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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 2 billion in H1 2024, compared to SAR 770.4 million a year earlier.
Financials (M)
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Revenues | 15,011.36 | 14,532.07 | (3.2 %) |
Gross Income | 3,201.49 | 4,600.97 | 43.7 % |
Operating Income | 1,773.60 | 3,154.73 | 77.9 % |
Net Income | 770.36 | 2,005.71 | 160.4 % |
Average Shares | 3,691.77 | 3,691.77 | - |
EPS (Riyals) | 0.21 | 0.54 | 160.4 % |
Gross profit increased by 44% (SAR 1.39 billion) year-on-year, mainly due to higher sales volumes, reduced raw material costs, and lower depreciation expenses in H1 2024. This is besides the impact that the one-off industrial utility charges had in the prior year.
In addition, a SAR 469 million insurance claim for the relining of pots within smelter plants was received in H1 2024, along with realizing a one-off severance charge worth SAR 192 million in H1 2023 which supported profitability during the current period.
Lower commodity market prices of all products except gold and alumina, alongside higher income taxes and Zakat, offset Maaden’s first-half bottom line.
However, H1 2024 sales decreased by 3% (SAR 479 million), compared to the same period of the prior year, mainly due to lower commodity market prices of all products except gold and alumina. This sales pullback was partially offset by higher sales volumes of primary aluminum and gold during the six-month period.
Current Quarter Comparison (M)
Item | Q2 2023 | Q2 2024 | Change |
---|---|---|---|
Revenues | 6,966.27 | 7,183.84 | 3.1 % |
Gross Income | 1,615.85 | 2,187.65 | 35.4 % |
Operating Income | 843.39 | 1,504.91 | 78.4 % |
Net Income | 350.94 | 1,024.02 | 191.8 % |
Average Shares | 3,691.77 | 3,691.77 | - |
EPS (Riyals) | 0.10 | 0.28 | 191.8 % |
Item | Q1 2024 | Q2 2024 | Change |
---|---|---|---|
Revenues | 7,348.23 | 7,183.84 | (2.2 %) |
Gross Income | 2,413.32 | 2,187.65 | (9.4 %) |
Operating Income | 1,649.82 | 1,504.91 | (8.8 %) |
Net Income | 981.69 | 1,024.02 | 4.3 % |
Average Shares | 3,691.77 | 3,691.77 | - |
EPS (Riyals) | 0.27 | 0.28 | 4.3 % |
The second-quarter net profit surged to SAR 1.02 billion, from SAR 350.94 million in Q2 2023, supported by higher sales and gross profit.
Maaden’s quarterly net profit grew 4.3% from SAR 981.69 million in Q1 2024 as operating expenses slumped by SAR 81 million on a sequential basis, with the insurance income growing by SAR 70 million amid a SAR 113 million drop in Zakat and income tax expenses.
Shareholders’ equity, after minority interest, rose to SAR 48.29 billion as of June 30, 2024, from SAR 45.88 billion a year earlier.
Quarterly Actuals vs Estimates 11/08/202411/08/2024
Company | Estimated | Actual | Change |
---|---|---|---|
CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
MIS | 19.43 | 43.00 | 121.3 % |
MAADEN | 826.50 | 1,024.02 | 23.9 % |
BINDAWOOD | 64.50 | 72.65 | 12.6 % |
SPIMACO | 36.00 | 34.00 | (5.6 %) |
ALARABIA | 90.43 | 47.32 | (47.7 %) |
Company | Estimated | Actual | Change |
---|---|---|---|
CENOMI RETAIL | (1.00) | 81.00 | 8,200.0 % |
MIS | 19.43 | 43.00 | 121.3 % |
MAADEN | 826.50 | 1,024.02 | 23.9 % |
BINDAWOOD | 64.50 | 72.65 | 12.6 % |
TANMIAH | 23.00 | 24.00 | 4.3 % |
View other reports
- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
- 2250 - SIIG
- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
- 3020 - YSCC
- 3030 - SAUDI CEMENT
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- 3050 - SPCC
- 3060 - YCC
- 3080 - EPCCO
- 3090 - TCC
- 3091 - JOUF CEMENT
- 3092 - RIYADH CEMENT
- 2060 - TASNEE
- 3008 - ALKATHIRI
- 3007 - OASIS
- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
- 2320 - ALBABTAIN
- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - ALHOKAIR GROUP
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 1830 - Leejam Sports
- 6012 - RAYDAN
- 4291 - NCLE
- 4292 - ATAA
- 6014 - ALAMAR
- 6015 - AMERICANA
- 4003 - EXTRA
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- 4190 - JARIR
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- 4191 - ABO MOATI
- 4051 - BAAZEEM
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- 4001 - A.OTHAIM MARKET
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- 4160 - THIMAR
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- 2280 - ALMARAI
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- 2281 - TANMIAH
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- 2284 - MODERN MILLS
- 4002 - MOUWASAT
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- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
- 2230 - CHEMICAL
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- 1080 - ANB
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- 1140 - ALBILAD
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- 4081 - NAYIFAT
- 1111 - TADAWUL GROUP
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Share Price
Saudi Arabian Mining Co. (MAADEN)
Current | |
Market Cap (M Riyal) | 150,993.39 |
Enterprise Value (EV) (M) | 186,530.43 |
Shares Outstanding ((M)) | 3,691.77 |
EPS ( Riyal) (TTM) | 0.76 |
Book Value (BV) ( Riyal) | 13.08 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | More than 100 |
P/E (TTM) | More than 100 |
Price/book | 3.13 |
Return on Average Assets (%) (TTM) | 2.5 |
Return on Average Equity (%) (TTM) | 6.0 |
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