Maaden incurs SAR 739.5 mln losses in FY19

30/01/2020 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net loss after zakat and tax of SAR 739.46 million in the fiscal year 2019, compared to a net profit of SAR 1.85 billion a year earlier due to decline in average product prices, except gold.

Lower sales volumes of ammonia, aluminum and gold, along with a decline in Maaden’s profit share from its joint venture SAMAPCO also weighed on the annual figures.

Financials (M)

Item	2018	2019	Change‬
Revenues	14,170.76	17,736.28	25.2 %
Gross Income	4,886.98	2,671.86	(45.3 %)
Operating Income	3,977.17	920.88	(76.8 %)
Net Income	1,847.92	(739.46)	(140.0 %)
Average Shares	3,505.43	3,552.02	1.3 %
EPS (Riyals)	0.53	(0.21)	(139.5 %)

In Q4 2019, the mining firm sustained a net loss of SAR 276.6 million. Shareholders' equity, after minority interest, stood at SAR 30.7 billion in the same period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	3,824.70	4,895.74	28.0 %
Gross Income	1,046.81	781.55	(25.3 %)
Operating Income	767.43	207.03	(73.0 %)
Net Income	277.01	(276.55)	(199.8 %)
Average Shares	3,505.43	3,552.02	1.3 %
EPS (Riyals)	0.08	(0.08)	(198.5 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	4,298.68	4,895.74	13.9 %
Gross Income	721.28	781.55	8.4 %
Operating Income	269.36	207.03	(23.1 %)
Net Income	(92.04)	(276.55)	(200.5 %)
Average Shares	3,552.02	3,552.02	-
EPS (Riyals)	(0.03)	(0.08)	(200.5 %)

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