Maaden turns to SAR 761.2 mln profit in Q1 2021

25/04/2021 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) swung to a net profit after Zakat and tax of SAR 761.2 million in Q1 2021, against a net loss of SAR 353.3 million in the year-ago period.

 

The strong performance was fueled by an increase in the average realized prices of all products, in addition to higher sales volumes of all products except gold, ammonium phosphate fertilizer and ammonia. Maaden reported a higher profit share from joint ventures along with improved other income.

 

Moreover, the cost of sales decreased by 1% year-on-year (YoY), selling, marketing and logistic expenses decreased by 4% YoY, with exploration and technical services expenses decreasing 35% YoY. Finance costs also shrank by 38% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 4,355.16 5,449.77 25.1 %
Gross Income 282.76 1,436.40 408.0 %
Operating Income (119.29) 1,046.98 977.7 %
Net Income (353.25) 761.16 315.5 %
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) (0.10) 0.21 315.5 %

When compared to Q4 2020, net profit after Zakat and tax climbed 33% from SAR 571.94 million.

 

Shareholders’ equity, excluding minority interest, grew by 3.1% to SAR 31.040 billion by the end of Q1 2021, compared to SAR 30.655 billion in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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)
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
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)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 194.30 (25.5 %) 0.06
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 171.22 (36.6 %) 0.05
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 107.45 34.5 % 0.03
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) (674.54) (226.8 %) (0.19)
Q1 2017 2,708.09 19.3 % 925.64 87.1 % 275.61 41.8 % 0.08
Q2 2017 2,987.17 17.1 % 1,011.92 74.2 % 356.47 108.2 % 0.10
Q3 2017 3,151.29 36.6 % 830.67 59.7 % 242.91 126.1 % 0.07
Q4 2017 3,222.24 38.1 % 1,165.28 174.4 % (943.51) (39.9 %) (0.27)
Q1 2018 3,566.12 31.7 % 1,414.90 52.9 % 638.16 131.5 % 0.18
Q2 2018 3,416.48 14.4 % 1,240.43 22.6 % 517.76 45.2 % 0.15
Q3 2018 3,395.99 7.8 % 1,255.46 51.1 % 414.98 70.8 % 0.12
Q4 2018 3,824.70 18.7 % 1,046.81 (10.2 %) 277.01 129.4 % 0.08
Q1 2019 4,241.34 18.9 % 484.39 (65.8 %) (127.21) (119.9 %) (0.04)
Q2 2019 4,300.51 25.9 % 515.13 (58.5 %) (243.67) (147.1 %) (0.07)
Q3 2019 4,298.68 26.6 % 721.28 (42.5 %) (92.04) (122.2 %) (0.03)
Q4 2019 4,895.74 28.0 % 781.55 (25.3 %) (276.55) (199.8 %) (0.08)
Q1 2020 4,355.16 2.7 % 282.76 (41.6 %) (353.25) (177.7 %) (0.10)
Q2 2020 4,016.41 (6.6 %) 292.99 (43.1 %) (434.15) (78.2 %) (0.12)
Q3 2020 4,659.15 8.4 % 668.41 (7.3 %) 6.47 107.0 % 0.00
Q4 2020 5,549.10 13.3 % 1,322.84 69.3 % 571.95 306.8 % 0.15
Q1 2021 5,449.77 25.1 % 1,436.40 408.0 % 761.16 315.5 % 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
Q1 2016 22.11 % 33.97 % 3.76 %
Q2 2016 21.28 % 33.79 % 2.92 %
Q3 2016 21.75 % 34.37 % 3.00 %
Q4 2016 21.35 % 35.51 % 4.21 %
Q1 2017 24.76 % 38.59 % 4.85 %
Q2 2017 27.88 % 41.91 % 6.44 %
Q3 2017 28.56 % 42.30 % 7.16 %
Q4 2017 32.59 % 44.39 % 3.38 %
Q1 2018 34.21 % 45.23 % 5.96 %
Q2 2018 34.83 % 48.09 % 6.98 %
Q3 2018 37.32 % 50.84 % 8.12 %
Q4 2018 34.90 % 50.48 % 12.55 %
Q1 2019 27.07 % 43.87 % 6.84 %
Q2 2019 20.95 % 38.62 % 1.62 %
Q3 2019 16.61 % 34.82 % (1.51 %)
Q4 2019 14.11 % 31.33 % (4.43 %)
Q1 2020 12.89 % 30.67 % (5.67 %)
Q2 2020 11.83 % 28.58 % (6.85 %)
Q3 2020 11.30 % 28.15 % (6.16 %)
Q4 2020 13.82 % 30.31 % (1.12 %)
Q1 2021 18.91 % 34.23 % 4.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2016 3,505.43 0.07 0.08 7.34
Q3 2016 3,505.43 0.08 0.08 7.37
Q4 2016 3,505.43 (0.06) 0.11 7.23
Q1 2017 3,505.43 (0.03) 0.14 7.31
Q2 2017 3,505.43 0.02 0.19 7.41
Q3 2017 3,505.43 0.06 0.23 7.46
Q4 2017 3,505.43 (0.02) 0.12 7.44
Q1 2018 3,505.43 0.08 0.22 7.63
Q2 2018 3,505.43 0.13 0.27 7.77
Q3 2018 3,505.43 0.18 0.32 7.89
Q4 2018 3,505.43 0.53 0.51 7.96
Q1 2019 3,552.02 0.30 0.29 7.92
Q2 2019 3,552.02 0.09 0.07 8.04
Q3 2019 3,552.02 (0.05) (0.07) 8.00
Q4 2019 3,552.02 (0.21) (0.22) 8.30
Q1 2020 3,691.77 (0.26) (0.27) 8.16
Q2 2020 3,691.77 (0.31) (0.33) 8.02
Q3 2020 3,691.77 (0.29) (0.30) 8.03
Q4 2020 3,691.77 (0.06) (0.06) 8.19
Q1 2021 3,691.77 0.25 0.25 8.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 More than 100 More than 100 1.76
Q3 2016 More than 100 More than 100 1.44
Q4 2016 NEG More than 100 1.89
Q1 2017 NEG More than 100 1.97
Q2 2017 More than 100 90.57 2.32
Q3 2017 More than 100 80.18 2.45
Q4 2017 NEG More than 100 2.45
Q1 2018 More than 100 87.43 2.52
Q2 2018 More than 100 75.53 2.58
Q3 2018 More than 100 57.74 2.30
Q4 2018 32.84 34.04 2.18
Q1 2019 62.43 66.42 2.43
Q2 2019 More than 100 More than 100 2.13
Q3 2019 NEG NEG 1.99
Q4 2019 NEG NEG 1.78
Q1 2020 NEG NEG 1.27
Q2 2020 NEG NEG 1.45
Q3 2020 NEG NEG 1.73
Q4 2020 NEG NEG 1.65
Q1 2021 77.50 77.50 2.26

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
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 - - - - -
Q2 2016 1,145.68 1,103.85 302.18 - - - - -
Q3 2016 1,058.82 965.85 283.11 - - - - -
Q4 2016 907.84 1,143.08 283.01 - - - - -
Q1 2017 1,250.08 1,131.49 326.51 - - - - -
Q2 2017 1,487.28 1,170.89 328.99 - - - - -
Q3 2017 1,401.03 1,352.72 386.22 - - - - -
Q4 2017 1,322.83 1,376.45 551.44 - - - - -
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 - - - - -
Q4 2018 1,890.45 1,489.83 444.42 - - - - -
Q1 2019 2,075.76 1,785.00 380.58 - - - - -
Q2 2019 2,098.25 1,782.39 419.87 - - - - -
Q3 2019 1,937.44 1,785.28 575.97 - - - - -
Q4 2019 2,138.86 2,047.09 709.79 - - - - -
Q1 2020 1,907.57 1,762.28 685.30 - - - - -
Q2 2020 1,626.94 1,636.20 753.28 - - - - -
Q3 2020 2,284.69 1,703.40 671.06 - - - - -
Q4 2020 2,843.97 2,079.71 625.42 - - - - -
Q1 2021 2,696.72 2,112.86 640.19 - - - - -

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 682.40 761.16 11.54 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
AlJazira Capital 682.40 761.16 11.5 %

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

Share Price

44.40
(0.65) (1.44 %)

Saudi Arabian Mining Co. (MAADEN)


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