Maaden narrows net loss to SAR 209 mln in 2020

03/02/2021 Argaam Exclusive

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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.

Financials (M)

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%.

Current Quarter Comparison (M)

Compared With The

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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