Maaden’s H1 net profit surges to SAR 632 mln

31/07/2017 Argaam Exclusive

View other reports

 

Saudi Arabian Mining Co. (Maaden), the Kingdom’s largest mining firm, reported a net profit of SAR 632 million for the first half of 2017, a 73 percent year-on-year (YoY) jump mainly due to higher sales of gold, ammonia and ammonium phosphate fertilizer (APF) along with a rise in average realized prices of APF and ammonia.

 

Net profit was also bolstered by a decline in selling and marketing expenses.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 4,822.14 5,695.26 18.1 %
Gross Income 1,075.80 1,937.57 80.1 %
Operating Income 707.15 1,546.14 118.6 %
Net Income 365.52 632.08 72.9 %
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) 0.10 0.18 72.9 %

Net income in Q2 more than doubled YoY to SAR 356.5 million, thanks to higher sales along with Maaden’s ongoing cost cut initiatives.  

 

Profit for the quarter was also 29 percent higher when compared to Q1 2017.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 2,551.70 2,987.17 17.1 %
Gross Income 580.95 1,011.92 74.2 %
Operating Income 369.76 808.11 118.6 %
Net Income 171.22 356.47 108.2 %
Average Shares 3,505.43 3,505.43 -
EPS (Riyals) 0.05 0.10 108.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 115.39 119.4 % 71.77 494.6 % 34.58 (37.0 %) 0.01
Q2 2008 95.37 32.3 % 40.81 47.8 % (16.07) (124.5 %) (0.01)
Q3 2008 121.74 141.6 % 68.73 372.4 % 63.82 130.4 % 0.02
Q4 2008 127.68 84.8 % 39.41 75.3 % 121.05 130.6 % 0.04
Q1 2009 160.20 38.8 % 75.90 5.8 % 17.64 (49.0 %) 0.01
Q2 2009 176.33 84.9 % 93.38 128.8 % (5.75) 64.2 % 0.00
Q3 2009 163.62 34.4 % 86.45 25.8 % 49.11 (23.0 %) 0.02
Q4 2009 134.30 5.2 % 72.48 83.9 % 333.78 175.7 % 0.11
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 20.63 17.0 % 0.01
Q2 2010 197.32 11.9 % 109.68 17.5 % 31.22 643.4 % 0.01
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (0.20) (100.4 %) 0.00
Q4 2010 196.30 46.2 % 111.08 53.3 % (60.85) (118.2 %) (0.02)
Q1 2011 205.16 33.7 % 127.84 58.7 % 43.73 111.9 % 0.01
Q2 2011 245.64 24.5 % 160.34 46.2 % 62.54 100.3 % 0.02
Q3 2011 202.53 27.1 % 88.46 5.3 % 27.41 14158.5 % 0.01
Q4 2011 879.69 348.1 % 624.67 462.4 % 279.63 559.6 % 0.09
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 246.05 462.7 % 0.08
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 128.27 105.1 % 0.04
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 311.12 1034.9 % 0.10
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 405.50 45.0 % 0.13
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 239.19 (2.8 %) 0.08
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 40.98 (68.0 %) 0.01
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 1,431.41 360.1 % 0.45
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (29.21) (107.2 %) (0.01)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 125.18 (47.7 %) 0.04
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 370.79 804.8 % 0.12
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 485.41 (66.1 %) 0.15
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 375.96 1386.9 % 0.11
Q1 2015 2,743.30 54.5 % 615.81 55.4 % 260.93 108.4 % 0.07
Q2 2015 3,011.46 26.2 % 765.77 1.0 % 270.01 (27.2 %) 0.08
Q3 2015 2,541.99 (19.3 %) 523.84 (44.1 %) 79.91 (83.5 %) 0.02
Q4 2015 2,659.38 (23.5 %) 533.62 (47.9 %) (206.41) (154.9 %) (0.06)
Q1 2016 2,270.43 (17.2 %) 494.86 (19.6 %) 194.30 (25.5 %) 0.06
Q2 2016 2,551.70 (15.3 %) 580.95 (24.1 %) 171.22 (36.6 %) 0.05
Q3 2016 2,307.79 (9.2 %) 520.06 (0.7 %) 107.45 34.5 % 0.03
Q4 2016 2,333.94 (12.2 %) 424.70 (20.4 %) (674.54) (226.8 %) (0.19)
Q1 2017 2,708.09 19.3 % 925.64 87.1 % 275.61 41.8 % 0.08
Q2 2017 2,987.17 17.1 % 1,011.92 74.2 % 356.47 108.2 % 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 44.45 % (19.49 %) 58.26 %
Q2 2008 45.30 % (21.82 %) 29.40 %
Q3 2008 50.75 % (18.14 %) 33.17 %
Q4 2008 47.96 % 7.11 % 44.20 %
Q1 2009 44.53 % 9.10 % 36.92 %
Q2 2009 47.35 % 18.11 % 33.58 %
Q3 2009 47.01 % 25.26 % 29.00 %
Q4 2009 51.73 % 30.83 % 62.22 %
Q1 2010 53.02 % 30.85 % 63.37 %
Q2 2010 53.82 % 30.85 % 67.02 %
Q3 2010 53.80 % 27.04 % 59.80 %
Q4 2010 54.54 % 25.14 % (1.30 %)
Q1 2011 57.06 % 24.45 % 1.83 %
Q2 2011 59.93 % 27.47 % 5.61 %
Q3 2011 57.40 % 26.60 % 8.57 %
Q4 2011 65.32 % 50.63 % 26.96 %
Q1 2012 58.47 % 55.81 % 26.37 %
Q2 2012 49.56 % 51.07 % 20.56 %
Q3 2012 46.90 % 50.08 % 19.90 %
Q4 2012 46.52 % 49.91 % 19.56 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 3,151.65 (0.08) 0.06 1.75
Q2 2008 3,151.65 (0.11) 0.03 2.14
Q3 2008 3,151.65 (0.10) 0.04 5.10
Q4 2008 3,151.65 0.06 0.06 5.14
Q1 2009 3,151.65 0.06 0.06 5.14
Q2 2009 3,151.65 0.06 0.06 5.14
Q3 2009 3,151.65 0.06 0.06 5.16
Q4 2009 3,151.65 0.13 0.13 5.26
Q1 2010 3,151.65 0.13 0.13 5.27
Q2 2010 3,151.65 0.14 0.14 5.28
Q3 2010 3,151.65 0.12 0.12 5.28
Q4 2010 3,151.65 0.00 0.00 5.26
Q1 2011 3,151.65 0.00 0.00 5.27
Q2 2011 3,151.65 0.01 0.01 5.29
Q3 2011 3,151.65 0.02 0.02 5.30
Q4 2011 3,151.65 0.13 0.13 5.39
Q1 2012 3,151.65 0.20 0.20 5.47
Q2 2012 3,151.65 0.22 0.22 5.51
Q3 2012 3,151.65 0.31 0.31 5.61
Q4 2012 3,151.65 0.35 0.35 5.74
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 NEG More than 100 1.60
Q4 2008 64.46 64.46 0.81
Q1 2009 78.24 78.24 0.90
Q2 2009 94.47 94.47 1.15
Q3 2009 More than 100 More than 100 1.28
Q4 2009 53.95 53.95 1.28
Q1 2010 58.80 58.80 1.41
Q2 2010 49.55 49.55 1.30
Q3 2010 69.46 69.46 1.61
Q4 2010 NEG NEG 1.62
Q1 2011 More than 100 More than 100 1.82
Q2 2011 More than 100 More than 100 2.01
Q3 2011 More than 100 More than 100 1.89
Q4 2011 75.35 75.35 1.83
Q1 2012 70.99 70.99 2.54
Q2 2012 54.92 54.92 2.16
Q3 2012 39.93 39.93 2.18
Q4 2012 36.56 36.56 2.21
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

Business Segments (Million)

Compared With The
Period Phosphate Aluminum Base Metals and new minerals All other sectors Industrial minerals Gold Infrastructure Adjustments
Q1 2010 - - - - 4.36 149.12 - -
Q2 2010 - - - - 8.94 188.38 - -
Q3 2010 - - - - 9.93 149.48 - -
Q4 2010 - - - - 6.90 189.40 - -
Q1 2011 - - - - 11.30 193.87 - -
Q2 2011 - - - - 8.11 237.53 - -
Q3 2011 - - - - 22.35 180.18 - -
Q4 2011 594.43 - - - 28.76 254.17 2.32 -
Q1 2012 568.33 - - - 28.30 341.18 0.40 -
Q2 2012 910.61 - - - 25.72 186.05 0.32 -
Q3 2012 1,371.57 - - - 31.73 194.66 0.32 10.23
Q4 2012 1,597.22 - - - 40.12 279.66 0.46 -
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 - - - - -

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 340.62 356.47 4.65 %

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
AlJazira Capital 368.70 356.47 (3.3) %
Albilad Capital 340.00 356.47 4.8 %
Hermes 332.00 356.47 7.4 %
Sico 329.00 356.47 8.3 %
Al Rajhi Capital 393.00 356.47 (9.3) %
HSBC 281.00 356.47 26.9 %


Financial Ratios
Current
Market Cap (M Riyal) 162,068.70
Enterprise Value (EV) (M) 193,237.93
Shares Outstanding ((M)) 3,691.77
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 12.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 3.42
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.6
more

Share Price

Saudi Arabian Mining Co.
43.90
0.00 0.00 %

Saudi Arabian Mining Co. (MAADEN)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.