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

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 -
Earnings Per Share before unusual items (Riyal) 0.07 0.06 (25.5 %)
EPS (Riyal) 0.07 0.06 (25.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2015 270.01 (27.2 %) 0.08 (2.90) 272.91 0.08
Q3 2015 79.91 (83.5 %) 0.02 (26.65) 106.57 0.03
Q4 2015 (206.41) (154.9 %) (0.06) (26.80) (179.61) (0.05)
Q1 2016 194.30 (25.5 %) 0.06 - 194.30 0.06


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2015 3,011.46 26.2 % 765.77 1.0 % 475.61 (5.2 %)
Q3 2015 2,541.99 (19.3 %) 523.84 (44.1 %) 271.96 (60.8 %)
Q4 2015 2,659.38 (23.5 %) 533.62 (47.9 %) 200.73 (68.3 %)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 337.39 (12.8 %)

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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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

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 1.65
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
Q2 2015 36.10 35.49 1.85
Q3 2015 37.47 35.63 1.35
Q4 2015 More than 100 91.28 1.54
Q1 2016 More than 100 91.36 1.41

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 - - - - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 19.52 194.30 895.57 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SFC 92.00 194.30 52.7 %
Al Rajhi Capital 77.00 194.30 60.4 %
AlJazira Capital 50.40 194.30 74.1 %
OSOOL AND BAKHEET 10.60 194.30 94.5 %
Albilad Capital (35.00) 194.30 118.0 %
Alistithmar Capital (77.90) 194.30 140.1 %


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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