Maaden’s 2014 net profit down 19% to SAR 1357.3 mln

Maaden’s 2014 net profit down 19% to SAR 1357.3 mln

02/01/2015 Argaam Exclusive

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Saudi Arabian Mining Company (Maaden), which operates integrated gold, aluminum and phosphate mines, reported 2014 net profit of SAR 1357.3 million, a 19 percent decrease compared to the same period last year.


A net profit of SAR 376 million was reported for Q4-2014 compared to SAR 485.4 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 6,047.26 10,791.88 78.5 %
Gross Income 1,509.48 3,115.01 106.4 %
Operating Income 603.58 2,018.78 234.5 %
Net Income 1,682.37 1,357.34 (19.3 %)
Average Shares 3,151.65 3,505.43 11.2 %
EPS (Riyals) 0.53 0.39 (27.5 %)

 

The company attributed the decline of 2014’s net profit, compared to the same period last year, to that the other income in the corresponding period of the previous year included the receipt of contractual non-recurring dues from joint venture partners i.e. Mosaic & Sabic in the amount of SAR 1.44 billion as a result of the shareholders agreement to develop Maaden Waad Al Shamal Phosphate Company. 


In addition to the increase of Selling, marketing & logistic expenses, Financial charges, Exploration and technical services expenses, net loss of a jointly controlled entity and the decrease of income from short-term investments, all that is in spite of the decrease of General & administrative expenses, and the decrease of provision for Zakat. The operational profit for the current period has increased to SAR 1,997 million equivalent to 231% compared to the same period last year due to the Increase of sales.


Reporting a net profit for Q4-2014 compared to a net loss for the corresponding period last year was due to the Sales growth resulted from the increase of prices and quantities sold of all products except for gold prices in addition to the increase of other income and decrease of General & Administrative expenses, all that is in spite of the increase of Selling, marketing & logistic expenses, Financial charges, Exploration and technical services expenses and the increase of net loss of a jointly controlled entity as well as the increase of Zakat provision.


The decline of Q4-2014’s net profit compared to the previous period (Q3) was attributed to the increase of Selling, marketing & logistic expenses, Exploration & technical service expenses, General & administrative expenses, financial charges and provision for Zakat, in spite of sales growth, increase of other income and the decrease of net loss of a jointly controlled entity.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 1,454.92 3,478.28 139.1 %
Gross Income 294.80 1,023.78 247.3 %
Operating Income (37.29) 632.71 1796.9 %
Net Income (29.21) 375.96 1386.9 %
Average Shares 3,151.65 3,505.43 11.2 %
EPS (Riyals) (0.01) 0.11 1257.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 52.60 - 12.07 - (8.63) -
Q2 2007 72.06 - 27.62 - (3.68) -
Q3 2007 50.39 - 14.55 - (16.66) -
Q4 2007 69.08 - 22.48 - (104.20) -
Q1 2008 115.39 119.4 % 71.77 494.6 % 22.10 356.0 %
Q2 2008 95.37 32.3 % 40.81 47.8 % (31.85) (764.8 %)
Q3 2008 121.74 141.6 % 68.73 372.4 % (27.65) (65.9 %)
Q4 2008 127.68 84.8 % 39.41 75.3 % (18.06) 82.7 %
Q1 2009 160.20 38.8 % 75.90 5.8 % 27.52 24.5 %
Q2 2009 176.33 84.9 % 93.38 128.8 % 29.04 191.2 %
Q3 2009 163.62 34.4 % 86.45 25.8 % 21.34 177.2 %
Q4 2009 134.30 5.2 % 72.48 83.9 % 10.11 156.0 %
Q1 2010 153.48 (4.2 %) 80.54 6.1 % 16.52 (40.0 %)
Q2 2010 197.32 11.9 % 109.68 17.5 % 39.22 35.0 %
Q3 2010 159.41 (2.6 %) 84.04 (2.8 %) (2.47) (111.6 %)
Q4 2010 196.30 46.2 % 111.08 53.3 % 25.70 154.2 %
Q1 2011 205.16 33.7 % 127.84 58.7 % 36.92 123.4 %
Q2 2011 245.64 24.5 % 160.34 46.2 % 72.29 84.3 %
Q3 2011 202.53 27.1 % 88.46 5.3 % 5.00 302.5 %
Q4 2011 879.69 348.1 % 624.67 462.4 % 467.67 1719.6 %
Q1 2012 1,006.70 390.7 % 491.57 284.5 % 335.85 809.7 %
Q2 2012 1,225.35 398.8 % 437.90 173.1 % 238.42 229.8 %
Q3 2012 1,737.96 758.1 % 720.41 714.4 % 494.81 9792.1 %
Q4 2012 1,606.65 82.6 % 944.35 51.2 % 691.96 48.0 %
Q1 2013 1,496.55 48.7 % 560.61 14.0 % 382.23 13.8 %
Q2 2013 1,487.01 21.4 % 257.58 (41.2 %) 81.94 (65.6 %)
Q3 2013 1,608.78 (7.4 %) 396.49 (45.0 %) 96.04 (80.6 %)
Q4 2013 1,454.92 (9.4 %) 294.80 (68.8 %) (37.29) (105.4 %)
Q1 2014 1,775.54 18.6 % 396.25 (29.3 %) 192.03 (49.8 %)
Q2 2014 2,386.19 60.5 % 758.34 194.4 % 501.51 512.1 %
Q3 2014 3,151.87 95.9 % 936.64 136.2 % 693.68 622.3 %
Q4 2014 3,478.28 139.1 % 1,023.78 247.3 % 632.71 1796.9 %
2014 10,791.88 78.5 % 3,115.01 106.4 % 2,018.78 234.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 54.87 - 0.02 - 54.87 0.02
Q2 2007 65.65 - 0.02 - 65.65 0.02
Q3 2007 27.70 - 0.01 - 27.70 0.01
Q4 2007 (395.41) - (0.13) (446.29) 50.88 0.02
Q1 2008 34.58 (37.0 %) 0.01 - 34.58 0.01
Q2 2008 (16.07) (124.5 %) (0.01) - (16.07) (0.01)
Q3 2008 63.82 130.4 % 0.02 - 63.82 0.02
Q4 2008 121.05 130.6 % 0.04 - 121.05 0.04
Q1 2009 17.64 (49.0 %) 0.01 - 17.64 0.01
Q2 2009 (5.75) 64.2 % 0.00 - (5.75) 0.00
Q3 2009 49.11 (23.0 %) 0.02 - 49.11 0.02
Q4 2009 333.78 175.7 % 0.11 - 333.78 0.11
Q1 2010 20.63 17.0 % 0.01 - 20.63 0.01
Q2 2010 31.22 643.4 % 0.01 - 31.22 0.01
Q3 2010 (0.20) (100.4 %) 0.00 - (0.20) 0.00
Q4 2010 (60.85) (118.2 %) (0.02) - (60.85) (0.02)
Q1 2011 43.73 111.9 % 0.01 - 43.73 0.01
Q2 2011 62.54 100.3 % 0.02 - 62.54 0.02
Q3 2011 27.41 14158.5 % 0.01 - 27.41 0.01
Q4 2011 279.63 559.6 % 0.09 - 279.63 0.09
Q1 2012 246.05 462.7 % 0.08 - 246.05 0.08
Q2 2012 128.27 105.1 % 0.04 - 128.27 0.04
Q3 2012 311.12 1034.9 % 0.10 - 311.12 0.10
Q4 2012 405.50 45.0 % 0.13 - 405.50 0.13
Q1 2013 239.19 (2.8 %) 0.08 - 239.19 0.08
Q2 2013 40.98 (68.0 %) 0.01 - 40.98 0.01
Q3 2013 1,431.41 360.1 % 0.45 1,445.20 (14.33) 0.00
Q4 2013 (29.21) (107.2 %) (0.01) (17.82) (11.40) 0.00
Q1 2014 125.18 (47.7 %) 0.04 - 125.18 0.04
Q2 2014 370.79 804.8 % 0.12 - 370.79 0.12
Q3 2014 485.41 (66.1 %) 0.15 - 485.41 0.15
Q4 2014 375.96 1386.9 % 0.11 (21.31) 397.26 0.11
2014 1,357.34 (19.3 %) 0.39 (21.31) 1,378.65 0.39

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 31.43 % (40.29 %) 81.55 %
Q1 2008 44.45 % (19.49 %) 58.26 %
Q2 2008 45.30 % (21.82 %) 29.40 %
Q3 2008 50.75 % (18.14 %) 33.17 %
Q4 2008 47.96 % 7.11 % 44.20 %
Q1 2009 44.53 % 9.10 % 36.92 %
Q2 2009 47.35 % 18.11 % 33.58 %
Q3 2009 47.01 % 25.26 % 29.00 %
Q4 2009 51.73 % 30.83 % 62.22 %
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 %
2014 28.86 % 33.17 % 12.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 3,151.65 - - 1.84
Q2 2007 3,151.65 - - 1.86
Q3 2007 3,151.65 - - 1.87
Q4 2007 3,151.65 (0.08) 0.06 1.74
Q1 2008 3,151.65 (0.08) 0.06 1.75
Q2 2008 3,151.65 (0.11) 0.03 2.14
Q3 2008 3,151.65 (0.10) 0.04 5.10
Q4 2008 3,151.65 0.06 0.06 5.14
Q1 2009 3,151.65 0.06 0.06 5.14
Q2 2009 3,151.65 0.06 0.06 5.14
Q3 2009 3,151.65 0.06 0.06 5.16
Q4 2009 3,151.65 0.13 0.13 5.26
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 NEG More than 100 1.65
Q4 2008 66.40 66.40 0.83
Q1 2009 80.60 80.60 0.93
Q2 2009 97.31 97.31 1.18
Q3 2009 More than 100 More than 100 1.32
Q4 2009 55.57 55.57 1.32
Q1 2010 60.57 60.57 1.45
Q2 2010 51.04 51.04 1.33
Q3 2010 71.55 71.55 1.66
Q4 2010 NEG NEG 1.67
Q1 2011 More than 100 More than 100 1.88
Q2 2011 More than 100 More than 100 2.07
Q3 2011 More than 100 More than 100 1.94
Q4 2011 77.62 77.62 1.89
Q1 2012 73.12 73.12 2.61
Q2 2012 56.58 56.58 2.22
Q3 2012 41.13 41.13 2.25
Q4 2012 37.66 37.66 2.27
Q1 2013 39.77 39.77 2.35
Q2 2013 37.02 37.02 2.01
Q3 2013 16.71 52.70 1.79
Q4 2013 24.42 More than 100 2.08
Q1 2014 29.27 More than 100 2.31
Q2 2014 22.95 92.65 2.15
Q3 2014 54.13 53.14 2.49
Q4 2014 28.57 28.13 1.45

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 - - - - -

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 456.35 375.96 (17.6 %)

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
Alistithmar Capital 445.00 375.96 (15.5) %
OSOOL AND BAKHEET 467.70 375.96 (19.6) %


Financial Ratios
Current
Market Cap (M Riyal) 186,716.50
Enterprise Value (EV) (M) 220,628.36
Shares Outstanding ((M)) 3,802.78
EPS ( Riyal) (TTM) 1.05
Book Value (BV) ( Riyal) 13.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 48.28
Price/book 3.80
Return on Average Assets (%) (TTM) 3.5
Return on Average Equity (%) (TTM) 8.1
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Share Price

Saudi Arabian Mining Co.
49.10
(0.65) (1.31 %)

Saudi Arabian Mining Co. (MAADEN)

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