Saudi Arabian Mining Company (Ma'aden) announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 29,271,927,826 | 40,277,122,289 | -27.32 | ||
| Gross Profit (Loss) | 6,914,411,981 | 16,248,951,457 | -57.45 | ||
| Operational Profit (Loss) | 3,816,163,206 | 13,536,808,429 | -71.81 | ||
| Net profit (Loss) | 1,577,326,494 | 9,319,047,152 | -83.07 | ||
| Total Comprehensive Income | 1,396,920,634 | 9,429,942,121 | -85.19 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 46,423,296,016 | 45,069,189,616 | 3 | ||
| Profit (Loss) per Share | 0.43 | 2.52 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The sales during the current year decreased by SAR 11 billion (27%) compared to last year, which is mainly due to lower commodity prices for all products except gold. This decrease in sales was partially offset by higher sales volumes of ammonia phosphate fertilizer, alumina and gold. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit for the current year decreased by SAR 7.7 billion (83%) compared to the last year, which is due to lower gross profit by SAR 9.3 billion (57%) mainly as a result of decline in sales on the back of lower commodity market prices of all products except gold. Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices. This was partially offset by lower raw material prices, higher income from time deposit and lower income taxes and zakat. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | • As a result of issuance of bonus shares, as approved by Extraordinary General Assembly on 7 June 2023, the outstanding weighted average number of ordinary shares post the bonus shares issuance have been used for calculation of basic and diluted earnings per ordinary share from continuing operations, for all periods presented.
• During the year, the company has revised the estimate of useful life and residual value for all the components of its mine properties and property, plant and equipment. The revisions were accounted for prospectively as a change in accounting estimate and as a result the depreciation expense of the company for the year ended 31 December 2023 decreased by SAR 184 million and carrying amounts of mine properties and property, plant and equipment has increased by SAR 41 million and SAR 143 million, respectively, as compared to what it would have been using the previous estimates of useful lives and residual values. |
| Attached Documents |  |
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