Maaden 9M 2023 profit drops 92% to SAR 686.9 mln; Q3 loss at SAR 83.4 mln

31/10/2023 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) posted net earnings of SAR 686.9 million for the first nine months of 2023, down 92% compared with SAR 8.30 billion a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	30,804.66	21,237.36	(31.1 %)
Gross Income	13,615.89	4,130.47	(69.7 %)
Operating Income	11,769.90	1,985.59	(83.1 %)
Net Income	8,302.57	686.93	(91.7 %)
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	2.25	0.19	(91.7 %)

This was mainly due to a SAR 9.6 billion decline in sales on the back of lower commodity market prices of all business segments except base metal and new mineral segment.

However, this was partially offset by a decrease in the cost of sales, which was mainly due to lower raw material prices, higher income from time deposits, and lower income taxes and Zakat.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	10,014.42	6,226.00	(37.8 %)
Gross Income	3,573.83	928.99	(74.0 %)
Operating Income	2,953.75	211.99	(92.8 %)
Net Income	2,102.53	(83.44)	(104.0 %)
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	0.57	(0.02)	(104.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	6,966.27	6,226.00	(10.6 %)
Gross Income	1,615.85	928.99	(42.5 %)
Operating Income	843.39	211.99	(74.9 %)
Net Income	350.94	(83.44)	(123.8 %)
Average Shares	3,691.77	3,691.77	-
EPS (Riyals)	0.10	(0.02)	(123.8 %)

Maaden posted net losses of SAR 83.4 million in Q3 2023, against net earnings of SAR 2.10 billion a year earlier, mainly due to a SAR 3.8 billion decline in sales on the back of lower commodity market prices for all business segments except base metal and the new mineral segment.

On a sequential basis, the company turned to losses from SAR 350.94 million in earnings.

Shareholders’ equity, after minority interest, reached SAR 45.75 billion at the end of the nine-month period, compared to SAR 44.05 billion in the same period a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q4 2019	4,895.74	28.0 %	781.55	(25.3 %)	207.03	(73.0 %)
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
Q1 2020	4,355.16	2.7 %	282.76	(41.6 %)	(119.29)	(147.4 %)
Q2 2020	4,016.41	(6.6 %)	292.99	(43.1 %)	(163.37)	(184.8 %)
Q3 2020	4,659.15	8.4 %	668.41	(7.3 %)	249.53	(7.4 %)
Q4 2020	5,549.10	13.3 %	1,322.84	69.3 %	843.72	307.5 %
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
Q1 2021	5,449.77	25.1 %	1,436.40	408.0 %	1,046.98	977.7 %
Q2 2021	6,101.45	51.9 %	2,113.64	621.4 %	1,668.93	1121.6 %
Q3 2021	6,698.52	43.8 %	2,320.13	247.1 %	1,925.85	671.8 %
Q4 2021	8,519.27	53.5 %	3,600.92	172.2 %	3,088.31	266.0 %
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %
Q1 2022	8,914.08	63.6 %	3,884.06	170.4 %	3,262.38	211.6 %
Q2 2022	11,876.16	94.6 %	6,157.99	191.3 %	5,553.77	232.8 %
Q3 2022	10,014.42	49.5 %	3,573.83	54.0 %	2,953.75	53.4 %
Q4 2022	9,472.46	11.2 %	2,633.07	(26.9 %)	1,766.91	(42.8 %)
2022	40,277.12	50.5 %	16,248.95	71.6 %	13,536.81	75.1 %
Q1 2023	8,045.09	(9.7 %)	1,585.63	(59.2 %)	930.21	(71.5 %)
Q2 2023	6,966.27	(41.3 %)	1,615.85	(73.8 %)	843.39	(84.8 %)
Q3 2023	6,226.00	(37.8 %)	928.99	(74.0 %)	211.99	(92.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %
2022	40,277.12	50.5 %	16,248.95	71.6 %	13,536.81	75.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
Q4 2019	(276.55)	(199.8 %)	(0.08)	46.88	(323.42)	(0.09)
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
Q1 2020	(353.25)	(177.7 %)	(0.10)	-	(353.25)	(0.10)
Q2 2020	(434.15)	(78.2 %)	(0.12)	-	(434.15)	(0.12)
Q3 2020	6.47	107.0 %	0.00	-	6.47	0.00
Q4 2020	571.95	306.8 %	0.15	-	571.95	0.15
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
Q1 2021	761.16	315.5 %	0.21	-	761.16	0.21
Q2 2021	1,104.52	354.4 %	0.30	(56.84)	1,161.36	0.31
Q3 2021	1,271.85	19554.6 %	0.34	(52.86)	1,324.71	0.36
Q4 2021	2,090.18	265.5 %	0.57	(206.72)	2,296.90	0.62
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50
Q1 2022	2,171.92	185.3 %	0.59	-	2,171.92	0.59
Q2 2022	4,028.12	264.7 %	1.09	-	4,028.12	1.09
Q3 2022	2,102.53	65.3 %	0.57	195.00	1,907.53	0.52
Q4 2022	1,016.47	(51.4 %)	0.28	-	1,016.47	0.28
2022	9,319.05	78.3 %	2.52	195.00	9,124.05	2.47
Q1 2023	419.42	(80.7 %)	0.11	-	419.42	0.11
Q2 2023	350.94	(91.3 %)	0.10	(192.35)	543.29	0.15
Q3 2023	(83.44)	(104.0 %)	(0.02)	-	(83.44)	(0.02)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50
2022	9,319.05	78.3 %	2.52	195.00	9,124.05	2.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2019	14.11 %	31.33 %	(4.43 %)
2019	15.06 %	31.33 %	(4.43 %)
Q1 2020	12.89 %	30.67 %	(5.67 %)
Q2 2020	11.83 %	28.58 %	(6.85 %)
Q3 2020	11.30 %	28.15 %	(6.16 %)
Q4 2020	13.82 %	30.31 %	(1.12 %)
2020	13.82 %	30.31 %	(1.12 %)
Q1 2021	18.91 %	34.23 %	4.60 %
Q2 2021	25.47 %	38.93 %	11.49 %
Q3 2021	30.22 %	42.39 %	16.05 %
Q4 2021	35.38 %	46.12 %	20.71 %
2021	35.38 %	46.12 %	20.71 %
Q1 2022	39.42 %	48.15 %	23.00 %
Q2 2022	44.33 %	51.66 %	27.28 %
Q3 2022	43.78 %	50.04 %	26.46 %
Q4 2022	40.34 %	46.06 %	22.65 %
2022	40.34 %	46.06 %	22.65 %
Q1 2023	35.40 %	41.41 %	18.71 %
Q2 2023	27.27 %	33.59 %	11.27 %
Q3 2023	22.02 %	29.16 %	6.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	15.06 %	31.33 %	(4.43 %)
2020	13.82 %	30.31 %	(1.12 %)
2021	35.38 %	46.12 %	20.71 %
2022	40.34 %	46.06 %	22.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2019	15.96 %	28.95 %	(6.61 %)
Q1 2020	6.49 %	25.05 %	(8.11 %)
Q2 2020	7.29 %	26.62 %	(10.81 %)
Q3 2020	14.35 %	31.54 %	0.14 %
Q4 2020	23.84 %	36.08 %	10.31 %
Q1 2021	26.36 %	40.24 %	13.97 %
Q2 2021	34.64 %	46.00 %	19.03 %
Q3 2021	34.64 %	46.09 %	19.78 %
Q4 2021	42.27 %	50.01 %	26.96 %
Q1 2022	43.57 %	49.40 %	24.37 %
Q2 2022	51.85 %	57.69 %	33.92 %
Q3 2022	35.69 %	41.54 %	19.05 %
Q4 2022	27.80 %	33.08 %	10.73 %
Q1 2023	19.71 %	27.02 %	5.21 %
Q2 2023	23.20 %	30.42 %	7.80 %
Q3 2023	14.92 %	24.56 %	(1.34 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2019	3,552.02	(0.21)	(0.22)	8.30
Q1 2020	3,691.77	(0.26)	(0.27)	8.16
Q2 2020	3,691.77	(0.31)	(0.33)	8.02
Q3 2020	3,691.77	(0.29)	(0.30)	8.03
Q4 2020	3,691.77	(0.06)	(0.06)	8.19
Q1 2021	3,691.77	0.25	0.25	8.41
Q2 2021	3,691.77	0.66	0.68	8.71
Q3 2021	3,691.77	1.00	1.03	9.06
Q4 2021	3,691.77	1.42	1.50	9.66
Q1 2022	3,691.77	1.80	1.88	10.27
Q2 2022	3,691.77	2.59	2.66	11.36
Q3 2022	3,691.77	2.82	2.82	11.94
Q4 2022	3,691.77	2.52	2.47	12.21
Q1 2023	3,691.77	2.05	2.00	12.34
Q2 2023	3,691.77	1.05	1.05	12.43
Q3 2023	3,691.77	0.46	0.51	12.39

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	3,552.02	(0.21)	(0.22)	8.30
2020	3,691.77	(0.06)	(0.06)	8.19
2021	3,691.77	1.42	1.50	9.66
2022	3,691.77	2.52	2.47	12.21

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2019	NEG	NEG	1.78
Q1 2020	NEG	NEG	1.27
Q2 2020	NEG	NEG	1.45
Q3 2020	NEG	NEG	1.73
Q4 2020	NEG	NEG	1.65
Q1 2021	77.50	77.50	2.26
Q2 2021	31.83	31.11	2.42
Q3 2021	27.81	27.01	3.09
Q4 2021	18.49	17.43	2.71
Q1 2022	24.85	23.72	4.35
Q2 2022	12.84	12.50	2.93
Q3 2022	16.49	16.47	3.89
Q4 2022	17.09	17.46	3.53
Q1 2023	20.82	21.38	3.46
Q2 2023	40.06	40.08	3.40
Q3 2023	87.45	78.58	3.26

Period	P/E	Adjusted P/E	Price/book
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
2019	NEG	NEG	1.78
2020	NEG	NEG	1.65
2021	18.49	17.43	2.71
2022	17.09	17.46	3.53

Business Segments (Million)

Compared With The

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
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	-	-	-	-	-
Q4 2019	2,138.86	2,047.09	709.79	-	-	-	-	-
Q1 2020	1,907.57	1,762.28	685.30	-	-	-	-	-
Q2 2020	1,626.94	1,636.20	753.28	-	-	-	-	-
Q3 2020	2,284.69	1,703.40	671.06	-	-	-	-	-
Q4 2020	2,843.97	2,079.71	625.42	-	-	-	-	-
Q1 2021	2,696.72	2,112.86	640.19	-	-	-	-	-
Q2 2021	3,135.96	2,408.38	557.11	-	-	-	-	-
Q3 2021	3,645.59	2,545.09	507.84	-	-	-	-	-
Q4 2021	5,104.36	2,823.54	591.37	-	-	-	-	-
Q1 2022	5,535.53	2,796.62	581.93	-	-	-	-	-
Q2 2022	7,912.48	3,391.77	571.91	-	-	-	-	-
Q3 2022	6,723.82	2,778.26	499.67	12.68	-	-	-	-
Q4 2022	6,550.95	2,313.14	598.82	9.56	-	-	-	-
Q1 2023	5,415.20	2,079.79	540.73	9.37	-	-	-	-
Q2 2023	4,041.72	2,177.43	737.66	9.46	-	-	-	-
Q3 2023	3,245.65	2,151.77	811.77	16.82	-	-	-	-

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
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	-	-	-	-	-
2019	8,250.31	7,399.76	2,086.20	-	-	-	-	-
2020	8,663.18	7,181.58	2,735.06	-	-	-	-	-
2021	14,582.62	9,889.87	2,296.52	-	-	-	-	-
2022	26,722.78	11,279.79	2,252.32	22.24	-	-	-	-

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	640.49	(83.44)	(113.0 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Hermes	871.00	(83.44)	(109.6) %
Bank of America	752.46	(83.44)	(111.1) %
U-Capital	711.30	(83.44)	(111.7) %
Riyad Capital	645.00	(83.44)	(112.9) %
Sico	532.00	(83.44)	(115.7) %
AlJazira Capital	331.20	(83.44)	(125.2) %

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 9M 2023 profit drops 92% to SAR 686.9 mln; Q3 loss at SAR 83.4 mln

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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)

Revenue by Business Segment (Latest) 2023 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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Maaden 9M 2023 profit drops 92% to SAR 686.9 mln; Q3 loss at SAR 83.4 mln

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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 2023

Revenue by Business Segment (Latest) 2023 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)