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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)
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 %)
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 %
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 %)
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 %)
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 %
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 %
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 %
Q3 2022 10,014.42 49.5 % 3,573.83 54.0 % 2,953.75 53.4 %
Q4 2022 9,472.46 11.2 % 2,633.07 (26.9 %) 1,766.91 (42.8 %)
Q1 2023 8,045.09 (9.7 %) 1,585.63 (59.2 %) 930.21 (71.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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)
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)
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)
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
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)
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
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
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
Q3 2022 2,102.53 65.3 % 0.57 195.00 1,907.53 0.52
Q4 2022 1,016.47 (51.4 %) 0.28 - 1,016.47 0.28
Q1 2023 419.42 (80.7 %) 0.11 - 419.42 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %)
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 %)
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 %
Q1 2022 39.42 % 48.15 % 23.00 %
Q2 2022 44.33 % 51.66 % 27.28 %
Q3 2022 43.78 % 50.04 % 26.46 %
Q4 2022 40.34 % 46.06 % 22.65 %
Q1 2023 35.40 % 41.41 % 18.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 3,691.77 2.82 2.82 11.94
Q4 2022 3,691.77 2.52 2.47 12.21
Q1 2023 3,691.77 2.05 2.00 12.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 16.49 16.47 3.89
Q4 2022 17.09 17.46 3.53
Q1 2023 20.82 21.38 3.46

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
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 - - - - -
Q3 2022 6,723.82 2,778.26 499.67 12.68 - - - -
Q4 2022 6,550.95 2,313.14 598.82 9.56 - - - -
Q1 2023 5,415.20 2,079.79 540.73 9.37 - - - -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 1,240.20 419.42 (66.2 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
AlJazira Capital 952.60 419.42 (56.0) %
Sico 1,198.00 419.42 (65.0) %
U-Capital 1,570.00 419.42 (73.3) %


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
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Share Price

Saudi Arabian Mining Co.
53.00
(0.50) (0.93 %)

Saudi Arabian Mining Co. (MAADEN)

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