Saudi Arabian Mining Company (Ma’aden) announces its interim financial results for the period ended 30-06-2024 (Six months)

11 August 2024 04:40 PM

MAADEN 1211 -0.84% 65.05 -0.55

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	7,183,839,715	6,966,269,838	3.123	7,348,225,711	-2.237
Gross Profit (Loss)	2,187,649,622	1,615,854,461	35.386	2,413,323,773	-9.351
Operational Profit (Loss)	1,773,975,843	843,393,595	110.337	1,856,339,264	-4.436
Net profit (Loss)	1,024,015,307	350,941,901	191.79	981,691,314	4.311
Total Comprehensive Income	972,111,019	332,019,071	192.787	927,063,826	4.859
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	14,532,065,426	15,011,362,951	-3.192
Gross Profit (Loss)	4,600,973,395	3,201,485,043	43.713
Operational Profit (Loss)	3,630,315,107	1,773,599,731	104.686
Net profit (Loss)	2,005,706,621	770,360,868	160.359
Total Comprehensive Income	1,899,174,845	787,673,312	141.111
Total Shareholders Equity (after Deducting Minority Equity)	48,294,122,053	45,882,699,196	5.255
Profit (Loss) per Share	0.54	0.21
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 quarter compared to the same quarter of the last year is	The sales during the current quarter increased by SAR 218 million (3%) compared to the same quarter of the prior year, which is mainly due to higher commodity market prices of all products except Flat Rolled products. This increase in sales was partially offset by lower sales volumes of all products except Primary Aluminium, Flat Rolled products, and Gold.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net profit for the current quarter increased by SAR 673 million (192%) compared to the same quarter of the prior year, which is due to higher gross profit by SAR 572 million (35%) mainly as a result of higher sales prices, reduction in raw material cost, and lower depreciation expense. In addition, an insurance claim received during the quarter for relining of pots within smelter plants amounting to SAR 270 million along with one-off severance charge amounting SAR 192 million during same quarter of the prior year supported profitability for the current quarter. This increase in net profit was partially offset by lower sales volumes of all products except Primary Aluminium, Flat Rolled products, and Gold.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The sales during the current quarter decreased by SAR 164 million (2%) compared to the previous quarter, which is mainly due to lower commodity prices of all products except Primary Aluminium, Flat Rolled products, Gold and Alumina. This decrease in sales was partially offset by higher sales volumes of Ammonia Phosphate Fertilizer, Flat Rolled products, Primary Aluminium, and Alumina.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	Net profit for the current quarter increased by SAR 42 million (4%) compared to the previous quarter, which is due to lower operating expenses by SAR 81 million, higher insurance income by SAR 70 million and lower zakat and income tax by SAR 113 million. This increase in net profit was partially offset due to lower gross profit by SAR 226 million (9%) mainly as a result of lower sales.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is	The sales during the current period decreased by SAR 479 million (3%) compared to the same period of the prior year, which is mainly due to lower commodity market prices of all products except Gold and Alumina. This decrease in sales was partially offset by higher sales volumes of Primary Aluminium, and Gold.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net profit for the current period increased by SAR 1,235 million (160%) compared to the same period of the prior year, which is due to higher gross profit by SAR 1,399 million (44%) mainly as a result of higher sales volume effect, reduction in raw material cost, lower depreciation expense and the impact that the one-off industrial utility charges had in the prior year. In addition, an insurance claim received for relining of pots within smelter plants amounting to SAR 469 million along with one-off severance charge amounting SAR 192 million during prior year supported profitability during the current period. This increase in net profit was partially offset by lower commodity market prices of all products except Gold and Alumina, and higher income taxes and zakat.
Statement of the type of external auditor's report	Unmodified conclusion
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	-
Attached Documents

MA’ADEN REPORTS SECOND QUARTER AND FIRST HALF 2024 RESULTS