Maaden incurs SAR 463 mln loss in 9M

22/10/2019 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net loss after zakat and tax of SAR 462.9 million in the first nine months of 2019, compared to a net profit of SAR 1.57 billion a year earlier due to decline in average product prices, except gold.

Lower sales volumes of all products, except for ammonia phosphate fertilizers, and flat rolled products weighed on the mining firm.

Maaden also reported a decrease in its profit share from the joint venture SAMAPCO.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	10,346.06	12,840.53	24.1 %
Gross Income	3,840.17	1,890.32	(50.8 %)
Operating Income	3,209.74	713.86	(77.8 %)
Net Income	1,570.91	(462.92)	(129.5 %)
Average Shares	3,505.43	3,552.02	1.3 %
EPS (Riyals)	0.45	(0.13)	(129.1 %)

In Q3 2019, the company sustained a net loss after zakat and tax of SAR 92 million, against a net profit of SAR 414.9 million in year-earlier period due to the fall in average product prices.

In addition, the commencement of commercial operations of Maaden Wa’ad Al-Shamal Phosphate Co. and Maaden Rolling Co. in December 2018 impacted Q3 results, leading to a rise in the cost of sales. It was further hit by an increase in selling, marketing, logistic, exploration and technical services expenses and finance charges.

When compared to the previous quarter, Q3 net losses narrowed by 62.2 percent, thanks to a rise in sales volumes and average product prices, in addition to a marginal decline in the cost of sales and financing charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	3,395.99	4,298.68	26.6 %
Gross Income	1,255.46	721.28	(42.5 %)
Operating Income	973.31	269.36	(72.3 %)
Net Income	414.98	(92.04)	(122.2 %)
Average Shares	3,505.43	3,552.02	1.3 %
EPS (Riyals)	0.12	(0.03)	(121.9 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	4,300.51	4,298.68	0.0 %
Gross Income	515.13	721.28	40.0 %
Operating Income	192.67	269.36	39.8 %
Net Income	(243.67)	(92.04)	62.2 %
Average Shares	3,552.02	3,552.02	-
EPS (Riyals)	(0.07)	(0.03)	62.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2010	706.51	11.4 %	385.34	17.4 %	78.97	(10.3 %)
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 %
2011	1,533.03	117.0 %	1,001.32	159.9 %	581.87	636.8 %
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 %
2012	5,576.66	263.8 %	2,594.23	159.1 %	1,761.04	202.6 %
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 %)
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	603.58	(65.7 %)
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 %
Q1 2015	2,743.30	54.5 %	615.81	55.4 %	387.04	101.5 %
Q2 2015	3,011.46	26.2 %	765.77	1.0 %	475.61	(5.2 %)
Q3 2015	2,541.99	(19.3 %)	523.84	(44.1 %)	271.96	(60.8 %)
Q4 2015	2,659.38	(23.5 %)	533.62	(47.9 %)	200.73	(68.3 %)
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	1,335.34	(33.9 %)
Q1 2016	2,270.43	(17.2 %)	494.86	(19.6 %)	337.39	(12.8 %)
Q2 2016	2,551.70	(15.3 %)	580.95	(24.1 %)	369.76	(22.3 %)
Q3 2016	2,307.79	(9.2 %)	520.06	(0.7 %)	338.61	24.5 %
Q4 2016	2,333.94	(12.2 %)	424.70	(20.4 %)	190.83	(4.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
Q1 2017	2,708.09	19.3 %	925.64	87.1 %	738.02	118.7 %
Q2 2017	2,987.17	17.1 %	1,011.92	74.2 %	808.11	118.6 %
Q3 2017	3,151.29	36.6 %	830.67	59.7 %	629.11	85.8 %
Q4 2017	3,222.24	38.1 %	1,165.28	174.4 %	838.78	339.5 %
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
Q1 2018	3,566.12	31.7 %	1,414.90	52.9 %	1,190.99	61.4 %
Q2 2018	3,416.48	14.4 %	1,240.43	22.6 %	1,045.44	29.4 %
Q3 2018	3,395.99	7.8 %	1,255.46	51.1 %	973.31	54.7 %
Q4 2018	3,824.70	18.7 %	1,046.81	(10.2 %)	767.43	(8.5 %)
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %
Q1 2019	4,241.34	18.9 %	484.39	(65.8 %)	251.83	(78.9 %)
Q2 2019	4,300.51	25.9 %	515.13	(58.5 %)	192.67	(81.6 %)
Q3 2019	4,298.68	26.6 %	721.28	(42.5 %)	269.36	(72.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	634.45	37.9 %	328.21	48.7 %	88.02	258.7 %
2010	706.51	11.4 %	385.34	17.4 %	78.97	(10.3 %)
2011	1,533.03	117.0 %	1,001.32	159.9 %	581.87	636.8 %
2012	5,576.66	263.8 %	2,594.23	159.1 %	1,761.04	202.6 %
2013	6,047.26	8.4 %	1,509.48	(41.8 %)	603.58	(65.7 %)
2014	10,791.88	78.5 %	3,115.01	106.4 %	2,018.78	234.5 %
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	1,335.34	(33.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
2010	(9.18)	(102.3 %)	0.00	-	(9.18)	0.00
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
2011	413.32	4600.4 %	0.13	-	413.32	0.13
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
2012	1,090.95	163.9 %	0.35	-	1,090.95	0.35
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
2013	1,682.37	54.2 %	0.53	1,427.38	254.99	0.08
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
Q1 2015	260.93	108.4 %	0.07	-	260.93	0.07
Q2 2015	270.01	(27.2 %)	0.08	(2.90)	272.91	0.08
Q3 2015	79.91	(83.5 %)	0.02	(26.65)	106.57	0.03
Q4 2015	(206.41)	(154.9 %)	(0.06)	(26.80)	(179.61)	(0.05)
2015	605.17	(55.4 %)	0.17	(56.35)	661.53	0.19
Q1 2016	194.30	(25.5 %)	0.06	-	194.30	0.06
Q2 2016	171.22	(36.6 %)	0.05	-	171.22	0.05
Q3 2016	107.45	34.5 %	0.03	-	107.45	0.03
Q4 2016	(674.54)	(226.8 %)	(0.19)	(600.34)	(74.20)	(0.02)
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
Q1 2017	275.61	41.8 %	0.08	-	275.61	0.08
Q2 2017	356.47	108.2 %	0.10	-	356.47	0.10
Q3 2017	242.91	126.1 %	0.07	-	242.91	0.07
Q4 2017	(943.51)	(39.9 %)	(0.27)	(477.00)	(466.51)	(0.13)
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
Q1 2018	638.16	131.5 %	0.18	-	638.16	0.18
Q2 2018	517.76	45.2 %	0.15	-	517.76	0.15
Q3 2018	414.98	70.8 %	0.12	-	414.98	0.12
Q4 2018	277.01	129.4 %	0.08	65.06	211.95	0.06
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51
Q1 2019	(127.21)	(119.9 %)	(0.04)	-	(127.21)	(0.04)
Q2 2019	(243.67)	(147.1 %)	(0.07)	-	(243.67)	(0.07)
Q3 2019	(92.04)	(122.2 %)	(0.03)	-	(92.04)	(0.03)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2009	394.79	94.1 %	0.13	-	394.79	0.13
2010	(9.18)	(102.3 %)	0.00	-	(9.18)	0.00
2011	413.32	4600.4 %	0.13	-	413.32	0.13
2012	1,090.95	163.9 %	0.35	-	1,090.95	0.35
2013	1,682.37	54.2 %	0.53	1,427.38	254.99	0.08
2014	1,357.34	(19.3 %)	0.39	(21.31)	1,378.65	0.39
2015	605.17	(55.4 %)	0.17	(56.35)	661.53	0.19
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
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 %
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 %
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 %
2013	24.96 %	27.41 %	4.22 %
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 %
Q1 2015	28.36 %	34.39 %	12.88 %
Q2 2015	26.98 %	34.58 %	11.44 %
Q3 2015	24.88 %	34.62 %	8.81 %
Q4 2015	22.26 %	33.03 %	4.21 %
2015	22.26 %	33.03 %	6.04 %
Q1 2016	22.11 %	33.97 %	3.76 %
Q2 2016	21.28 %	33.79 %	2.92 %
Q3 2016	21.75 %	34.37 %	3.00 %
Q4 2016	21.35 %	35.51 %	4.21 %
2016	21.35 %	35.51 %	6.23 %
Q1 2017	24.76 %	38.59 %	4.85 %
Q2 2017	27.88 %	41.91 %	6.44 %
Q3 2017	28.56 %	42.30 %	7.16 %
Q4 2017	32.59 %	44.39 %	3.38 %
2017	32.55 %	43.87 %	9.86 %
Q1 2018	34.21 %	45.23 %	5.96 %
Q2 2018	34.83 %	48.09 %	6.98 %
Q3 2018	37.32 %	50.84 %	8.12 %
Q4 2018	34.90 %	50.48 %	12.55 %
2018	34.49 %	50.60 %	12.58 %
Q1 2019	27.07 %	43.87 %	6.84 %
Q2 2019	20.95 %	38.62 %	1.62 %
Q3 2019	16.61 %	34.82 %	(1.51 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	51.73 %	30.83 %	62.22 %
2010	54.54 %	25.14 %	(1.30 %)
2011	65.32 %	50.63 %	26.96 %
2012	46.52 %	49.91 %	19.56 %
2013	24.96 %	27.41 %	4.22 %
2014	28.86 %	33.17 %	12.77 %
2015	22.26 %	33.03 %	6.04 %
2016	21.35 %	35.51 %	6.23 %
2017	32.55 %	43.87 %	9.86 %
2018	34.49 %	50.60 %	12.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	52.48 %	32.81 %	13.44 %
Q2 2010	55.58 %	30.44 %	15.82 %
Q3 2010	52.72 %	12.05 %	(0.12 %)
Q4 2010	56.59 %	24.45 %	(31.00 %)
Q1 2011	62.31 %	28.33 %	21.31 %
Q2 2011	65.27 %	39.18 %	25.46 %
Q3 2011	43.68 %	11.65 %	13.54 %
Q4 2011	71.01 %	68.00 %	31.79 %
Q1 2012	48.83 %	58.09 %	24.44 %
Q2 2012	35.74 %	39.66 %	10.47 %
Q3 2012	41.45 %	43.71 %	17.90 %
Q4 2012	58.78 %	59.33 %	25.24 %
Q1 2013	37.46 %	43.35 %	15.98 %
Q2 2013	17.32 %	23.70 %	2.76 %
Q3 2013	24.65 %	21.83 %	(0.89 %)
Q4 2013	20.26 %	15.43 %	(0.78 %)
Q1 2014	22.32 %	26.04 %	7.05 %
Q2 2014	31.78 %	34.01 %	15.54 %
Q3 2014	29.72 %	33.84 %	15.40 %
Q4 2014	29.43 %	35.66 %	11.42 %
Q1 2015	22.45 %	33.74 %	9.51 %
Q2 2015	25.43 %	34.86 %	9.06 %
Q3 2015	20.61 %	33.86 %	4.19 %
Q4 2015	20.07 %	29.44 %	(6.75 %)
Q1 2016	21.80 %	38.21 %	8.56 %
Q2 2016	22.77 %	34.30 %	6.71 %
Q3 2016	22.53 %	36.35 %	4.66 %
Q4 2016	18.20 %	33.37 %	(3.18 %)
Q1 2017	34.18 %	49.03 %	10.18 %
Q2 2017	33.88 %	46.43 %	11.93 %
Q3 2017	26.36 %	39.21 %	7.71 %
Q4 2017	36.16 %	43.68 %	(14.48 %)
Q1 2018	39.68 %	50.95 %	17.90 %
Q2 2018	36.31 %	57.47 %	15.15 %
Q3 2018	36.97 %	50.86 %	12.22 %
Q4 2018	27.37 %	43.47 %	5.54 %
Q1 2019	11.42 %	27.67 %	(3.00 %)
Q2 2019	11.98 %	35.45 %	(5.67 %)
Q3 2019	16.78 %	33.55 %	(2.14 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2015	3,505.43	0.43	0.43	7.69
Q2 2015	3,505.43	0.40	0.40	7.77
Q3 2015	3,505.43	0.28	0.30	7.79
Q4 2015	3,505.43	0.12	0.13	7.79
Q1 2016	3,505.43	0.10	0.11	7.29
Q2 2016	3,505.43	0.07	0.08	7.34
Q3 2016	3,505.43	0.08	0.08	7.37
Q4 2016	3,505.43	(0.06)	0.11	7.23
Q1 2017	3,505.43	(0.03)	0.14	7.31
Q2 2017	3,505.43	0.02	0.19	7.41
Q3 2017	3,505.43	0.06	0.23	7.46
Q4 2017	3,505.43	(0.02)	0.12	7.44
Q1 2018	3,505.43	0.08	0.22	7.63
Q2 2018	3,505.43	0.13	0.27	7.77
Q3 2018	3,505.43	0.18	0.32	7.89
Q4 2018	3,505.43	0.53	0.51	7.96
Q1 2019	3,552.02	0.30	0.29	7.92
Q2 2019	3,552.02	0.09	0.07	8.04
Q3 2019	3,552.02	(0.05)	(0.07)	8.00

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	3,151.65	0.13	0.13	5.26
2010	3,151.65	0.00	0.00	5.26
2011	3,151.65	0.13	0.13	5.39
2012	3,151.65	0.35	0.35	5.74
2013	3,151.65	0.53	0.08	6.27
2014	3,505.43	0.39	0.39	7.61
2015	3,505.43	0.17	0.19	7.79
2016	3,505.43	0.00	0.17	7.23
2017	3,505.43	0.20	0.34	7.44
2018	3,505.43	0.53	0.51	7.96

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	58.80	58.80	1.41
Q2 2010	49.55	49.55	1.30
Q3 2010	69.46	69.46	1.61
Q4 2010	NEG	NEG	1.62
Q1 2011	More than 100	More than 100	1.82
Q2 2011	More than 100	More than 100	2.01
Q3 2011	More than 100	More than 100	1.89
Q4 2011	75.35	75.35	1.83
Q1 2012	70.99	70.99	2.54
Q2 2012	54.92	54.92	2.16
Q3 2012	39.93	39.93	2.18
Q4 2012	36.56	36.56	2.21
Q1 2013	38.61	38.61	2.29
Q2 2013	35.94	35.94	1.95
Q3 2013	16.22	51.16	1.74
Q4 2013	23.71	More than 100	2.02
Q1 2014	28.41	More than 100	2.24
Q2 2014	22.28	89.95	2.09
Q3 2014	52.55	51.59	2.41
Q4 2014	27.73	27.31	1.41
Q1 2015	31.28	30.84	1.73
Q2 2015	35.05	34.45	1.79
Q3 2015	36.38	34.59	1.31
Q4 2015	More than 100	88.61	1.50
Q1 2016	More than 100	88.69	1.37
Q2 2016	More than 100	More than 100	1.76
Q3 2016	More than 100	More than 100	1.44
Q4 2016	NEG	More than 100	1.89
Q1 2017	NEG	More than 100	1.97
Q2 2017	More than 100	90.57	2.32
Q3 2017	More than 100	80.18	2.45
Q4 2017	NEG	More than 100	2.45
Q1 2018	More than 100	87.43	2.52
Q2 2018	More than 100	75.53	2.58
Q3 2018	More than 100	57.74	2.30
Q4 2018	32.84	34.04	2.18
Q1 2019	62.43	66.42	2.43
Q2 2019	More than 100	More than 100	2.13
Q3 2019	NEG	NEG	1.99

Period	P/E	Adjusted P/E	Price/book
2009	53.95	53.95	1.28
2010	NEG	NEG	1.62
2011	75.35	75.35	1.83
2012	36.56	36.56	2.21
2013	23.71	More than 100	2.02
2014	27.73	27.31	1.41
2015	67.47	61.73	1.50
2016	NEG	81.41	1.89
2017	89.38	53.61	2.45
2018	32.84	34.04	2.18

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	-	-	-	-	-
Q1 2015	1,111.14	1,454.39	177.76	-	-	-	-	-
Q2 2015	1,533.95	1,295.95	181.55	-	-	-	-	-
Q3 2015	1,337.60	1,026.37	177.23	-	-	-	-	-
Q4 2015	1,505.16	985.55	168.67	-	-	-	-	-
Q1 2016	1,052.72	1,036.49	181.23	-	-	-	-	-
Q2 2016	1,145.68	1,103.85	302.18	-	-	-	-	-
Q3 2016	1,058.82	965.85	283.11	-	-	-	-	-
Q4 2016	907.84	1,143.08	283.01	-	-	-	-	-
Q1 2017	1,250.08	1,131.49	326.51	-	-	-	-	-
Q2 2017	1,487.28	1,170.89	328.99	-	-	-	-	-
Q3 2017	1,401.03	1,352.72	386.22	-	-	-	-	-
Q4 2017	1,322.83	1,376.45	551.44	-	-	-	-	-
Q1 2018	1,544.33	1,426.45	595.34	-	-	-	-	-
Q2 2018	1,486.30	1,434.84	495.34	-	-	-	-	-
Q3 2018	1,605.08	1,317.13	441.24	-	-	-	-	-
Q4 2018	1,890.45	1,489.83	444.42	-	-	-	-	-
Q1 2019	2,075.76	1,785.00	380.58	-	-	-	-	-
Q2 2019	2,098.25	1,782.39	419.87	-	-	-	-	-
Q3 2019	1,937.44	1,785.28	575.97	-	-	-	-	-

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
2010	-	-	-	-	30.13	676.38	-	-
2011	494.43	-	-	-	70.52	865.75	2.32	-
2012	4,447.74	-	-	-	125.87	1,001.54	1.51	-
2013	4,322.36	1,015.65	709.25	-	-	-	-	-
2014	5,577.75	4,499.00	715.13	-	-	-	-	-
2015	5,488.12	4,762.79	705.22	-	-	-	-	-
2016	4,165.06	4,249.27	1,049.53	-	-	-	-	-
2017	5,461.22	5,031.55	1,593.16	-	-	-	-	-
2018	6,526.17	5,668.25	1,976.34	-	-	-	-	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	(179.55)	(92.04)	48.74 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
Al Rajhi Capital	(172.00)	(92.04)	46.5 %
AlJazira Capital	(187.10)	(92.04)	50.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	200,093.93
Enterprise Value (EV) (M)	234,005.79
Shares Outstanding ((M))	3,691.77
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)	More than 100
Price/book	4.07
Return on Average Assets (%) (TTM)	3.5
Return on Average Equity (%) (TTM)	8.1

Saudi Arabian Mining Co. (MAADEN)

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Maaden incurs SAR 463 mln loss in 9M

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Financial results (Million)

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Profit Performance (Million)

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Revenue by Business Segment (Latest) 2019 Q3

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Analysts Estimates (Million)

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Saudi Arabian Mining Co. (MAADEN)

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Maaden incurs SAR 463 mln loss in 9M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Business Segments (Million)