Financial Results : Maaden’s 9M 2022 net profit surges to SAR 8.3 bln; Q3 at SAR 2.1 bln

Maaden’s 9M 2022 net profit surges to SAR 8.3 bln; Q3 at SAR 2.1 bln

01/11/2022 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) posted a three-fold jump in its net earnings after Zakat and tax in the first nine months of 2022 to SAR 8.3 billion, compared with 3.1 billion a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 18,249.74 30,804.66 68.8 %
Gross Income 5,870.17 13,615.89 132.0 %
Operating Income 4,641.76 11,769.90 153.6 %
Net Income 3,137.52 8,302.57 164.6 %
Average Shares 3,691.77 3,691.77 0.0 %
EPS (Riyals) 0.85 2.25 164.6 %

The improved results were due to higher average realized sales prices of all products except for industrial mineral products, as well as higher sales volumes from ammonia, gold and flat rolled products.

 

Maaden also noted an increase in net profit share from joint ventures by 7%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 6,698.52 10,014.42 49.5 %
Gross Income 2,320.13 3,573.83 54.0 %
Operating Income 1,925.85 2,953.75 53.4 %
Net Income 1,271.85 2,102.53 65.3 %
Average Shares 3,691.77 3,691.77 0.0 %
EPS (Riyals) 0.34 0.57 65.3 %

Q3 2022 net profit after Zakat and tax stood at SAR 2.1 billion, leaping 65.3% year-on-year from SAR 1.2 billion, driven by higher average realized sales prices of all products except gold.

 

On a sequential basis, Q3 2022 net earnings fell 47.8% from SAR 4.1 billion.

 

Shareholders’ equity, after minority interest, reached SAR 44.095 billion at the end of the nine-month period, compared to SAR 33.436 billion in the same period a year ago.

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