Financial Results : Maaden profit soars to SAR 2B in H1 2024, SAR 1.02B in Q2

Maaden profit soars to SAR 2B in H1 2024, SAR 1.02B in Q2

11/08/2024 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 2 billion in H1 2024, compared to SAR 770.4 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 15,011.36 14,532.07 (3.2 %)
Gross Income 3,201.49 4,600.97 43.7 %
Operating Income 1,773.60 3,154.73 77.9 %
Net Income 770.36 2,005.71 160.4 %
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 0.21 0.54 160.4 %

Gross profit increased by 44% (SAR 1.39 billion) year-on-year, mainly due to higher sales volumes, reduced raw material costs, and lower depreciation expenses in H1 2024. This is besides the impact that the one-off industrial utility charges had in the prior year.

 

In addition, a SAR 469 million insurance claim for the relining of pots within smelter plants was received in H1 2024, along with realizing a one-off severance charge worth SAR 192 million in H1 2023 which supported profitability during the current period.

 

Lower commodity market prices of all products except gold and alumina, alongside higher income taxes and Zakat, offset Maaden’s first-half bottom line.

 

However, H1 2024 sales decreased by 3% (SAR 479 million), compared to the same period of the prior year, mainly due to lower commodity market prices of all products except gold and alumina. This sales pullback was partially offset by higher sales volumes of primary aluminum and gold during the six-month period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 6,966.27 7,183.84 3.1 %
Gross Income 1,615.85 2,187.65 35.4 %
Operating Income 843.39 1,504.91 78.4 %
Net Income 350.94 1,024.02 191.8 %
Average Shares 3,691.77 3,691.77 -
EPS (Riyals) 0.10 0.28 191.8 %

The second-quarter net profit surged to SAR 1.02 billion, from SAR 350.94 million in Q2 2023, supported by higher sales and gross profit. 

 

Maaden’s quarterly net profit grew 4.3% from SAR 981.69 million in Q1 2024 as operating expenses slumped by SAR 81 million on a sequential basis, with the insurance income growing by SAR 70 million amid a SAR 113 million drop in Zakat and income tax expenses.

 

Shareholders’ equity, after minority interest, rose to SAR 48.29 billion as of June 30, 2024, from SAR 45.88 billion a year earlier. 



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 %
Q2 2024 7,183.84 3.1 % 2,187.65 35.4 % 1,504.91 78.4 %


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
Q2 2024 1,024.02 191.8 % 0.28 270.00 754.02 0.20

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 %
Q2 2024 28.88 % 34.64 % 8.44 %


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
Q2 2024 3,691.77 0.76 0.66 13.08

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
Q2 2024 55.78 64.56 3.25

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 - - - - -
Q2 2024 3,697.73 2,484.34 1,001.77 - - - - -

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 838.34 1,024.02 22.15 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Goldman Sachs 959.86 1,024.02 6.7 %
Riyad Capital 1,102.00 1,024.02 (7.1) %
Arqaam Capital 895.00 1,024.02 14.4 %
Sico 857.00 1,024.02 19.5 %
AlJazira Capital 851.30 1,024.02 20.3 %
U-Capital 843.30 1,024.02 21.4 %
YAQEEN 736.00 1,024.02 39.1 %
Hermes 720.00 1,024.02 42.2 %
Bank of America 580.57 1,024.02 76.4 %

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

Share Price

53.00
(0.50) (0.93 %)

Saudi Arabian Mining Co. (MAADEN)


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