Maaden’s H1 2022 profit rises to SAR 6.2 bln; Q2 at SAR 4 bln

11/08/2022 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported an over threefold rise in H1 2022 net profit after Zakat and tax to SAR 6.2 billion, from SAR 1.9 billion a year earlier.

The profit surge was spurred by higher average realized selling prices of all products, better sales volume mainly from ammonia, ammonia phosphate fertilizers, primary aluminum, industrial mineral products and Meridian Consolidated Investments Limited’s (MCIL) products, with slightly lower sales volume from flat rolled products, gold, and alumina.

The mining firm also cited higher attributable net profit from joint ventures, higher income from time deposits and a 3% year-on-year (YoY) decline in finance costs.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	11,551.22	20,790.24	80.0 %
Gross Income	3,550.04	10,042.06	182.9 %
Operating Income	2,715.91	8,816.15	224.6 %
Net Income	1,865.67	6,200.04	232.3 %
Average Shares	3,691.77	3,691.77	0.0 %
EPS (Riyals)	0.51	1.68	232.3 %

In Q2 2022, net profit after Zakat and tax more than tripled to SAR 4 billion, from SAR 1.10 billion in the prior-year period, buoyed by higher average realized selling prices of all products except industrial minerals, and higher sales volume mainly from ammonia, primary aluminum, ammonia phosphate fertilizer, industrial mineral products and gold with slightly lower sales volume recorded for flat rolled products, alumina and Meridian’s products.

Compared to Q1 2022, net profit surged 85.5% from SAR 2.17 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	6,101.45	11,876.16	94.6 %
Gross Income	2,113.64	6,157.99	191.3 %
Operating Income	1,668.93	5,553.77	232.8 %
Net Income	1,104.52	4,028.12	264.7 %
Average Shares	3,691.77	3,691.77	0.0 %
EPS (Riyals)	0.30	1.09	264.7 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	8,914.08	11,876.16	33.2 %
Gross Income	3,884.06	6,157.99	58.5 %
Operating Income	3,262.38	5,553.77	70.2 %
Net Income	2,171.92	4,028.12	85.5 %
Average Shares	3,691.77	3,691.77	0.0 %
EPS (Riyals)	0.59	1.09	85.5 %

Shareholders’ equity, after minority interest, stood at SAR 41.949 billion as of June 30, 2022, up from SAR 32.171 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	1,496.55	48.7 %	560.61	14.0 %	382.23	13.8 %
Q2 2013	1,487.01	21.4 %	257.58	(41.2 %)	81.94	(65.6 %)
Q3 2013	1,608.78	(7.4 %)	396.49	(45.0 %)	96.04	(80.6 %)
Q4 2013	1,454.92	(9.4 %)	294.80	(68.8 %)	(37.29)	(105.4 %)
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	603.58	(65.7 %)
Q1 2014	1,775.54	18.6 %	396.25	(29.3 %)	192.03	(49.8 %)
Q2 2014	2,386.19	60.5 %	758.34	194.4 %	501.51	512.1 %
Q3 2014	3,151.87	95.9 %	936.64	136.2 %	693.68	622.3 %
Q4 2014	3,478.28	139.1 %	1,023.78	247.3 %	632.71	1796.9 %
2014	10,791.88	78.5 %	3,115.01	106.4 %	2,018.78	234.5 %
Q1 2015	2,743.30	54.5 %	615.81	55.4 %	387.04	101.5 %
Q2 2015	3,011.46	26.2 %	765.77	1.0 %	475.61	(5.2 %)
Q3 2015	2,541.99	(19.3 %)	523.84	(44.1 %)	271.96	(60.8 %)
Q4 2015	2,659.38	(23.5 %)	533.62	(47.9 %)	200.73	(68.3 %)
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	1,335.34	(33.9 %)
Q1 2016	2,270.43	(17.2 %)	494.86	(19.6 %)	337.39	(12.8 %)
Q2 2016	2,551.70	(15.3 %)	580.95	(24.1 %)	369.76	(22.3 %)
Q3 2016	2,307.79	(9.2 %)	520.06	(0.7 %)	338.61	24.5 %
Q4 2016	2,333.94	(12.2 %)	424.70	(20.4 %)	190.83	(4.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
Q1 2017	2,708.09	19.3 %	925.64	87.1 %	738.02	118.7 %
Q2 2017	2,987.17	17.1 %	1,011.92	74.2 %	808.11	118.6 %
Q3 2017	3,151.29	36.6 %	830.67	59.7 %	629.11	85.8 %
Q4 2017	3,222.24	38.1 %	1,165.28	174.4 %	838.78	339.5 %
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
Q1 2018	3,566.12	31.7 %	1,414.90	52.9 %	1,190.99	61.4 %
Q2 2018	3,416.48	14.4 %	1,240.43	22.6 %	1,045.44	29.4 %
Q3 2018	3,395.99	7.8 %	1,255.46	51.1 %	973.31	54.7 %
Q4 2018	3,824.70	18.7 %	1,046.81	(10.2 %)	767.43	(8.5 %)
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %
Q1 2019	4,241.34	18.9 %	484.39	(65.8 %)	251.83	(78.9 %)
Q2 2019	4,300.51	25.9 %	515.13	(58.5 %)	192.67	(81.6 %)
Q3 2019	4,298.68	26.6 %	721.28	(42.5 %)	269.36	(72.3 %)
Q4 2019	4,895.74	28.0 %	781.55	(25.3 %)	207.03	(73.0 %)
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
Q1 2020	4,355.16	2.7 %	282.76	(41.6 %)	(119.29)	(147.4 %)
Q2 2020	4,016.41	(6.6 %)	292.99	(43.1 %)	(163.37)	(184.8 %)
Q3 2020	4,659.15	8.4 %	668.41	(7.3 %)	249.53	(7.4 %)
Q4 2020	5,549.10	13.3 %	1,322.84	69.3 %	843.72	307.5 %
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
Q1 2021	5,449.77	25.1 %	1,436.40	408.0 %	1,046.98	977.7 %
Q2 2021	6,101.45	51.9 %	2,113.64	621.4 %	1,668.93	1121.6 %
Q3 2021	6,698.52	43.8 %	2,320.13	247.1 %	1,925.85	671.8 %
Q4 2021	8,519.27	53.5 %	3,600.92	172.2 %	3,088.31	266.0 %
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %
Q1 2022	8,914.08	63.6 %	3,884.06	170.4 %	3,262.38	211.6 %
Q2 2022	11,876.16	94.6 %	6,157.99	191.3 %	5,553.77	232.8 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	5,576.66	263.8 %	2,594.23	159.1 %	1,761.04	202.6 %
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	603.58	(65.7 %)
2014	10,791.88	78.5 %	3,115.01	106.4 %	2,018.78	234.5 %
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	1,335.34	(33.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	239.19	(2.8 %)	0.08	-	239.19	0.08
Q2 2013	40.98	(68.0 %)	0.01	-	40.98	0.01
Q3 2013	1,431.41	360.1 %	0.45	1,445.20	(14.33)	0.00
Q4 2013	(29.21)	(107.2 %)	(0.01)	(17.82)	(11.40)	0.00
2013	1,682.37	54.2 %	0.53	1,427.38	254.99	0.08
Q1 2014	125.18	(47.7 %)	0.04	-	125.18	0.04
Q2 2014	370.79	804.8 %	0.12	-	370.79	0.12
Q3 2014	485.41	(66.1 %)	0.15	-	485.41	0.15
Q4 2014	375.96	1386.9 %	0.11	(21.31)	397.26	0.11
2014	1,357.34	(19.3 %)	0.39	(21.31)	1,378.65	0.39
Q1 2015	260.93	108.4 %	0.07	-	260.93	0.07
Q2 2015	270.01	(27.2 %)	0.08	(2.90)	272.91	0.08
Q3 2015	79.91	(83.5 %)	0.02	(26.65)	106.57	0.03
Q4 2015	(206.41)	(154.9 %)	(0.06)	(26.80)	(179.61)	(0.05)
2015	605.17	(55.4 %)	0.17	(56.35)	661.53	0.19
Q1 2016	194.30	(25.5 %)	0.06	-	194.30	0.06
Q2 2016	171.22	(36.6 %)	0.05	-	171.22	0.05
Q3 2016	107.45	34.5 %	0.03	-	107.45	0.03
Q4 2016	(674.54)	(226.8 %)	(0.19)	(600.34)	(74.20)	(0.02)
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
Q1 2017	275.61	41.8 %	0.08	-	275.61	0.08
Q2 2017	356.47	108.2 %	0.10	-	356.47	0.10
Q3 2017	242.91	126.1 %	0.07	-	242.91	0.07
Q4 2017	(943.51)	(39.9 %)	(0.27)	(477.00)	(466.51)	(0.13)
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
Q1 2018	638.16	131.5 %	0.18	-	638.16	0.18
Q2 2018	517.76	45.2 %	0.15	-	517.76	0.15
Q3 2018	414.98	70.8 %	0.12	-	414.98	0.12
Q4 2018	277.01	129.4 %	0.08	65.06	211.95	0.06
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51
Q1 2019	(127.21)	(119.9 %)	(0.04)	-	(127.21)	(0.04)
Q2 2019	(243.67)	(147.1 %)	(0.07)	-	(243.67)	(0.07)
Q3 2019	(92.04)	(122.2 %)	(0.03)	-	(92.04)	(0.03)
Q4 2019	(276.55)	(199.8 %)	(0.08)	46.88	(323.42)	(0.09)
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
Q1 2020	(353.25)	(177.7 %)	(0.10)	-	(353.25)	(0.10)
Q2 2020	(434.15)	(78.2 %)	(0.12)	-	(434.15)	(0.12)
Q3 2020	6.47	107.0 %	0.00	-	6.47	0.00
Q4 2020	571.95	306.8 %	0.15	-	571.95	0.15
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
Q1 2021	761.16	315.5 %	0.21	-	761.16	0.21
Q2 2021	1,104.52	354.4 %	0.30	(56.84)	1,161.36	0.31
Q3 2021	1,271.85	19554.6 %	0.34	(52.86)	1,324.71	0.36
Q4 2021	2,090.18	265.5 %	0.57	(206.72)	2,296.90	0.62
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50
Q1 2022	2,171.92	185.3 %	0.59	-	2,171.92	0.59
Q2 2022	4,028.12	264.7 %	1.09	-	4,028.12	1.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	1,090.95	163.9 %	0.35	-	1,090.95	0.35
2013	1,682.37	54.2 %	0.53	1,427.38	254.99	0.08
2014	1,357.34	(19.3 %)	0.39	(21.31)	1,378.65	0.39
2015	605.17	(55.4 %)	0.17	(56.35)	661.53	0.19
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	43.90 %	46.94 %	17.87 %
Q2 2013	39.24 %	42.89 %	15.75 %
Q3 2013	34.83 %	37.19 %	10.83 %
Q4 2013	24.96 %	26.08 %	4.21 %
2013	24.96 %	27.41 %	4.22 %
Q1 2014	21.26 %	21.98 %	2.22 %
Q2 2014	25.55 %	25.60 %	6.51 %
Q3 2014	27.21 %	29.25 %	11.06 %
Q4 2014	28.86 %	33.18 %	12.77 %
2014	28.86 %	33.17 %	12.77 %
Q1 2015	28.36 %	34.39 %	12.88 %
Q2 2015	26.98 %	34.58 %	11.44 %
Q3 2015	24.88 %	34.62 %	8.81 %
Q4 2015	22.26 %	33.03 %	4.21 %
2015	22.26 %	33.03 %	6.04 %
Q1 2016	22.11 %	33.97 %	3.76 %
Q2 2016	21.28 %	33.79 %	2.92 %
Q3 2016	21.75 %	34.37 %	3.00 %
Q4 2016	21.35 %	35.51 %	4.21 %
2016	21.35 %	35.51 %	6.23 %
Q1 2017	24.76 %	38.59 %	4.85 %
Q2 2017	27.88 %	41.91 %	6.44 %
Q3 2017	28.56 %	42.30 %	7.16 %
Q4 2017	32.59 %	44.39 %	3.38 %
2017	32.55 %	43.87 %	9.86 %
Q1 2018	34.21 %	45.23 %	5.96 %
Q2 2018	34.83 %	48.09 %	6.98 %
Q3 2018	37.32 %	50.84 %	8.12 %
Q4 2018	34.90 %	50.48 %	12.55 %
2018	34.49 %	50.60 %	12.58 %
Q1 2019	27.07 %	43.87 %	6.84 %
Q2 2019	20.95 %	38.62 %	1.62 %
Q3 2019	16.61 %	34.82 %	(1.51 %)
Q4 2019	14.11 %	31.33 %	(4.43 %)
2019	15.06 %	31.33 %	(4.43 %)
Q1 2020	12.89 %	30.67 %	(5.67 %)
Q2 2020	11.83 %	28.58 %	(6.85 %)
Q3 2020	11.30 %	28.15 %	(6.16 %)
Q4 2020	13.82 %	30.31 %	(1.12 %)
2020	13.82 %	30.31 %	(1.12 %)
Q1 2021	18.91 %	34.23 %	4.60 %
Q2 2021	25.47 %	38.93 %	11.49 %
Q3 2021	30.22 %	42.39 %	16.05 %
Q4 2021	35.38 %	46.12 %	20.71 %
2021	35.38 %	46.12 %	20.71 %
Q1 2022	39.42 %	48.15 %	23.00 %
Q2 2022	44.33 %	51.66 %	27.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	46.52 %	49.91 %	19.56 %
2013	24.96 %	27.41 %	4.22 %
2014	28.86 %	33.17 %	12.77 %
2015	22.26 %	33.03 %	6.04 %
2016	21.35 %	35.51 %	6.23 %
2017	32.55 %	43.87 %	9.86 %
2018	34.49 %	50.60 %	12.58 %
2019	15.06 %	31.33 %	(4.43 %)
2020	13.82 %	30.31 %	(1.12 %)
2021	35.38 %	46.12 %	20.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	37.46 %	43.35 %	15.98 %
Q2 2013	17.32 %	23.70 %	2.76 %
Q3 2013	24.65 %	21.83 %	(0.89 %)
Q4 2013	20.26 %	15.43 %	(0.78 %)
Q1 2014	22.32 %	26.04 %	7.05 %
Q2 2014	31.78 %	34.01 %	15.54 %
Q3 2014	29.72 %	33.84 %	15.40 %
Q4 2014	29.43 %	35.66 %	11.42 %
Q1 2015	22.45 %	33.74 %	9.51 %
Q2 2015	25.43 %	34.86 %	9.06 %
Q3 2015	20.61 %	33.86 %	4.19 %
Q4 2015	20.07 %	29.44 %	(6.75 %)
Q1 2016	21.80 %	38.21 %	8.56 %
Q2 2016	22.77 %	34.30 %	6.71 %
Q3 2016	22.53 %	36.35 %	4.66 %
Q4 2016	18.20 %	33.37 %	(3.18 %)
Q1 2017	34.18 %	49.03 %	10.18 %
Q2 2017	33.88 %	46.43 %	11.93 %
Q3 2017	26.36 %	39.21 %	7.71 %
Q4 2017	36.16 %	43.68 %	(14.48 %)
Q1 2018	39.68 %	50.95 %	17.90 %
Q2 2018	36.31 %	57.47 %	15.15 %
Q3 2018	36.97 %	50.86 %	12.22 %
Q4 2018	27.37 %	43.47 %	5.54 %
Q1 2019	11.42 %	27.67 %	(3.00 %)
Q2 2019	11.98 %	35.45 %	(5.67 %)
Q3 2019	16.78 %	33.55 %	(2.14 %)
Q4 2019	15.96 %	28.95 %	(6.61 %)
Q1 2020	6.49 %	25.05 %	(8.11 %)
Q2 2020	7.29 %	26.62 %	(10.81 %)
Q3 2020	14.35 %	31.54 %	0.14 %
Q4 2020	23.84 %	36.08 %	10.31 %
Q1 2021	26.36 %	40.24 %	13.97 %
Q2 2021	34.64 %	46.00 %	19.03 %
Q3 2021	34.64 %	46.09 %	19.78 %
Q4 2021	42.27 %	50.01 %	26.96 %
Q1 2022	43.57 %	49.40 %	24.37 %
Q2 2022	51.85 %	57.69 %	33.92 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	3,151.65	0.34	0.34	5.81
Q2 2013	3,151.65	0.32	0.32	5.82
Q3 2013	3,151.65	0.67	0.21	6.28
Q4 2013	3,151.65	0.53	0.08	6.27
Q1 2014	3,151.65	0.50	0.04	6.31
Q2 2014	3,151.65	0.60	0.15	6.43
Q3 2014	3,151.65	0.30	0.31	6.58
Q4 2014	3,505.43	0.39	0.39	7.61
Q1 2015	3,505.43	0.43	0.43	7.69
Q2 2015	3,505.43	0.40	0.40	7.77
Q3 2015	3,505.43	0.28	0.30	7.79
Q4 2015	3,505.43	0.12	0.13	7.79
Q1 2016	3,505.43	0.10	0.11	7.29
Q2 2016	3,505.43	0.07	0.08	7.34
Q3 2016	3,505.43	0.08	0.08	7.37
Q4 2016	3,505.43	(0.06)	0.11	7.23
Q1 2017	3,505.43	(0.03)	0.14	7.31
Q2 2017	3,505.43	0.02	0.19	7.41
Q3 2017	3,505.43	0.06	0.23	7.46
Q4 2017	3,505.43	(0.02)	0.12	7.44
Q1 2018	3,505.43	0.08	0.22	7.63
Q2 2018	3,505.43	0.13	0.27	7.77
Q3 2018	3,505.43	0.18	0.32	7.89
Q4 2018	3,505.43	0.53	0.51	7.96
Q1 2019	3,552.02	0.30	0.29	7.92
Q2 2019	3,552.02	0.09	0.07	8.04
Q3 2019	3,552.02	(0.05)	(0.07)	8.00
Q4 2019	3,552.02	(0.21)	(0.22)	8.30
Q1 2020	3,691.77	(0.26)	(0.27)	8.16
Q2 2020	3,691.77	(0.31)	(0.33)	8.02
Q3 2020	3,691.77	(0.29)	(0.30)	8.03
Q4 2020	3,691.77	(0.06)	(0.06)	8.19
Q1 2021	3,691.77	0.25	0.25	8.41
Q2 2021	3,691.77	0.66	0.68	8.71
Q3 2021	3,691.77	1.00	1.03	9.06
Q4 2021	3,691.77	1.42	1.50	9.66
Q1 2022	3,691.77	1.80	1.88	10.27
Q2 2022	3,691.77	2.59	2.66	11.36

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	3,151.65	0.35	0.35	5.74
2013	3,151.65	0.53	0.08	6.27
2014	3,505.43	0.39	0.39	7.61
2015	3,505.43	0.17	0.19	7.79
2016	3,505.43	0.00	0.17	7.23
2017	3,505.43	0.20	0.34	7.44
2018	3,505.43	0.53	0.51	7.96
2019	3,552.02	(0.21)	(0.22)	8.30
2020	3,691.77	(0.06)	(0.06)	8.19
2021	3,691.77	1.42	1.50	9.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	38.61	38.61	2.29
Q2 2013	35.94	35.94	1.95
Q3 2013	16.22	51.16	1.74
Q4 2013	23.71	More than 100	2.02
Q1 2014	28.41	More than 100	2.24
Q2 2014	22.28	89.95	2.09
Q3 2014	52.55	51.59	2.41
Q4 2014	27.73	27.31	1.41
Q1 2015	31.28	30.84	1.73
Q2 2015	35.05	34.45	1.79
Q3 2015	36.38	34.59	1.31
Q4 2015	More than 100	88.61	1.50
Q1 2016	More than 100	88.69	1.37
Q2 2016	More than 100	More than 100	1.76
Q3 2016	More than 100	More than 100	1.44
Q4 2016	NEG	More than 100	1.89
Q1 2017	NEG	More than 100	1.97
Q2 2017	More than 100	90.57	2.32
Q3 2017	More than 100	80.18	2.45
Q4 2017	NEG	More than 100	2.45
Q1 2018	More than 100	87.43	2.52
Q2 2018	More than 100	75.53	2.58
Q3 2018	More than 100	57.74	2.30
Q4 2018	32.84	34.04	2.18
Q1 2019	62.43	66.42	2.43
Q2 2019	More than 100	More than 100	2.13
Q3 2019	NEG	NEG	1.99
Q4 2019	NEG	NEG	1.78
Q1 2020	NEG	NEG	1.27
Q2 2020	NEG	NEG	1.45
Q3 2020	NEG	NEG	1.73
Q4 2020	NEG	NEG	1.65
Q1 2021	77.50	77.50	2.26
Q2 2021	31.83	31.11	2.42
Q3 2021	27.81	27.01	3.09
Q4 2021	18.49	17.43	2.71
Q1 2022	24.85	23.72	4.35
Q2 2022	12.84	12.50	2.93

Period	P/E	Adjusted P/E	Price/book
2012	36.56	36.56	2.21
2013	23.71	More than 100	2.02
2014	27.73	27.31	1.41
2015	67.47	61.73	1.50
2016	NEG	81.41	1.89
2017	89.38	53.61	2.45
2018	32.84	34.04	2.18
2019	NEG	NEG	1.78
2020	NEG	NEG	1.65
2021	18.49	17.43	2.71

Business Segments (Million)

Compared With The

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
Q1 2013	1,157.55	-	192.45	146.15	-	-	38.13	(37.73)
Q2 2013	1,020.39	-	216.28	250.08	-	-	40.07	(39.81)
Q3 2013	1,104.27	781.46	119.16	(396.23)	-	-	41.37	(41.24)
Q4 2013	1,040.16	234.19	181.36	-	-	-	(119.57)	118.78
Q1 2014	1,190.21	410.35	174.98	-	-	-	-	-
Q2 2014	1,388.16	817.38	180.66	-	-	-	-	-
Q3 2014	1,434.27	1,558.04	160.00	-	-	-	-	-
Q4 2014	1,565.12	1,713.67	199.49	-	-	-	-	-
Q1 2015	1,111.14	1,454.39	177.76	-	-	-	-	-
Q2 2015	1,533.95	1,295.95	181.55	-	-	-	-	-
Q3 2015	1,337.60	1,026.37	177.23	-	-	-	-	-
Q4 2015	1,505.16	985.55	168.67	-	-	-	-	-
Q1 2016	1,052.72	1,036.49	181.23	-	-	-	-	-
Q2 2016	1,145.68	1,103.85	302.18	-	-	-	-	-
Q3 2016	1,058.82	965.85	283.11	-	-	-	-	-
Q4 2016	907.84	1,143.08	283.01	-	-	-	-	-
Q1 2017	1,250.08	1,131.49	326.51	-	-	-	-	-
Q2 2017	1,487.28	1,170.89	328.99	-	-	-	-	-
Q3 2017	1,401.03	1,352.72	386.22	-	-	-	-	-
Q4 2017	1,322.83	1,376.45	551.44	-	-	-	-	-
Q1 2018	1,544.33	1,426.45	595.34	-	-	-	-	-
Q2 2018	1,486.30	1,434.84	495.34	-	-	-	-	-
Q3 2018	1,605.08	1,317.13	441.24	-	-	-	-	-
Q4 2018	1,890.45	1,489.83	444.42	-	-	-	-	-
Q1 2019	2,075.76	1,785.00	380.58	-	-	-	-	-
Q2 2019	2,098.25	1,782.39	419.87	-	-	-	-	-
Q3 2019	1,937.44	1,785.28	575.97	-	-	-	-	-
Q4 2019	2,138.86	2,047.09	709.79	-	-	-	-	-
Q1 2020	1,907.57	1,762.28	685.30	-	-	-	-	-
Q2 2020	1,626.94	1,636.20	753.28	-	-	-	-	-
Q3 2020	2,284.69	1,703.40	671.06	-	-	-	-	-
Q4 2020	2,843.97	2,079.71	625.42	-	-	-	-	-
Q1 2021	2,696.72	2,112.86	640.19	-	-	-	-	-
Q2 2021	3,135.96	2,408.38	557.11	-	-	-	-	-
Q3 2021	3,645.59	2,545.09	507.84	-	-	-	-	-
Q4 2021	5,104.36	2,823.54	591.37	-	-	-	-	-
Q1 2022	5,535.53	2,796.62	581.93	-	-	-	-	-
Q2 2022	7,912.48	3,391.77	571.91	-	-	-	-	-

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
2012	4,447.74	-	-	-	125.87	1,001.54	1.51	-
2013	4,322.36	1,015.65	709.25	-	-	-	-	-
2014	5,577.75	4,499.00	715.13	-	-	-	-	-
2015	5,488.12	4,762.79	705.22	-	-	-	-	-
2016	4,165.06	4,249.27	1,049.53	-	-	-	-	-
2017	5,461.22	5,031.55	1,593.16	-	-	-	-	-
2018	6,526.17	5,668.25	1,976.34	-	-	-	-	-
2019	8,250.31	7,399.76	2,086.20	-	-	-	-	-
2020	8,663.18	7,181.58	2,735.06	-	-	-	-	-
2021	14,582.62	9,889.87	2,296.52	-	-	-	-	-

Analysts Estimates (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	2,605.58	4,028.12	54.60 %

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
Sico	3,452.00	4,028.12	16.7 %
U-Capital	2,814.00	4,028.12	43.1 %
Arqaam Capital	2,604.00	4,028.12	54.7 %
Hermes	2,491.00	4,028.12	61.7 %
Bank of America	2,353.00	4,028.12	71.2 %
AlJazira Capital	2,310.00	4,028.12	74.4 %
Goldman Sachs	2,215.06	4,028.12	81.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	195,663.81
Enterprise Value (EV) (M)	229,575.67
Shares Outstanding ((M))	3,691.77
EPS ( Riyal) (TTM)	1.05
Book Value (BV) ( Riyal)	13.31
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	3.98
Return on Average Assets (%) (TTM)	3.5
Return on Average Equity (%) (TTM)	8.1

Saudi Arabian Mining Co. (MAADEN)

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Maaden’s H1 2022 profit rises to SAR 6.2 bln; Q2 at SAR 4 bln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Maaden’s H1 2022 profit rises to SAR 6.2 bln; Q2 at SAR 4 bln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Business Segments (Million)