Maaden net profit slumps 83% to SAR 1.57B in 2023; Q4 at SAR 890.4M

26/02/2024 Argaam Exclusive

Saudi Arabian Mining Co. (Maaden) posted a net profit of SAR 1.57 billion in 2023, an 83% drop from SAR 9.31 billion a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 40,277.12 29,271.93 (27.3 %)
Gross Income 16,248.95 6,914.41 (57.4 %)
Operating Income 13,536.81 3,816.16 (71.8 %)
Net Income 9,319.05 1,577.33 (83.1 %)
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 2.52 0.43 (83.1 %)

The profit-drop came as sales decreased by 27% year-on-year (YoY), or by SAR 11 billion, as commodity prices declined for all products except gold. However, higher sales volumes of ammonia phosphate fertilizer, alumina and gold supported net earnings.

 

Meanwhile, gross profit fell 57% YoY, or by SAR 9.3 billion, on lower sales. Higher finance costs due to increased borrowing rates and lower share of profit from joint ventures affected the net profit.

 

This was partially offset by lower raw material prices, higher income from time deposit and a decrease in income taxes and Zakat.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 9,472.46 8,034.57 (15.2 %)
Gross Income 2,633.07 2,783.94 5.7 %
Operating Income 1,766.91 1,830.57 3.6 %
Net Income 1,016.47 890.40 (12.4 %)
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 0.28 0.24 (12.4 %)

The fourth-quarter net profit declined 12% YoY to SAR 890.4 million.

 

Sequentially, Maaden turned profitable in Q4 from a net loss of SAR 83.44 million in Q3 2023.

Shareholders’ equity, excluding minority interest, increased to SAR 46.42 billion as of Dec. 31, 2023, compared to SAR 45.06 billion a year earlier.

 

Attached Documents:

 

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.saudiexchange.sa/Resources/fsPdf/16913_370_2024-02-26_09-28-32_en.pdf

 

View More Financial Results

 

View other reports

Share Price

Saudi Arabian Mining Co.
49.60
(0.15) (0.30 %)

Saudi Arabian Mining Co. (MAADEN)

More


Financial Ratios
Current
Market Cap (M Riyal) 188,998.17
Enterprise Value (EV) (M) 222,910.03
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) 48.87
Price/book 3.85
Return on Average Assets (%) (TTM) 3.5
Return on Average Equity (%) (TTM) 8.1
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request