|---|---|---|---|---|---|---|---|
| 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 | - | - | - | - | - |
Analysts Estimates (Million)
| Item | Q3 2018 (e) | Q3 2018 (a) | Change |
|---|---|---|---|
| Average | 426.83 | 414.98 | (2.8 %) |
Estimates vs Actual (Million)
| Item | Q3 2018 (e) | Q3 2018 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 405.00 | 414.98 | 2.4 % |
| OBIC | 429.00 | 414.98 | (3.4) % |
| Sico | 433.00 | 414.98 | (4.3) % |
| AlJazira Capital | 440.30 | 414.98 | (6.1) % |
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