Maaden narrows net loss to SAR 209 mln in 2020

Saudi Arabian Mining Co. (Maaden) narrowed net loss after Zakat and tax to SAR 209 million in fiscal year 2020, compared to a loss of SAR 739.5 million in 2019. The improvement was driven by higher sales volume of all products except alumina and industrial minerals, despite a decrease in the average realized prices of all products except gold.

Financials (M)

Item	2019	2020	Change‬
Revenues	17,736.28	18,579.82	4.8 %
Gross Income	2,671.86	2,567.00	(3.9 %)
Operating Income	920.88	810.60	(12.0 %)
Net Income	(739.46)	(208.98)	71.7 %
Average Shares	3,552.02	3,691.77	3.9 %
Earnings Per Share before unusual items (Riyals)	(0.22)	(0.06)	74.4 %
EPS (Riyal)	(0.21)	(0.06)	72.8 %

In addition, share of net profit from joint ventures increased, while income from time deposits decreased along with a rise in other expenses, the firm said in a statement to Tadawul.

Maaden also noted a decrease in selling, marketing and logistic expenses, finance cost, and Zakat and income tax expenses. Cost of sales increased by 6%.

Further, general and administrative expenses increased by 11% and exploration and technical services expenses rose by 18%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	4,895.74	5,549.10	13.3 %
Gross Income	781.55	1,322.84	69.3 %
Operating Income	207.03	843.72	307.5 %
Net Income	(276.55)	571.95	306.8 %
Average Shares	3,552.02	3,691.77	3.9 %
Earnings Per Share before unusual items (Riyal)	(0.09)	0.15	270.1 %
EPS (Riyal)	(0.08)	0.15	299.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	4,659.15	5,549.10	19.1 %
Gross Income	668.41	1,322.84	97.9 %
Operating Income	249.53	843.72	238.1 %
Net Income	6.47	571.95	8738.6 %
Average Shares	3,691.77	3,691.77	-
Earnings Per Share before unusual items (Riyal)	0.00	0.15	8738.6 %
EPS (Riyal)	0.00	0.15	8738.6 %

Maaden swung to net profit of SAR 572 million in Q4 2020, from a net loss of SAR 276.55 million in the year-earlier period.

Maaden narrows net loss to SAR 209 mln in 2020

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Financials (M)

Current Quarter Comparison (M)

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