| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
356,467,375
|
171,219,482
|
108.19
|
275,611,289
|
29.34
|
| Gross profit (loss) |
1,011,921,732
|
580,945,245
|
74.19
|
925,643,686
|
9.32
|
| Operational profit (loss) |
807,595,166
|
368,726,917
|
119.02
|
722,176,995
|
11.83
|
| All figures are in Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) |
632,078,664
|
365,522,506
|
72.92 |
| Gross profit (loss) |
1,937,565,418
|
1,075,802,010
|
80.1 |
| Operational profit (loss) |
1,529,772,161
|
706,120,082
|
116.64 |
| Earning or loss per share, Riyals |
0.54
|
0.31
|
- |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reasons for the increase in net profit are as follows: Sales increased by 17% due to the increase in sales volumes of gold, ammonia and ammonium phosphate fertilizer (APF), and the increase of the average realized prices of aluminium by 24% and ammonium phosphate fertilizer (APF) by 7%, compared to the same quarter last year. The increase was also due to the group ongoing cost reduction initiatives, which led to the decrease in selling, marketing and logistic expenses by 18%. In addition, there was an increase in share of net profit from the jointly controlled entity (Maaden Barrick Copper Company). Net profit was negatively affected by a decrease in the average realized prices for ammonia and gold, an increase in other expenses, an increase in the exploration and technical services by 27% . Also an increase in the general and administrative expenses by 12%, and an increase in finance cost by 59% due to the commercialization of projects and an increase in SIBOR/LIBOR. Income from time deposits fell by 57%. |
| Reasons of increase (decrease) for period compared with same period last year | The reasons for the increase in net profit are as follows: Sales increased by 18% due to the increase in sales volume of ammonia, gold and ammonium phosphate fertilizer (APF), and the increase of the average realized prices of ammonium phosphate fertilizer (APF) by 2% and aluminium by 19% compared to the same period last year, despite the decrease in ammonia prices by 21%. Net profit benefited from the decline in selling marketing and logistic expense by 6%, but was reduced by an increase in the zakat expense by 95%, and an increase in income tax by 94%. Due to the commercialization of projects, the general and administrative expenses and finance cost increase by 21 and by 89% respectively. Also the increase in other expenses. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for the increase in net profit are as follows: Compared to Q1-2017, sales increased by 10% due to the increase in sales volume of ammonium phosphate fertilizer (APF), the increase in the average realized price of all products. Net profit was negatively affected by an increase in other expenses by 23%, an increase in the general and administrative expenses by 21%, an increase in income taxes expenses and a reduction from the income from time deposits by 17%. |
| Reclassifications in quarterly financial results | Certain comparative figures of the previous quarter / period / year have been reclassified, wherever necessary, to conform with the current quarter / period presentation. Such reclassifications did not affect either the net worth or the net income of the Group for the previous quarter / period / year. |
| Other notes | Sales revenues for the quarter ended June 30, 2017 amounted to SR 2,994,972,687 an increase of 17% compared to SR 2,551,704,388 for same quarter last year. The sales for the six months ended June 30, 2017 amounted to SR 5,712,405,175 an increase of 18% compared to SR 4,822,136,214 for the six months ended June 30, 2016. The total equity attributable to shareholders of the parent company as at June 30, 2017 amounted to SR 25,974,092,468 an increase of 1% as compared to SR 25,715,839,326 as at June 30, 2016. The total comprehensive income for the quarter ended June 30, 2017 amounted to SR 434,190,164 an increase of 146% compared to SR 176,215,720 for same quarter last year. The total comprehensive income for the six months ended June 30, 2017 amounted to SR 774,720,301 an increase of 106% compared to SR 376,704,731 for the six months ended June 30, 2016. Maaden reported strong profitability during the six months ended June 30, 2017 from the increased sales revenue and by maintaining its cost of sales even though Maaden increased sales volumes in ammonia, AFP and gold. Overall due to ongoing cost optimizations and improved commodity price environments the company generated cash flow from operating activities of SAR 1,424 million for the six months ended June 30, 2017, which also reflected strong all-round operating performance. 2016 comparative figures have been restated to comply with the implementation of IFRS reporting. Attached is a summary report of the financial results and latest developments in the group. The consolidated intrem financial statements will be available on Maaden website and through Maaden Investor Relations application for smart devices post being published on Tadawul website. http://www.maaden.com.sa/en/investor/investor |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.