Maaden narrows net loss to SAR 209 mln in 2020

03/02/2021 Argaam Exclusive

Saudi Arabian Mining Co. (Maaden) narrowed net loss after Zakat and tax to SAR 209 million in fiscal year 2020, compared to a loss of SAR 739.5 million in 2019. The improvement was driven by higher sales volume of all products except alumina and industrial minerals, despite a decrease in the average realized prices of all products except gold.



Financials (M)

Item 2019 2020 Change‬
Revenues 17,736.28 18,579.82 4.8 %
Gross Income 2,671.86 2,567.00 (3.9 %)
Operating Income 920.88 810.60 (12.0 %)
Net Income (739.46) (208.98) 71.7 %
Average Shares 3,552.02 3,691.77 3.9 %
EPS (Riyals) (0.21) (0.06) 72.8 %

In addition, share of net profit from joint ventures increased, while income from time deposits decreased along with a rise in other expenses, the firm said in a statement to Tadawul.

 

Maaden also noted a decrease in selling, marketing and logistic expenses, finance cost, and Zakat and income tax expenses. Cost of sales increased by 6%.

 

Further, general and administrative expenses increased by 11% and exploration and technical services expenses rose by 18%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 4,895.74 5,549.10 13.3 %
Gross Income 781.55 1,322.84 69.3 %
Operating Income 207.03 843.72 307.5 %
Net Income (276.55) 571.95 306.8 %
Average Shares 3,552.02 3,691.77 3.9 %
EPS (Riyals) (0.08) 0.15 299.0 %

Maaden swung to net profit of SAR 572 million in Q4 2020, from a net loss of SAR 276.55 million in the year-earlier period.

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Share Price

Saudi Arabian Mining Co.
49.10
(0.65) (1.31 %)

Saudi Arabian Mining Co. (MAADEN)

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Financial Ratios
Current
Market Cap (M Riyal) 186,716.50
Enterprise Value (EV) (M) 220,628.36
Shares Outstanding ((M)) 3,802.78
EPS ( Riyal) (TTM) 1.05
Book Value (BV) ( Riyal) 13.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 48.28
Price/book 3.80
Return on Average Assets (%) (TTM) 3.5
Return on Average Equity (%) (TTM) 8.1
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