Financial Results : Maaden incurs SAR 739.5 mln losses in FY19

Maaden incurs SAR 739.5 mln losses in FY19

30/01/2020 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net loss after zakat and tax of SAR 739.46 million in the fiscal year 2019, compared to a net profit of SAR 1.85 billion a year earlier due to decline in average product prices, except gold.

 

Lower sales volumes of ammonia, aluminum and gold, along with a decline in Maaden’s profit share from its joint venture SAMAPCO also weighed on the annual figures.



Financials (M)

Item 2018 2019 Change‬
Revenues 14,170.76 17,736.28 25.2 %
Gross Income 4,886.98 2,671.86 (45.3 %)
Operating Income 3,977.17 920.88 (76.8 %)
Net Income 1,847.92 (739.46) (140.0 %)
Average Shares 3,505.43 3,552.02 1.3 %
Earnings Per Share before unusual items (Riyals) 0.51 (0.22) (143.5 %)
EPS (Riyal) 0.53 (0.21) (139.5 %)

In Q4 2019, the mining firm sustained a net loss of SAR 276.6 million. Shareholders' equity, after minority interest, stood at SAR 30.7 billion in the same period. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 3,824.70 4,895.74 28.0 %
Gross Income 1,046.81 781.55 (25.3 %)
Operating Income 767.43 207.03 (73.0 %)
Net Income 277.01 (276.55) (199.8 %)
Average Shares 3,505.43 3,552.02 1.3 %
Earnings Per Share before unusual items (Riyal) 0.06 (0.09) (250.6 %)
EPS (Riyal) 0.08 (0.08) (198.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2016 171.22 (36.6 %) 0.05 - 171.22 0.05
Q3 2016 107.45 34.5 % 0.03 - 107.45 0.03
Q4 2016 (674.54) (226.8 %) (0.19) (600.34) (74.20) (0.02)
Q1 2017 275.61 41.8 % 0.08 - 275.61 0.08
Q2 2017 356.47 108.2 % 0.10 - 356.47 0.10
Q3 2017 242.91 126.1 % 0.07 - 242.91 0.07
Q4 2017 (943.51) (39.9 %) (0.27) (477.00) (466.51) (0.13)
Q1 2018 638.16 131.5 % 0.18 - 638.16 0.18
Q2 2018 517.76 45.2 % 0.15 - 517.76 0.15
Q3 2018 414.98 70.8 % 0.12 - 414.98 0.12
Q4 2018 277.01 129.4 % 0.08 65.06 211.95 0.06
Q1 2019 (127.21) (119.9 %) (0.04) - (127.21) (0.04)
Q2 2019 (243.67) (147.1 %) (0.07) - (243.67) (0.07)
Q3 2019 (92.04) (122.2 %) (0.03) - (92.04) (0.03)
Q4 2019 (276.55) (199.8 %) (0.08) 46.88 (323.42) (0.09)
2019 (739.46) (140.0 %) (0.21) 46.88 (786.34) (0.22)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 369.76 (22.3 %)
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 338.61 24.5 %
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) 190.83 (4.9 %)
Q1 2017 2,708.09 19.3 % 925.64 87.1 % 738.02 118.7 %
Q2 2017 2,987.17 17.1 % 1,011.92 74.2 % 808.11 118.6 %
Q3 2017 3,151.29 36.6 % 830.67 59.7 % 629.11 85.8 %
Q4 2017 3,222.24 38.1 % 1,165.28 174.4 % 838.78 339.5 %
Q1 2018 3,566.12 31.7 % 1,414.90 52.9 % 1,190.99 61.4 %
Q2 2018 3,416.48 14.4 % 1,240.43 22.6 % 1,045.44 29.4 %
Q3 2018 3,395.99 7.8 % 1,255.46 51.1 % 973.31 54.7 %
Q4 2018 3,824.70 18.7 % 1,046.81 (10.2 %) 767.43 (8.5 %)
Q1 2019 4,241.34 18.9 % 484.39 (65.8 %) 251.83 (78.9 %)
Q2 2019 4,300.51 25.9 % 515.13 (58.5 %) 192.67 (81.6 %)
Q3 2019 4,298.68 26.6 % 721.28 (42.5 %) 269.36 (72.3 %)
Q4 2019 4,895.74 28.0 % 781.55 (25.3 %) 207.03 (73.0 %)
2019 17,736.28 25.2 % 2,671.86 (45.3 %) 920.88 (76.8 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
2018 34.49 % 50.60 % 12.58 %
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 %)
2019 15.06 % 31.33 % (4.43 %)


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 More than 100 More than 100 1.81
Q3 2016 More than 100 More than 100 1.48
Q4 2016 NEG More than 100 1.95
Q1 2017 NEG More than 100 2.02
Q2 2017 More than 100 93.29 2.39
Q3 2017 More than 100 82.60 2.53
Q4 2017 NEG More than 100 2.52
Q1 2018 More than 100 90.06 2.60
Q2 2018 More than 100 77.80 2.66
Q3 2018 More than 100 59.48 2.37
Q4 2018 33.83 35.06 2.24
Q1 2019 64.31 68.42 2.51
Q2 2019 More than 100 More than 100 2.19
Q3 2019 NEG NEG 2.05
Q4 2019 NEG NEG 1.84

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 - - - - -
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 - - - - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average (102.65) (276.55) (169.4 %) (323.42) (215.1 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
AlJazira Capital (115.30) (276.55) (58.3) % (323.42) (64.3) %
Al Rajhi Capital (90.00) (276.55) (67.5) % (323.42) (72.2) %


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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