Maaden posts higher net profit at SAR 1712m in I3 of 2013

30/09/2013 Argaam Exclusive

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Share Price

Saudi Arabian Mining Co.
50.80
(0.60) (1.17 %)

Saudi Arabian Mining Co. (MAADEN)

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Saudi Arabian Mining Company (Maaden), which operates integerated gold, aluminium and phosphate mine, reported SAR  1712m net profit in I3 of 2013, a 150% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 3,970.01 4,592.34 15.7 %
Gross Income 1,649.87 1,214.68 (26.4 %)
Operating Income 1,069.07 559.14 (47.7 %)
Net Income 685.44 1,711.59 149.7 %
Average Shares 3,151.65 3,151.65 -
EPS (Riyals) 0.22 0.54 149.7 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 1,737.96 1,608.78 (7.4 %)
Gross Income 720.41 396.49 (45.0 %)
Operating Income 494.81 96.04 (80.6 %)
Net Income 311.12 1,431.41 360.1 %
Average Shares 3,151.65 3,151.65 -
EPS (Riyals) 0.10 0.45 360.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
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)
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
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
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)
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
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 50 1.60
Q4 2008 More than 50 More than 50 0.81
Q1 2009 More than 50 More than 50 0.90
Q2 2009 More than 50 More than 50 1.15
Q3 2009 More than 50 More than 50 1.28
Q4 2009 More than 50 More than 50 1.28
Q1 2010 More than 50 More than 50 1.41
Q2 2010 49.55 49.55 1.30
Q3 2010 More than 50 More than 50 1.61
Q4 2010 NEG NEG 1.62
Q1 2011 More than 50 More than 50 1.82
Q2 2011 More than 50 More than 50 2.01
Q3 2011 More than 50 More than 50 1.89
Q4 2011 More than 50 More than 50 1.83
Q1 2012 More than 50 More than 50 2.54
Q2 2012 More than 50 More than 50 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 More than 50 1.74

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)


Financial Ratios
Current
Market Cap (M Riyal) 187,911.09
Enterprise Value (EV) (M) 219,080.32
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 50
P/E (TTM) More than 50
Price/book 3.97
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.6
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