Financial Results : Maaden turns to SAR 715 mln profit in FY17

Maaden turns to SAR 715 mln profit in FY17

01/02/2018 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a consolidated net profit of SAR 714.8 million for fiscal year 2017, versus net losses of SAR 10.7 million in FY 2016, due to a 28 percent increase in sales revenue, as well as higher profit from its affiliate Maaden Barrick Copper Co. 



Financials (M)

Item 2016 2017 Change‬
Revenues 9,463.86 12,085.93 27.7 %
Gross Income 2,020.56 3,933.51 94.7 %
Operating Income 1,236.59 2,958.62 139.3 %
Net Income (10.74) 714.84 6755.9 %
Average Shares 3,505.43 3,505.43 -
Earnings Per Share before unusual items (Riyals) 0.17 0.34 102.1 %
EPS (Riyals) 0.00 0.20 6755.9 %

Net profit also benefited from a 22 percent decrease in write-off of plants and equipment, and a 16 percent decrease in impairment of capital work-in-progress.

 

However, this was offset by a 10 percent rise in cost of sales, higher selling, general and administrative expenses, and an 82 percent surge in financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 2,333.94 3,222.24 38.1 %
Gross Income 424.70 1,165.28 174.4 %
Operating Income 190.83 838.78 339.5 %
Net Income (674.54) (943.51) (39.9 %)
Average Shares 3,505.43 3,505.43 -
Earnings Per Share before unusual items (Riyals) (0.02) (0.13) (528.7 %)
EPS (Riyals) (0.19) (0.27) (39.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 115.39 119.4 % 71.77 494.6 % 22.10 356.0 %
Q2 2008 95.37 32.3 % 40.81 47.8 % (31.85) (764.8 %)
Q3 2008 121.74 141.6 % 68.73 372.4 % (27.65) (65.9 %)
Q4 2008 127.68 84.8 % 39.41 75.3 % (18.06) 82.7 %
Q1 2009 160.20 38.8 % 75.90 5.8 % 27.52 24.5 %
Q2 2009 176.33 84.9 % 93.38 128.8 % 29.04 191.2 %
Q3 2009 163.62 34.4 % 86.45 25.8 % 21.34 177.2 %
Q4 2009 134.30 5.2 % 72.48 83.9 % 10.11 156.0 %
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 16.52 (40.0 %)
Q2 2010 197.32 11.9 % 109.68 17.5 % 39.22 35.0 %
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (2.47) (111.6 %)
Q4 2010 196.30 46.2 % 111.08 53.3 % 25.70 154.2 %
Q1 2011 205.16 33.7 % 127.84 58.7 % 36.92 123.4 %
Q2 2011 245.64 24.5 % 160.34 46.2 % 72.29 84.3 %
Q3 2011 202.53 27.1 % 88.46 5.3 % 5.00 302.5 %
Q4 2011 879.69 348.1 % 624.67 462.4 % 467.67 1719.6 %
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 335.85 809.7 %
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 238.42 229.8 %
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 494.81 9792.1 %
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 691.96 48.0 %
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 382.23 13.8 %
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 81.94 (65.6 %)
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 96.04 (80.6 %)
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (37.29) (105.4 %)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 192.03 (49.8 %)
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 501.51 512.1 %
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 693.68 622.3 %
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 632.71 1796.9 %
Q1 2015 2,743.30 54.5 % 615.81 55.4 % 387.04 101.5 %
Q2 2015 3,011.46 26.2 % 765.77 1.0 % 475.61 (5.2 %)
Q3 2015 2,541.99 (19.3 %) 523.84 (44.1 %) 271.96 (60.8 %)
Q4 2015 2,659.38 (23.5 %) 533.62 (47.9 %) 200.73 (68.3 %)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 337.39 (12.8 %)
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 369.76 (22.3 %)
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 338.61 24.5 %
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) 190.83 (4.9 %)
Q1 2017 2,708.09 19.3 % 925.64 87.1 % 738.02 118.7 %
Q2 2017 2,987.17 17.1 % 1,011.92 74.2 % 808.11 118.6 %
Q3 2017 3,151.29 36.6 % 830.67 59.7 % 629.11 85.8 %
Q4 2017 3,222.24 38.1 % 1,165.28 174.4 % 838.78 339.5 %
2017 12,085.93 27.7 % 3,933.51 94.7 % 2,958.62 139.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 34.58 (37.0 %) 0.01 - 34.58 0.01
Q2 2008 (16.07) (124.5 %) (0.01) - (16.07) (0.01)
Q3 2008 63.82 130.4 % 0.02 - 63.82 0.02
Q4 2008 121.05 130.6 % 0.04 - 121.05 0.04
Q1 2009 17.64 (49.0 %) 0.01 - 17.64 0.01
Q2 2009 (5.75) 64.2 % 0.00 - (5.75) 0.00
Q3 2009 49.11 (23.0 %) 0.02 - 49.11 0.02
Q4 2009 333.78 175.7 % 0.11 - 333.78 0.11
Q1 2010 20.63 17.0 % 0.01 - 20.63 0.01
Q2 2010 31.22 643.4 % 0.01 - 31.22 0.01
Q3 2010 (0.20) (100.4 %) 0.00 - (0.20) 0.00
Q4 2010 (60.85) (118.2 %) (0.02) - (60.85) (0.02)
Q1 2011 43.73 111.9 % 0.01 - 43.73 0.01
Q2 2011 62.54 100.3 % 0.02 - 62.54 0.02
Q3 2011 27.41 14158.5 % 0.01 - 27.41 0.01
Q4 2011 279.63 559.6 % 0.09 - 279.63 0.09
Q1 2012 246.05 462.7 % 0.08 - 246.05 0.08
Q2 2012 128.27 105.1 % 0.04 - 128.27 0.04
Q3 2012 311.12 1034.9 % 0.10 - 311.12 0.10
Q4 2012 405.50 45.0 % 0.13 - 405.50 0.13
Q1 2013 239.19 (2.8 %) 0.08 - 239.19 0.08
Q2 2013 40.98 (68.0 %) 0.01 - 40.98 0.01
Q3 2013 1,431.41 360.1 % 0.45 1,445.20 (14.33) 0.00
Q4 2013 (29.21) (107.2 %) (0.01) (17.82) (11.40) 0.00
Q1 2014 125.18 (47.7 %) 0.04 - 125.18 0.04
Q2 2014 370.79 804.8 % 0.12 - 370.79 0.12
Q3 2014 485.41 (66.1 %) 0.15 - 485.41 0.15
Q4 2014 375.96 1386.9 % 0.11 (21.31) 397.26 0.11
Q1 2015 260.93 108.4 % 0.07 - 260.93 0.07
Q2 2015 270.01 (27.2 %) 0.08 (2.90) 272.91 0.08
Q3 2015 79.91 (83.5 %) 0.02 (26.65) 106.57 0.03
Q4 2015 (206.41) (154.9 %) (0.06) (26.80) (179.61) (0.05)
Q1 2016 194.30 (25.5 %) 0.06 - 194.30 0.06
Q2 2016 171.22 (36.6 %) 0.05 - 171.22 0.05
Q3 2016 107.45 34.5 % 0.03 - 107.45 0.03
Q4 2016 (674.54) (226.8 %) (0.19) (600.34) (74.20) (0.02)
Q1 2017 275.61 41.8 % 0.08 - 275.61 0.08
Q2 2017 356.47 108.2 % 0.10 - 356.47 0.10
Q3 2017 242.91 126.1 % 0.07 - 242.91 0.07
Q4 2017 (943.51) (39.9 %) (0.27) (477.00) (466.51) (0.13)
2017 714.84 6755.9 % 0.20 (477.00) 1,191.84 0.34

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2013 24.96 % 26.08 % 4.21 %
Q1 2014 21.26 % 21.98 % 2.22 %
Q2 2014 25.55 % 25.60 % 6.51 %
Q3 2014 27.21 % 29.25 % 11.06 %
Q4 2014 28.86 % 33.18 % 12.77 %
Q1 2015 28.36 % 34.39 % 12.88 %
Q2 2015 26.98 % 34.58 % 11.44 %
Q3 2015 24.88 % 34.62 % 8.81 %
Q4 2015 22.26 % 33.03 % 4.21 %
Q1 2016 22.11 % 33.97 % 3.76 %
Q2 2016 21.28 % 33.79 % 2.92 %
Q3 2016 21.75 % 34.37 % 3.00 %
Q4 2016 21.35 % 35.51 % 4.21 %
Q1 2017 24.76 % 38.59 % 4.85 %
Q2 2017 27.88 % 41.91 % 6.44 %
Q3 2017 28.56 % 42.30 % 7.16 %
Q4 2017 32.59 % 44.39 % 3.38 %
2017 32.55 % 43.87 % 9.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2013 3,151.65 0.53 0.08 6.27
Q1 2014 3,151.65 0.50 0.04 6.31
Q2 2014 3,151.65 0.60 0.15 6.43
Q3 2014 3,151.65 0.30 0.31 6.58
Q4 2014 3,505.43 0.39 0.39 7.61
Q1 2015 3,505.43 0.43 0.43 7.69
Q2 2015 3,505.43 0.40 0.40 7.77
Q3 2015 3,505.43 0.28 0.30 7.79
Q4 2015 3,505.43 0.12 0.13 7.79
Q1 2016 3,505.43 0.10 0.11 7.29
Q2 2016 3,505.43 0.07 0.08 7.34
Q3 2016 3,505.43 0.08 0.08 7.37
Q4 2016 3,505.43 (0.06) 0.11 7.23
Q1 2017 3,505.43 (0.03) 0.14 7.31
Q2 2017 3,505.43 0.02 0.19 7.41
Q3 2017 3,505.43 0.06 0.23 7.46
Q4 2017 3,505.43 (0.02) 0.12 7.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 NEG More than 100 1.65
Q4 2008 66.40 66.40 0.83
Q1 2009 80.60 80.60 0.93
Q2 2009 97.31 97.31 1.18
Q3 2009 More than 100 More than 100 1.32
Q4 2009 55.57 55.57 1.32
Q1 2010 60.57 60.57 1.45
Q2 2010 51.04 51.04 1.33
Q3 2010 71.55 71.55 1.66
Q4 2010 NEG NEG 1.67
Q1 2011 More than 100 More than 100 1.88
Q2 2011 More than 100 More than 100 2.07
Q3 2011 More than 100 More than 100 1.94
Q4 2011 77.62 77.62 1.89
Q1 2012 73.12 73.12 2.61
Q2 2012 56.58 56.58 2.22
Q3 2012 41.13 41.13 2.25
Q4 2012 37.66 37.66 2.27
Q1 2013 39.77 39.77 2.35
Q2 2013 37.02 37.02 2.01
Q3 2013 16.71 52.70 1.79
Q4 2013 24.42 More than 100 2.08
Q1 2014 29.27 More than 100 2.31
Q2 2014 22.95 92.65 2.15
Q3 2014 54.13 53.14 2.49
Q4 2014 28.57 28.13 1.45
Q1 2015 32.22 31.77 1.78
Q2 2015 36.10 35.49 1.85
Q3 2015 37.47 35.63 1.35
Q4 2015 More than 100 91.28 1.54
Q1 2016 More than 100 91.36 1.41
Q2 2016 More than 100 More than 100 1.81
Q3 2016 More than 100 More than 100 1.48
Q4 2016 NEG More than 100 1.95
Q1 2017 NEG More than 100 2.02
Q2 2017 More than 100 93.29 2.39
Q3 2017 More than 100 82.60 2.53
Q4 2017 NEG More than 100 2.52

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)
Q4 2013 1,040.16 234.19 181.36 - - - (119.57) 118.78
Q1 2014 1,190.21 410.35 174.98 - - - - -
Q2 2014 1,388.16 817.38 180.66 - - - - -
Q3 2014 1,434.27 1,558.04 160.00 - - - - -
Q4 2014 1,565.12 1,713.67 199.49 - - - - -
Q1 2015 1,111.14 1,454.39 177.76 - - - - -
Q2 2015 1,533.95 1,295.95 181.55 - - - - -
Q3 2015 1,337.60 1,026.37 177.23 - - - - -
Q4 2015 1,505.16 985.55 168.67 - - - - -
Q1 2016 1,052.72 1,036.49 181.23 - - - - -
Q2 2016 1,145.68 1,103.85 302.18 - - - - -
Q3 2016 1,058.82 965.85 283.11 - - - - -
Q4 2016 907.84 1,143.08 283.01 - - - - -
Q1 2017 1,250.08 1,131.49 326.51 - - - - -
Q2 2017 1,487.28 1,170.89 328.99 - - - - -
Q3 2017 1,401.03 1,352.72 386.22 - - - - -
Q4 2017 1,322.83 1,376.45 551.44 - - - - -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 344.30 (943.51) (374.0 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Sico 374.00 (943.51) (352.3) %
Al Rajhi Capital 356.00 (943.51) (365.0) %
Albilad Capital 326.00 (943.51) (389.4) %
AlJazira Capital 321.20 (943.51) (393.7) %


Financial Ratios
Current
Market Cap (M Riyal) 167,512.46
Enterprise Value (EV) (M) 196,576.11
Shares Outstanding ((M)) 3,802.78
EPS ( Riyal) (TTM) 0.76
Book Value (BV) ( Riyal) 13.64
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 45.26
P/E (TTM) 58.34
Price/book 3.23
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 5.8
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Share Price

Saudi Arabian Mining Co.
44.05
(2.25) (4.86 %)

Saudi Arabian Mining Co. (MAADEN)

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