Financial Results : Ma’aden posts SAR 261 mln (+108%) net profit in Q1-2015

Ma’aden posts SAR 261 mln (+108%) net profit in Q1-2015

16/04/2015 Argaam Exclusive

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Saudi Arabian Mining Company (Maaden), which operates integrated gold, aluminum, and phosphate mines, reported a net profit of SAR 260.9 million for first quarter, 108.4 percent higher compared to the same period in 2014.

 

Compared to the same period last year, first quarter's increase was mainly attributed to better sales revenue, driven by higher sales volume and higher selling prices for most of the company’s products.

However, financial charges, Zakat provisions, selling, marketing and logistic expenses, as well as general and administrative expenses increased in first quarter, the company added.

Compared to the previous quarter, profit declined on lower sales revenues driven by a drop in quantities sold, as well as lower prices for Diammonium phosphate fertilizer and Ammonia resulting from weak global seasonal demand for those products.



Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Revenues 1,775.54 2,743.30 54.5 %
Gross Income 396.25 615.81 55.4 %
Operating Income 192.03 387.04 101.5 %
Net Income 125.18 260.93 108.4 %
Average Shares 3,151.65 3,505.43 11.2 %
Earnings Per Share before unusual items (Riyal) 0.04 0.07 87.4 %
EPS (Riyal) 0.04 0.07 87.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 54.87 - 0.02 - 54.87 0.02
Q2 2007 65.65 - 0.02 - 65.65 0.02
Q3 2007 27.70 - 0.01 - 27.70 0.01
Q4 2007 (395.41) - (0.13) (446.29) 50.88 0.02
Q1 2008 34.58 (37.0 %) 0.01 - 34.58 0.01
Q2 2008 (16.07) (124.5 %) (0.01) - (16.07) (0.01)
Q3 2008 63.82 130.4 % 0.02 - 63.82 0.02
Q4 2008 121.05 130.6 % 0.04 - 121.05 0.04
Q1 2009 17.64 (49.0 %) 0.01 - 17.64 0.01
Q2 2009 (5.75) 64.2 % 0.00 - (5.75) 0.00
Q3 2009 49.11 (23.0 %) 0.02 - 49.11 0.02
Q4 2009 333.78 175.7 % 0.11 - 333.78 0.11
Q1 2010 20.63 17.0 % 0.01 - 20.63 0.01
Q2 2010 31.22 643.4 % 0.01 - 31.22 0.01
Q3 2010 (0.20) (100.4 %) 0.00 - (0.20) 0.00
Q4 2010 (60.85) (118.2 %) (0.02) - (60.85) (0.02)
Q1 2011 43.73 111.9 % 0.01 - 43.73 0.01
Q2 2011 62.54 100.3 % 0.02 - 62.54 0.02
Q3 2011 27.41 14158.5 % 0.01 - 27.41 0.01
Q4 2011 279.63 559.6 % 0.09 - 279.63 0.09
Q1 2012 246.05 462.7 % 0.08 - 246.05 0.08
Q2 2012 128.27 105.1 % 0.04 - 128.27 0.04
Q3 2012 311.12 1034.9 % 0.10 - 311.12 0.10
Q4 2012 405.50 45.0 % 0.13 - 405.50 0.13
Q1 2013 239.19 (2.8 %) 0.08 - 239.19 0.08
Q2 2013 40.98 (68.0 %) 0.01 - 40.98 0.01
Q3 2013 1,431.41 360.1 % 0.45 1,445.20 (14.33) 0.00
Q4 2013 (29.21) (107.2 %) (0.01) (17.82) (11.40) 0.00
Q1 2014 125.18 (47.7 %) 0.04 - 125.18 0.04
Q2 2014 370.79 804.8 % 0.12 - 370.79 0.12
Q3 2014 485.41 (66.1 %) 0.15 - 485.41 0.15
Q4 2014 375.96 1386.9 % 0.11 (21.31) 397.26 0.11
Q1 2015 260.93 108.4 % 0.07 - 260.93 0.07


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 52.60 - 12.07 - (8.63) -
Q2 2007 72.06 - 27.62 - (3.68) -
Q3 2007 50.39 - 14.55 - (16.66) -
Q4 2007 69.08 - 22.48 - (104.20) -
Q1 2008 115.39 119.4 % 71.77 494.6 % 22.10 356.0 %
Q2 2008 95.37 32.3 % 40.81 47.8 % (31.85) (764.8 %)
Q3 2008 121.74 141.6 % 68.73 372.4 % (27.65) (65.9 %)
Q4 2008 127.68 84.8 % 39.41 75.3 % (18.06) 82.7 %
Q1 2009 160.20 38.8 % 75.90 5.8 % 27.52 24.5 %
Q2 2009 176.33 84.9 % 93.38 128.8 % 29.04 191.2 %
Q3 2009 163.62 34.4 % 86.45 25.8 % 21.34 177.2 %
Q4 2009 134.30 5.2 % 72.48 83.9 % 10.11 156.0 %
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 16.52 (40.0 %)
Q2 2010 197.32 11.9 % 109.68 17.5 % 39.22 35.0 %
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (2.47) (111.6 %)
Q4 2010 196.30 46.2 % 111.08 53.3 % 25.70 154.2 %
Q1 2011 205.16 33.7 % 127.84 58.7 % 36.92 123.4 %
Q2 2011 245.64 24.5 % 160.34 46.2 % 72.29 84.3 %
Q3 2011 202.53 27.1 % 88.46 5.3 % 5.00 302.5 %
Q4 2011 879.69 348.1 % 624.67 462.4 % 467.67 1719.6 %
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 335.85 809.7 %
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 238.42 229.8 %
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 494.81 9792.1 %
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 691.96 48.0 %
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 382.23 13.8 %
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 81.94 (65.6 %)
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 96.04 (80.6 %)
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (37.29) (105.4 %)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 192.03 (49.8 %)
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 501.51 512.1 %
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 693.68 622.3 %
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 632.71 1796.9 %
Q1 2015 2,743.30 54.5 % 615.81 55.4 % 387.04 101.5 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 31.43 % (40.29 %) 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 %
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 %
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 %)
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 %
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 %
2014 28.86 % 33.17 % 12.77 %
Q1 2015 28.36 % 34.39 % 12.88 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 NEG More than 100 1.65
Q4 2008 66.40 66.40 0.83
Q1 2009 80.60 80.60 0.93
Q2 2009 97.31 97.31 1.18
Q3 2009 More than 100 More than 100 1.32
Q4 2009 55.57 55.57 1.32
Q1 2010 60.57 60.57 1.45
Q2 2010 51.04 51.04 1.33
Q3 2010 71.55 71.55 1.66
Q4 2010 NEG NEG 1.67
Q1 2011 More than 100 More than 100 1.88
Q2 2011 More than 100 More than 100 2.07
Q3 2011 More than 100 More than 100 1.94
Q4 2011 77.62 77.62 1.89
Q1 2012 73.12 73.12 2.61
Q2 2012 56.58 56.58 2.22
Q3 2012 41.13 41.13 2.25
Q4 2012 37.66 37.66 2.27
Q1 2013 39.77 39.77 2.35
Q2 2013 37.02 37.02 2.01
Q3 2013 16.71 52.70 1.79
Q4 2013 24.42 More than 100 2.08
Q1 2014 29.27 More than 100 2.31
Q2 2014 22.95 92.65 2.15
Q3 2014 54.13 53.14 2.49
Q4 2014 28.57 28.13 1.45
Q1 2015 32.22 31.77 1.78

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 - - - - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 343.07 260.93 (23.9 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Alistithmar Capital 326.20 260.93 (25.0) %
Al Rajhi Capital 333.00 260.93 (27.6) %
Albilad Capital 370.00 260.93 (41.8) %


Financial Ratios
Current
Market Cap (M Riyal) 208,826.62
Enterprise Value (EV) (M) 241,317.35
Shares Outstanding ((M)) 3,888.76
EPS ( Riyal) (TTM) 0.90
Book Value (BV) ( Riyal) 14.01
Par Value ( Riyal) 10.00
Recurring P/E 46.74
P/E (TTM) 60.71
Price/book 3.92
Return on Average Assets (%) (TTM) 3.0
Return on Average Equity (%) (TTM) 6.8
EV/adj EBITDA 19.59
EV/Revenues 7.15
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Share Price

Saudi Arabian Mining Co.
53.70
(0.40) (0.74 %)

Saudi Arabian Mining Co. (MAADEN)

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