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Maaden incurs SAR 739.5 mln losses in FY19
30/01/2020
Argaam Exclusive
Saudi Arabian Mining Co. (Maaden) reported a net loss after zakat and tax of SAR 739.46 million in the fiscal year 2019, compared to a net profit of SAR 1.85 billion a year earlier due to decline in average product prices, except gold.
Lower sales volumes of ammonia, aluminum and gold, along with a decline in Maaden’s profit share from its joint venture SAMAPCO also weighed on the annual figures.
Financials (M)
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 14,170.76 | 17,736.28 | 25.2 % |
| Gross Income | 4,886.98 | 2,671.86 | (45.3 %) |
| Operating Income | 3,977.17 | 920.88 | (76.8 %) |
| Net Income | 1,847.92 | (739.46) | (140.0 %) |
| Average Shares | 1,168.48 | 1,184.01 | 1.3 % |
| EPS (Riyals) | 1.58 | (0.62) | (139.5 %) |
In Q4 2019, the mining firm sustained a net loss of SAR 276.6 million. Shareholders' equity, after minority interest, stood at SAR 30.7 billion in the same period.
Current Quarter Comparison (M)
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 3,824.70 | 4,895.74 | 28.0 % |
| Gross Income | 1,046.81 | 781.55 | (25.3 %) |
| Operating Income | 767.43 | 207.03 | (73.0 %) |
| Net Income | 277.01 | (276.55) | (199.8 %) |
| Average Shares | 1,168.48 | 1,184.01 | 1.3 % |
| EPS (Riyals) | 0.24 | (0.23) | (198.5 %) |
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Share Price
| Current | |
| Market Cap (M Riyal) | 51,746.31 |
| 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 |
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