Financial Results : Maaden 9M 2023 profit drops 92% to SAR 686.9 mln; Q3 loss at SAR 83.4 mln

Maaden 9M 2023 profit drops 92% to SAR 686.9 mln; Q3 loss at SAR 83.4 mln

31/10/2023 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) posted net earnings of SAR 686.9 million for the first nine months of 2023, down 92% compared with SAR 8.30 billion a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 30,804.66 21,237.36 (31.1 %)
Gross Income 13,615.89 4,130.47 (69.7 %)
Operating Income 11,769.90 1,985.59 (83.1 %)
Net Income 8,302.57 686.93 (91.7 %)
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 2.25 0.19 (91.7 %)

This was mainly due to a SAR 9.6 billion decline in sales on the back of lower commodity market prices of all business segments except base metal and new mineral segment.

 

However, this was partially offset by a decrease in the cost of sales, which was mainly due to lower raw material prices, higher income from time deposits, and lower income taxes and Zakat.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 10,014.42 6,226.00 (37.8 %)
Gross Income 3,573.83 928.99 (74.0 %)
Operating Income 2,953.75 211.99 (92.8 %)
Net Income 2,102.53 (83.44) (104.0 %)
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 0.57 (0.02) (104.0 %)

Maaden posted net losses of SAR 83.4 million in Q3 2023, against net earnings of SAR 2.10 billion a year earlier, mainly due to a SAR 3.8 billion decline in sales on the back of lower commodity market prices for all business segments except base metal and the new mineral segment.

 

On a sequential basis, the company turned to losses from SAR 350.94 million in earnings.

 

Shareholders’ equity, after minority interest, reached SAR 45.75 billion at the end of the nine-month period, compared to SAR 44.05 billion in the same period a year ago. 

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