Saudi Arabian Mining Company (Maaden) announces the interim financial results for the period ending on September 30, 2014 (nine months).

23 October 2014 04:02 PM

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Element		Current quarter	Similar quarter for previous year	% Change Current	Previous quarter	% Change Previous
Net profit (loss)		485,407,729	1,431,412,594	-66.09	370,791,562	30.91
Gross profit (loss)		936,639,449	396,489,611	136.23	758,337,678	23.51
Operational profit (loss)		693,682,181	96,035,949	622.32	501,511,717	38.32

Element		Current period	similar period for previous year	% Change
Net profit (loss)		981,383,939	1,711,586,194	-42.66
Gross profit (loss)		2,091,227,565	1,214,679,267	72.16
Operational profit (loss)		1,386,061,373	559,138,346	147.89
Earning or loss per share, Riyals		1.06	1.85	-

All figures are in Saudi Arabia, Riyals

Element	Explaination
Reasons of increase (decrease) for quarter compared with same quarter last year	The receipt of contractual dues in Similar Q for Previous year from joint venture partners i.e. Mosaic & Sabic in the amount of SR 1.44 billion as a result of the Shareholders Agreement to develop Maadens Waad Al Shamal Phosphate Company. Also due to the increase in Financial charges, Share in net loss of a jointly controlled entity and Selling marketing & logistic expenses, in spite of the decrease in provision for Zakat. Noting that the Operational profit for the current quarter has increased to SR 694 million equivalent to 622% compared to same quarter last year due to the increase in sales, decrease in General & administrative expenses and Exploration & technical service expenses.
Reasons of increase (decrease) for period compared with same period last year	the receipt of contractual dues in Similar Q for Previous year from joint venture partners i.e. Mosaic & Sabic in the amount of SR 1.44 billion as a result of the Shareholders Agreement to develop Maadens Waad Al Shamal Phosphate Company. Also due to the increase in Selling, marketing & logistic expenses, Financial charges, Share in net loss of a jointly controlled entity in spite of the decrease in provision for Zakat Noting that the Operational profit for the current period has increased to SR 1.49 billion equivalents to 148% compared to same period last year due to the Increase in sales.
Reasons of increase (decrease) for quarter compared with previous quarter	Increase in sales, decrease in Selling marketing & logistic expenses and decrease in Exploration & technical service expenses in spite of the decrease in Other income and increase in financial charges, Share in net loss of a jointly controlled entity, General and administrative expenses and provision for Zakat.
Reclassifications in quarterly financial results	Certain comparative figures of the previous quarter have been reclassified, wherever necessary, to make it consistent with the current quarter presentation. This change has no financial impact on Net Assets or Net Income of the Group for the previous quarter.

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