Maaden’s Q1 net profit falls 35% to SAR 169 mln

17/04/2016 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden), the kingdom’s largest mining company, reported a net profit of SAR 168.9 million for the first quarter of 2016, a 35.2 percent year-on-year (YoY) drop mainly attributed to a 17 percent slump in revenue, lower commodity prices, and higher finance charges.

Maaden swung to profit in Q1, compared to a SAR 5.7 million loss in Q4 2015, due to lower expenses, higher sales of ammonia and aluminum, and increased income from short-term investments.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2015	Q1 2016	Change‬
Revenues	2,743.30	2,270.43	(17.2 %)
Gross Income	615.81	494.86	(19.6 %)
Operating Income	387.04	337.39	(12.8 %)
Net Income	260.93	194.30	(25.5 %)
Average Shares	3,505.43	3,505.43	-
EPS (Riyals)	0.07	0.06	(25.5 %)

Item	Q4 2015	Q1 2016	Change‬
Revenues	2,659.38	2,270.43	(14.6 %)
Gross Income	533.62	494.86	(7.3 %)
Operating Income	200.73	337.39	68.1 %
Net Income	(206.41)	194.30	194.1 %
Average Shares	3,505.43	3,505.43	-
EPS (Riyals)	(0.06)	0.06	194.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	52.60	-	12.07	-	54.87	-	0.02
Q2 2007	72.06	-	27.62	-	65.65	-	0.02
Q3 2007	50.39	-	14.55	-	27.70	-	0.01
Q4 2007	69.08	-	22.48	-	(395.41)	-	(0.13)
2007	244.13	(30.2 %)	76.72	(52.6 %)	(247.20)	(177.7 %)	(0.08)
Q1 2008	115.39	119.4 %	71.77	494.6 %	34.58	(37.0 %)	0.01
Q2 2008	95.37	32.3 %	40.81	47.8 %	(16.07)	(124.5 %)	(0.01)
Q3 2008	121.74	141.6 %	68.73	372.4 %	63.82	130.4 %	0.02
Q4 2008	127.68	84.8 %	39.41	75.3 %	121.05	130.6 %	0.04
2008	460.18	88.5 %	220.72	187.7 %	203.38	182.3 %	0.06
Q1 2009	160.20	38.8 %	75.90	5.8 %	17.64	(49.0 %)	0.01
Q2 2009	176.33	84.9 %	93.38	128.8 %	(5.75)	64.2 %	0.00
Q3 2009	163.62	34.4 %	86.45	25.8 %	49.11	(23.0 %)	0.02
Q4 2009	134.30	5.2 %	72.48	83.9 %	333.78	175.7 %	0.11
2009	634.45	37.9 %	328.21	48.7 %	394.79	94.1 %	0.13
Q1 2010	153.48	(4.2 %)	80.54	6.1 %	20.63	17.0 %	0.01
Q2 2010	197.32	11.9 %	109.68	17.5 %	31.22	643.4 %	0.01
Q3 2010	159.41	(2.6 %)	84.04	(2.8 %)	(0.20)	(100.4 %)	0.00
Q4 2010	196.30	46.2 %	111.08	53.3 %	(60.85)	(118.2 %)	(0.02)
2010	706.51	11.4 %	385.34	17.4 %	(9.18)	(102.3 %)	0.00
Q1 2011	205.16	33.7 %	127.84	58.7 %	43.73	111.9 %	0.01
Q2 2011	245.64	24.5 %	160.34	46.2 %	62.54	100.3 %	0.02
Q3 2011	202.53	27.1 %	88.46	5.3 %	27.41	14158.5 %	0.01
Q4 2011	879.69	348.1 %	624.67	462.4 %	279.63	559.6 %	0.09
2011	1,533.03	117.0 %	1,001.32	159.9 %	413.32	4600.4 %	0.13
Q1 2012	1,006.70	390.7 %	491.57	284.5 %	246.05	462.7 %	0.08
Q2 2012	1,225.35	398.8 %	437.90	173.1 %	128.27	105.1 %	0.04
Q3 2012	1,737.96	758.1 %	720.41	714.4 %	311.12	1034.9 %	0.10
Q4 2012	1,606.65	82.6 %	944.35	51.2 %	405.50	45.0 %	0.13
2012	5,576.66	263.8 %	2,594.23	159.1 %	1,090.95	163.9 %	0.35
Q1 2013	1,496.55	48.7 %	560.61	14.0 %	239.19	(2.8 %)	0.08
Q2 2013	1,487.01	21.4 %	257.58	(41.2 %)	40.98	(68.0 %)	0.01
Q3 2013	1,608.78	(7.4 %)	396.49	(45.0 %)	1,431.41	360.1 %	0.45
Q4 2013	1,454.92	(9.4 %)	294.80	(68.8 %)	(29.21)	(107.2 %)	(0.01)
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	1,682.37	54.2 %	0.53
Q1 2014	1,775.54	18.6 %	396.25	(29.3 %)	125.18	(47.7 %)	0.04
Q2 2014	2,386.19	60.5 %	758.34	194.4 %	370.79	804.8 %	0.12
Q3 2014	3,151.87	95.9 %	936.64	136.2 %	485.41	(66.1 %)	0.15
Q4 2014	3,478.28	139.1 %	1,023.78	247.3 %	375.96	1386.9 %	0.11
2014	10,791.88	78.5 %	3,115.01	106.4 %	1,357.34	(19.3 %)	0.39
Q1 2015	2,743.30	54.5 %	615.81	55.4 %	260.93	108.4 %	0.07
Q2 2015	3,011.46	26.2 %	765.77	1.0 %	270.01	(27.2 %)	0.08
Q3 2015	2,541.99	(19.3 %)	523.84	(44.1 %)	79.91	(83.5 %)	0.02
Q4 2015	2,659.38	(23.5 %)	533.62	(47.9 %)	(206.41)	(154.9 %)	(0.06)
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	605.17	(55.4 %)	0.17
Q1 2016	2,270.43	(17.2 %)	494.86	(19.6 %)	194.30	(25.5 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	349.74	-	162.01	-	317.98	-	0.10
2007	244.13	(30.2 %)	76.72	(52.6 %)	(247.20)	(177.7 %)	(0.08)
2008	460.18	88.5 %	220.72	187.7 %	203.38	182.3 %	0.06
2009	634.45	37.9 %	328.21	48.7 %	394.79	94.1 %	0.13
2010	706.51	11.4 %	385.34	17.4 %	(9.18)	(102.3 %)	0.00
2011	1,533.03	117.0 %	1,001.32	159.9 %	413.32	4600.4 %	0.13
2012	5,576.66	263.8 %	2,594.23	159.1 %	1,090.95	163.9 %	0.35
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	1,682.37	54.2 %	0.53
2014	10,791.88	78.5 %	3,115.01	106.4 %	1,357.34	(19.3 %)	0.39
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	605.17	(55.4 %)	0.17

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	31.43 %	(40.29 %)	81.55 %
2007	31.43 %	(6.20 %)	81.55 %
Q1 2008	44.45 %	(19.49 %)	58.26 %
Q2 2008	45.30 %	(21.82 %)	29.40 %
Q3 2008	50.75 %	(18.14 %)	33.17 %
Q4 2008	47.96 %	7.11 %	44.20 %
2008	47.96 %	7.11 %	44.20 %
Q1 2009	44.53 %	9.10 %	36.92 %
Q2 2009	47.35 %	18.11 %	33.58 %
Q3 2009	47.01 %	25.26 %	29.00 %
Q4 2009	51.73 %	30.83 %	62.22 %
2009	51.73 %	30.83 %	62.22 %
Q1 2010	53.02 %	30.85 %	63.37 %
Q2 2010	53.82 %	30.85 %	67.02 %
Q3 2010	53.80 %	27.04 %	59.80 %
Q4 2010	54.54 %	25.14 %	(1.30 %)
2010	54.54 %	25.14 %	(1.30 %)
Q1 2011	57.06 %	24.45 %	1.83 %
Q2 2011	59.93 %	27.47 %	5.61 %
Q3 2011	57.40 %	26.60 %	8.57 %
Q4 2011	65.32 %	50.63 %	26.96 %
2011	65.32 %	50.63 %	26.96 %
Q1 2012	58.47 %	55.81 %	26.37 %
Q2 2012	49.56 %	51.07 %	20.56 %
Q3 2012	46.90 %	50.08 %	19.90 %
Q4 2012	46.52 %	49.91 %	19.56 %
2012	46.52 %	49.91 %	19.56 %
Q1 2013	43.90 %	46.94 %	17.87 %
Q2 2013	39.24 %	42.89 %	15.75 %
Q3 2013	34.83 %	37.19 %	10.83 %
Q4 2013	24.96 %	26.08 %	4.21 %
2013	24.96 %	27.41 %	4.22 %
Q1 2014	21.26 %	21.98 %	2.22 %
Q2 2014	25.55 %	25.60 %	6.51 %
Q3 2014	27.21 %	29.25 %	11.06 %
Q4 2014	28.86 %	33.18 %	12.77 %
2014	28.86 %	33.17 %	12.77 %
Q1 2015	28.36 %	34.39 %	12.88 %
Q2 2015	26.98 %	34.58 %	11.44 %
Q3 2015	24.88 %	34.62 %	8.81 %
Q4 2015	22.26 %	33.03 %	4.21 %
2015	22.26 %	33.03 %	6.04 %
Q1 2016	22.11 %	33.97 %	3.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	46.32 %	29.48 %	90.92 %
2007	31.43 %	(6.20 %)	81.55 %
2008	47.96 %	7.11 %	44.20 %
2009	51.73 %	30.83 %	62.22 %
2010	54.54 %	25.14 %	(1.30 %)
2011	65.32 %	50.63 %	26.96 %
2012	46.52 %	49.91 %	19.56 %
2013	24.96 %	27.41 %	4.22 %
2014	28.86 %	33.17 %	12.77 %
2015	22.26 %	33.03 %	6.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	22.95 %	0.98 %	104.31 %
Q2 2007	38.33 %	7.97 %	91.10 %
Q3 2007	28.87 %	(13.29 %)	54.97 %
Q4 2007	32.54 %	(141.75 %)	73.65 %
Q1 2008	62.20 %	33.86 %	29.97 %
Q2 2008	42.79 %	(6.83 %)	(16.85 %)
Q3 2008	56.46 %	(6.15 %)	52.42 %
Q4 2008	30.87 %	6.00 %	94.81 %
Q1 2009	47.38 %	32.64 %	11.01 %
Q2 2009	52.96 %	30.42 %	(3.26 %)
Q3 2009	52.84 %	27.51 %	30.02 %
Q4 2009	53.97 %	33.25 %	248.53 %
Q1 2010	52.48 %	32.81 %	13.44 %
Q2 2010	55.58 %	30.44 %	15.82 %
Q3 2010	52.72 %	12.05 %	(0.12 %)
Q4 2010	56.59 %	24.45 %	(31.00 %)
Q1 2011	62.31 %	28.33 %	21.31 %
Q2 2011	65.27 %	39.18 %	25.46 %
Q3 2011	43.68 %	11.65 %	13.54 %
Q4 2011	71.01 %	68.00 %	31.79 %
Q1 2012	48.83 %	58.09 %	24.44 %
Q2 2012	35.74 %	39.66 %	10.47 %
Q3 2012	41.45 %	43.71 %	17.90 %
Q4 2012	58.78 %	59.33 %	25.24 %
Q1 2013	37.46 %	43.35 %	15.98 %
Q2 2013	17.32 %	23.70 %	2.76 %
Q3 2013	24.65 %	21.83 %	(0.89 %)
Q4 2013	20.26 %	15.43 %	(0.78 %)
Q1 2014	22.32 %	26.04 %	7.05 %
Q2 2014	31.78 %	34.01 %	15.54 %
Q3 2014	29.72 %	33.84 %	15.40 %
Q4 2014	29.43 %	35.66 %	11.42 %
Q1 2015	22.45 %	33.74 %	9.51 %
Q2 2015	25.43 %	34.86 %	9.06 %
Q3 2015	20.61 %	33.86 %	4.19 %
Q4 2015	20.07 %	29.44 %	(6.75 %)
Q1 2016	21.80 %	38.21 %	8.56 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	3,151.65	-	-	1.84
Q2 2007	3,151.65	-	-	1.86
Q3 2007	3,151.65	-	-	1.87
Q4 2007	3,151.65	(0.08)	0.06	1.74
Q1 2008	3,151.65	(0.08)	0.06	1.75
Q2 2008	3,151.65	(0.11)	0.03	2.14
Q3 2008	3,151.65	(0.10)	0.04	5.10
Q4 2008	3,151.65	0.06	0.06	5.14
Q1 2009	3,151.65	0.06	0.06	5.14
Q2 2009	3,151.65	0.06	0.06	5.14
Q3 2009	3,151.65	0.06	0.06	5.16
Q4 2009	3,151.65	0.13	0.13	5.26
Q1 2010	3,151.65	0.13	0.13	5.27
Q2 2010	3,151.65	0.14	0.14	5.28
Q3 2010	3,151.65	0.12	0.12	5.28
Q4 2010	3,151.65	0.00	0.00	5.26
Q1 2011	3,151.65	0.00	0.00	5.27
Q2 2011	3,151.65	0.01	0.01	5.29
Q3 2011	3,151.65	0.02	0.02	5.30
Q4 2011	3,151.65	0.13	0.13	5.39
Q1 2012	3,151.65	0.20	0.20	5.47
Q2 2012	3,151.65	0.22	0.22	5.51
Q3 2012	3,151.65	0.31	0.31	5.61
Q4 2012	3,151.65	0.35	0.35	5.74
Q1 2013	3,151.65	0.34	0.34	5.81
Q2 2013	3,151.65	0.32	0.32	5.82
Q3 2013	3,151.65	0.67	0.21	6.28
Q4 2013	3,151.65	0.53	0.08	6.27
Q1 2014	3,151.65	0.50	0.04	6.31
Q2 2014	3,151.65	0.60	0.15	6.43
Q3 2014	3,151.65	0.30	0.31	6.58
Q4 2014	3,505.43	0.39	0.39	7.61
Q1 2015	3,505.43	0.43	0.43	7.69
Q2 2015	3,505.43	0.40	0.40	7.77
Q3 2015	3,505.43	0.28	0.30	7.79
Q4 2015	3,505.43	0.12	0.13	7.79
Q1 2016	3,505.43	0.10	0.11	7.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	3,151.65	0.10	0.10	1.82
2007	3,151.65	(0.08)	0.06	1.74
2008	3,151.65	0.06	0.06	5.14
2009	3,151.65	0.13	0.13	5.26
2010	3,151.65	0.00	0.00	5.26
2011	3,151.65	0.13	0.13	5.39
2012	3,151.65	0.35	0.35	5.74
2013	3,151.65	0.53	0.08	6.27
2014	3,505.43	0.39	0.39	7.61
2015	3,505.43	0.17	0.19	7.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	NEG	More than 100	1.60
Q4 2008	64.46	64.46	0.81
Q1 2009	78.24	78.24	0.90
Q2 2009	94.47	94.47	1.15
Q3 2009	More than 100	More than 100	1.28
Q4 2009	53.95	53.95	1.28
Q1 2010	58.80	58.80	1.41
Q2 2010	49.55	49.55	1.30
Q3 2010	69.46	69.46	1.61
Q4 2010	NEG	NEG	1.62
Q1 2011	More than 100	More than 100	1.82
Q2 2011	More than 100	More than 100	2.01
Q3 2011	More than 100	More than 100	1.89
Q4 2011	75.35	75.35	1.83
Q1 2012	70.99	70.99	2.54
Q2 2012	54.92	54.92	2.16
Q3 2012	39.93	39.93	2.18
Q4 2012	36.56	36.56	2.21
Q1 2013	38.61	38.61	2.29
Q2 2013	35.94	35.94	1.95
Q3 2013	16.22	51.16	1.74
Q4 2013	23.71	More than 100	2.02
Q1 2014	28.41	More than 100	2.24
Q2 2014	22.28	89.95	2.09
Q3 2014	52.55	51.59	2.41
Q4 2014	27.73	27.31	1.41
Q1 2015	31.28	30.84	1.73
Q2 2015	35.05	34.45	1.79
Q3 2015	36.38	34.59	1.31
Q4 2015	More than 100	88.61	1.50
Q1 2016	More than 100	88.69	1.37

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	64.46	64.46	0.81
2009	53.95	53.95	1.28
2010	NEG	NEG	1.62
2011	75.35	75.35	1.83
2012	36.56	36.56	2.21
2013	23.71	More than 100	2.02
2014	27.73	27.31	1.41
2015	67.47	61.73	1.50

Business Segments (Million)

Compared With The

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
Q1 2010	-	-	-	-	4.36	149.12	-	-
Q2 2010	-	-	-	-	8.94	188.38	-	-
Q3 2010	-	-	-	-	9.93	149.48	-	-
Q4 2010	-	-	-	-	6.90	189.40	-	-
Q1 2011	-	-	-	-	11.30	193.87	-	-
Q2 2011	-	-	-	-	8.11	237.53	-	-
Q3 2011	-	-	-	-	22.35	180.18	-	-
Q4 2011	594.43	-	-	-	28.76	254.17	2.32	-
Q1 2012	568.33	-	-	-	28.30	341.18	0.40	-
Q2 2012	910.61	-	-	-	25.72	186.05	0.32	-
Q3 2012	1,371.57	-	-	-	31.73	194.66	0.32	10.23
Q4 2012	1,597.22	-	-	-	40.12	279.66	0.46	-
Q1 2013	1,157.55	-	192.45	146.15	-	-	38.13	(37.73)
Q2 2013	1,020.39	-	216.28	250.08	-	-	40.07	(39.81)
Q3 2013	1,104.27	781.46	119.16	(396.23)	-	-	41.37	(41.24)
Q4 2013	1,040.16	234.19	181.36	-	-	-	(119.57)	118.78
Q1 2014	1,190.21	410.35	174.98	-	-	-	-	-
Q2 2014	1,388.16	817.38	180.66	-	-	-	-	-
Q3 2014	1,434.27	1,558.04	160.00	-	-	-	-	-
Q4 2014	1,565.12	1,713.67	199.49	-	-	-	-	-
Q1 2015	1,111.14	1,454.39	177.76	-	-	-	-	-
Q2 2015	1,533.95	1,295.95	181.55	-	-	-	-	-
Q3 2015	1,337.60	1,026.37	177.23	-	-	-	-	-
Q4 2015	1,505.16	985.55	168.67	-	-	-	-	-
Q1 2016	1,052.72	1,036.49	181.23	-	-	-	-	-

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
2010	-	-	-	-	30.13	676.38	-	-
2011	494.43	-	-	-	70.52	865.75	2.32	-
2012	4,447.74	-	-	-	125.87	1,001.54	1.51	-
2013	4,322.36	1,015.65	709.25	-	-	-	-	-
2014	5,577.75	4,499.00	715.13	-	-	-	-	-
2015	5,488.12	4,762.79	705.22	-	-	-	-	-

Analysts Estimates (Million)

Item	Q1 2016 (e)	Q1 2016 (a)	Change‬
Average	19.52	194.30	895.57 %

Estimates vs Actual (Million)

Item	Q1 2016 (e)	Q1 2016 (a)	Change
SFC	92.00	194.30	111.2 %
Al Rajhi Capital	77.00	194.30	152.3 %
AlJazira Capital	50.40	194.30	285.5 %
Alistithmar Capital	(77.90)	194.30	349.4 %
Albilad Capital	(35.00)	194.30	655.2 %
OSOOL AND BAKHEET	10.60	194.30	1,733.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	163,914.59
Enterprise Value (EV) (M)	195,083.81
Shares Outstanding ((M))	3,691.77
EPS ( Riyal) (TTM)	0.58
Book Value (BV) ( Riyal)	12.83
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	3.46
Return on Average Assets (%) (TTM)	1.9
Return on Average Equity (%) (TTM)	4.6

Saudi Arabian Mining Co. (MAADEN)

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Maaden’s Q1 net profit falls 35% to SAR 169 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Maaden’s Q1 net profit falls 35% to SAR 169 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2016

Revenue by Business Segment (Latest) 2016 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Business Segments (Million)