Maaden swings to SAR 1.865 bln profit in H1 2021

04/08/2021 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) turned to a net profit after Zakat and tax of SAR 1.865 billion for the first half of 2021, against a net loss of SAR 787.4 million a year earlier.

The profit was buoyed by higher average realized prices of all products, and an increase in the sales volumes of all products, except for gold and ammonia. The company also reported a higher profit share from joint ventures an increase in other income.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	8,371.57	11,551.22	38.0 %
Gross Income	575.75	3,550.04	516.6 %
Operating Income	(282.65)	2,715.91	1060.9 %
Net Income	(787.40)	1,865.67	336.9 %
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	(0.21)	0.51	336.9 %

Moreover, general and administrative expenses decreased by 4% year-on-year (YoY), exploration and technical services expenses decreased by 37% YoY and finance costs were down by 42% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	4,016.41	6,101.45	51.9 %
Gross Income	292.99	2,113.64	621.4 %
Operating Income	(163.37)	1,668.93	1121.6 %
Net Income	(434.15)	1,104.52	354.4 %
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	(0.12)	0.30	354.4 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	5,449.77	6,101.45	12.0 %
Gross Income	1,436.40	2,113.64	47.1 %
Operating Income	1,046.98	1,668.93	59.4 %
Net Income	761.16	1,104.52	45.1 %
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	0.21	0.30	45.1 %

In Q2 2021, the mining firm swung to a net profit after Zakat and tax of SAR 1.104 billion, against a net loss of SAR 434.14 million in the year-ago period. The company’s positive performance was backed by higher average realized prices of all products, except for industrial minerals. Maaden also cited an increase in its net profit share from joint ventures and higher other income.

On a sequential basis, net profit jumped 45% from SAR 761.16 million.

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