Financial Results : Maaden Q1 2024 profit jumps to SAR 981.7M

Maaden Q1 2024 profit jumps to SAR 981.7M

13/05/2024 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 981.7 million for Q1 2024, from SAR 419.4 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 8,045.09 7,348.23 (8.7 %)
Gross Income 1,585.63 2,413.32 52.2 %
Operating Income 930.21 1,649.82 77.4 %
Net Income 419.42 981.69 134.1 %
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 0.11 0.27 134.1 %

The profit increase was driven by higher gross profit, which rose by SAR 828 million, or 52%, mainly as a result of higher sales volume, reduction in raw material cost, lower depreciation expense and the impact that the one-off industrial utility charges had in the prior year.

 

In addition, an insurance claim received for the relining of pots within smelter plants of SAR 199 million supported profitability during the quarter.

 

However, the increase in profit was partially offset by lower commodity market prices of all products except gold and alumina, as well as higher income taxes and Zakat.

 

On a sequential basis, net profit grew 10.3% from SAR 890.4 million in Q4 2023.

 

Shareholders’ equity, excluding minority interest, rose to SAR 47.36 billion as of March 31, 2024, compared to SAR 45.54 billion a year ago.

 

Attached Documents:

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2023 6,966.27 (41.3 %) 1,615.85 (73.8 %) 843.39 (84.8 %)
Q3 2023 6,226.00 (37.8 %) 928.99 (74.0 %) 211.99 (92.8 %)
Q4 2023 8,034.57 (15.2 %) 2,783.94 5.7 % 1,830.57 3.6 %
Q1 2024 7,348.23 (8.7 %) 2,413.32 52.2 % 1,649.82 77.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2023 350.94 (91.3 %) 0.10 (192.35) 543.29 0.15
Q3 2023 (83.44) (104.0 %) (0.02) - (83.44) (0.02)
Q4 2023 890.40 (12.4 %) 0.24 (86.60) 977.00 0.26
Q1 2024 981.69 134.1 % 0.27 199.00 782.69 0.21

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 27.27 % 33.59 % 11.27 %
Q3 2023 22.02 % 29.16 % 6.17 %
Q4 2023 23.62 % 30.68 % 6.34 %
Q1 2024 27.09 % 33.27 % 7.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 3,691.77 1.05 1.05 12.43
Q3 2023 3,691.77 0.46 0.51 12.39
Q4 2023 3,691.77 0.43 0.50 12.57
Q1 2024 3,691.77 0.58 0.60 12.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 40.06 40.08 3.40
Q3 2023 87.45 78.58 3.26
Q4 2023 More than 100 96.56 3.86
Q1 2024 84.55 81.50 3.82

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
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 - - - -
Q2 2023 4,041.72 2,177.43 737.66 9.46 - - - -
Q3 2023 3,245.65 2,151.77 811.77 16.82 - - - -
Q4 2023 4,714.86 2,401.25 897.04 21.41 - - - -
Q1 2024 4,251.37 2,102.83 994.03 - - - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 1,139.42 981.69 (13.8 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Goldman Sachs 1,034.00 981.69 (5.1) %
AlJazira Capital 734.50 981.69 33.7 %
Hermes 730.00 981.69 34.5 %
Sico 1,621.00 981.69 (39.4) %
Riyad Capital 2,086.00 981.69 (52.9) %
U-Capital 631.00 981.69 55.6 %


Financial Ratios
Current
Market Cap (M Riyal) 187,911.09
Enterprise Value (EV) (M) 221,822.95
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) 48.59
Price/book 3.82
Return on Average Assets (%) (TTM) 3.5
Return on Average Equity (%) (TTM) 8.1
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Share Price

Saudi Arabian Mining Co.
50.90
(1.60) (3.05 %)

Saudi Arabian Mining Co. (MAADEN)

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