Financial Results : Maaden’s Q1 profit slumps 81% to SAR 419.4 mln

Maaden’s Q1 profit slumps 81% to SAR 419.4 mln

22/05/2023 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 419.4 million for Q1 2023, a slump of 81% from SAR 2.17 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 8,914.08 8,045.09 (9.7 %)
Gross Income 3,884.06 1,585.63 (59.2 %)
Operating Income 3,262.38 930.21 (71.5 %)
Net Income 2,171.92 419.42 (80.7 %)
Average Shares 3,691.77 3,691.77 0.0 %
EPS (Riyals) 0.59 0.11 (80.7 %)

This profit decline was driven by lower average selling prices of all products except gold, higher cost of sales, and an increase in raw material costs as well as production operating costs.

 

Maaden also cited an increase in the general and administrative expenses, higher exploration and technical services expenses and higher cost of finance due to a rise in SAIBOR and LIBOR rates.

 

The mining firm reported 40% lower profit from joint ventures.

 

On a sequential basis, net profit dropped 58.7% from SAR 1.01 billion in Q4 2022.

 

Shareholders’ equity, excluding minority interest, reached SAR 45.54 billion as of March 31, 2023, compared to SAR 37.92 billion in the prior-year period.

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