Saudi Arabian Mining Company (Ma’aden) announces its interim financial results for the period ending on 31-03-2022 (3 months)

saudi,company,financial,mining,interim
Saudi Arabia
  • Date: 09-May-2022
  • Source: Mubasher
  • Sector: Economy
  • Country: Saudi Arabia
  • Who else needs to know?

Saudi Arabian Mining Company (Ma’aden) announces its interim financial results for the period ending on 31-03-2022 (3 months)

|Element List||Current Quarter||Similar quarter for previous year||%Change||Previous Quarter||% Change|

|Sales/Revenue||8,914,080,601||5,449,766,121||63.568||8,519,269,766||4.634|

|Gross Profit (Loss)||3,884,064,010||1,436,396,161||170.403||3,394,195,919||14.432|

|Operational Profit (Loss)||3,262,379,305||1,046,980,355||211.598||2,881,583,002||13.214|

|Net Profit (Loss) after Zakat and Tax||2,171,921,874||761,155,755||185.345||2,090,176,577||3.91|

|Total Comprehensive Income||2,275,177,734||795,258,285||186.092||2,147,984,002||5.921|

|All figures are in (Actual) Saudi Arabia, Riyals|

|Element List||Current Period||Similar period for previous year||%Change|

|Total Share Holders Equity (after Deducting Minority Equity)||37,923,804,337||31,040,982,996||22.173|

|Profit (Loss) per Share||1.76||0.62|

|All figures are in (Actual) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is|| The reasons for the increase in net profit during the current quarter compared to the same quarter of the last year is:

|

• Higher average realized sales prices of all products except industrial mineral products;

• Higher net profit of joint ventures attributable to Ma’aden;

• Higher income from time deposits; and

• Lower finance cost by 5%.

This increase in net profit is partially offset by:

• Lower sales volume mainly from primary aluminum, gold, flat rolled products, ammonia phosphate fertilizer and alumina, despite higher sales volume of ammonia resulting from commissioning activities of Ammonia Project 3; and

• Higher costs (cost of sales by 25%, selling, marketing and logistic expenses by 94%, general and administrative expenses by 50%, exploration and technical services expenses by 13% and zakat and income tax

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