Maaden incurs SAR 371 mln loss in H1 2019

22/07/2019 Argaam Exclusive

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Share Price

49.95
(1.45) (2.82 %)

Saudi Arabian Mining Co. (MAADEN)

Saudi Arabian Mining Co. (Maaden) reported a net loss after zakat and tax of SAR 370.8 million in H1 2019, compared to a net profit of SAR 1.15 billion a year earlier on a decline in product prices, and sales volumes of gold and aluminum.

 

The mining firm reported an increase in its profit share from the joint venture Maaden Barrick Copper Co.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 6,982.60 8,541.85 22.3 %
Gross Income 2,617.24 1,008.09 (61.5 %)
Operating Income 2,236.43 444.50 (80.1 %)
Net Income 1,155.93 (370.88) (132.1 %)
Average Shares 3,505.43 3,552.02 1.3 %
EPS (Riyals) 0.33 (0.10) (131.7 %)

In Q2 2019, the company swung to a net loss after zakat and tax of SAR 243.7 million, compared to a net profit of SAR 517.8 million in Q2 2018 and net profit of SAR 127.2 million in the previous quarter.

 

The loss came due to a decrease in the average realized prices of all products, except for gold, and lower sales volumes of gold and aluminum. The results were also hit by a drop in the company’s profit share from SAMAPCO.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 3,416.48 4,300.51 25.9 %
Gross Income 1,240.43 515.13 (58.5 %)
Operating Income 1,045.44 192.67 (81.6 %)
Net Income 517.76 (243.67) (147.1 %)
Average Shares 3,505.43 3,552.02 1.3 %
EPS (Riyals) 0.15 (0.07) (146.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2017 3,151.29 36.6 % 830.67 59.7 % 242.91 126.1 % 0.07
Q4 2017 3,222.24 38.1 % 1,165.28 174.4 % (943.51) (39.9 %) (0.27)
Q1 2018 3,566.12 31.7 % 1,414.90 52.9 % 638.16 131.5 % 0.18
Q2 2018 3,416.48 14.4 % 1,240.43 22.6 % 517.76 45.2 % 0.15
Q3 2018 3,395.99 7.8 % 1,255.46 51.1 % 414.98 70.8 % 0.12
Q4 2018 3,824.70 18.7 % 1,046.81 (10.2 %) 277.01 129.4 % 0.08
Q1 2019 4,241.34 18.9 % 484.39 (65.8 %) (127.21) (119.9 %) (0.04)
Q2 2019 4,300.51 25.9 % 515.13 (58.5 %) (243.67) (147.1 %) (0.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 More than 50 More than 50 1.41
Q2 2010 49.55 49.55 1.30
Q3 2010 More than 50 More than 50 1.61
Q4 2010 NEG NEG 1.62
Q1 2011 More than 50 More than 50 1.82
Q2 2011 More than 50 More than 50 2.01
Q3 2011 More than 50 More than 50 1.89
Q4 2011 More than 50 More than 50 1.83
Q1 2012 More than 50 More than 50 2.54
Q2 2012 More than 50 More than 50 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 More than 50 1.74
Q4 2013 23.71 More than 50 2.02
Q1 2014 28.41 More than 50 2.24
Q2 2014 22.28 More than 50 2.09
Q3 2014 More than 50 More than 50 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 50 More than 50 1.50
Q1 2016 More than 50 More than 50 1.37
Q2 2016 More than 50 More than 50 1.76
Q3 2016 More than 50 More than 50 1.44
Q4 2016 NEG More than 50 1.89
Q1 2017 NEG More than 50 1.97
Q2 2017 More than 50 More than 50 2.32
Q3 2017 More than 50 More than 50 2.45
Q4 2017 NEG More than 50 2.45
Q1 2018 More than 50 More than 50 2.52
Q2 2018 More than 50 More than 50 2.58
Q3 2018 More than 50 More than 50 2.30
Q4 2018 32.84 34.04 2.18
Q1 2019 More than 50 More than 50 2.43
Q2 2019 More than 50 More than 50 2.13

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 - - - - -
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 - - - - -

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average (85.55) (243.67) (184.8 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
AlJazira Capital (142.10) (243.67) (71.5) %
Al Rajhi Capital (29.00) (243.67) (740.2) %

Current
Market Cap (M Riyal) 184,403.91
Enterprise Value (EV) (M) 215,573.14
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 50
P/E (TTM) More than 50
Price/book 3.89
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.6

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