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.
| 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%.
| 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 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 4,659.15 | 5,549.10 | 19.1 % |
| Gross Income | 668.41 | 1,322.84 | 97.9 % |
| Operating Income | 249.53 | 843.72 | 238.1 % |
| Net Income | 6.47 | 571.95 | 8738.6 % |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | 0.00 | 0.15 | 8738.6 % |
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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