Maaden widens H1 2020 net losses to SAR 787 mln

23/07/2020 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) widened its net losses after Zakat and tax to SAR 787 million for H1 2020, compared to SAR 370.9 million in the same period last year, due to a decrease in average realized prices of all products except gold, flat rolled products and industrial minerals.

The company was also hit by a decline in the sales volume of ammonia, alumina and industrial minerals. It also reported higher cost of sales.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	8,541.85	8,371.57	(2.0 %)
Gross Income	1,008.09	575.75	(42.9 %)
Operating Income	444.50	(282.65)	(163.6 %)
Net Income	(370.88)	(787.40)	(112.3 %)
Average Shares	3,552.02	3,691.77	3.9 %
EPS (Riyals)	(0.10)	(0.21)	(104.3 %)

In Q2 2020, the mining firm widened losses to SAR 434 million, from SAR 243.7 million a year earlier, hit by a decrease in average realized prices of all products except gold, flat rolled products and industrial minerals.

When compared to Q1 2020, net losses increased from SAR 353.2 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	4,300.51	4,016.41	(6.6 %)
Gross Income	515.13	292.99	(43.1 %)
Operating Income	192.67	(163.37)	(184.8 %)
Net Income	(243.67)	(434.15)	(78.2 %)
Average Shares	3,552.02	3,691.77	3.9 %
EPS (Riyals)	(0.07)	(0.12)	(71.4 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	4,355.16	4,016.41	(7.8 %)
Gross Income	282.76	292.99	3.6 %
Operating Income	(119.29)	(163.37)	(37.0 %)
Net Income	(353.25)	(434.15)	(22.9 %)
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	(0.10)	(0.12)	(22.9 %)

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