Saudi Arabian Mining Co. (Maaden) widened net loss after Zakat and tax by 68.7% year-on-year (YoY) to SAR 780.9 million for the first nine months of 2020, driven by lower average prices of all products, except for gold, as well as lower sales volumes of alumina and decreased income from time deposits.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 12,840.53 | 13,030.73 | 1.5 % |
| Gross Income | 1,890.32 | 1,244.16 | (34.2 %) |
| Operating Income | 713.86 | (33.13) | (104.6 %) |
| Net Income | (462.92) | (780.93) | (68.7 %) |
| Average Shares | 3,552.02 | 3,691.77 | 3.9 % |
| EPS (Riyals) | (0.13) | (0.21) | (62.3 %) |
Q3 2020 net profit after Zakat and tax stood at SAR 6.5 million, versus a net loss of SAR 92.04 million in year-earlier period, backed by higher average prices of gold and ammonia, as well as increased sales volumes of all products except for alumina and gold, in addition to higher profit share from the company’s joint ventures.
On a sequential basis, Maaden turned to profit in Q3 2020, versus a net loss of SAR 434.1 million in Q2 2020.
Shareholders’ equity, after minority interest, reached SAR 29.7 million during the nine-month period, a rise of 6% YoY.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 4,298.68 | 4,659.15 | 8.4 % |
| Gross Income | 721.28 | 668.41 | (7.3 %) |
| Operating Income | 269.36 | 249.53 | (7.4 %) |
| Net Income | (92.04) | 6.47 | 107.0 % |
| Average Shares | 3,552.02 | 3,691.77 | 3.9 % |
| EPS (Riyals) | (0.03) | 0.00 | 106.8 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 4,016.41 | 4,659.15 | 16.0 % |
| Gross Income | 292.99 | 668.41 | 128.1 % |
| Operating Income | (163.37) | 249.53 | 252.7 % |
| Net Income | (434.15) | 6.47 | 101.5 % |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | (0.12) | 0.00 | 101.5 % |
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