| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) |
638,164,812
|
275,611,289
|
131.55
|
-
|
-
|
| Gross profit (loss) |
1,412,407,189
|
925,643,686
|
52.59
|
1,165,274,669
|
21.21
|
| Operational profit (loss) |
1,172,405,860
|
722,176,995
|
62.34
|
347,434,743
|
237.45
|
| Earning or loss per share, Riyals |
0.54
|
0.23
|
-
|
-
|
-
|
| 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: The increase in sales volume of all products except ammonia, and the increase of the average realized prices of all products, and the increase in the share of net profit of the jointly controlled entity (Maaden Barrick Copper Company), compared to the same quarter last year. The increase in net profit was offset by an increase in cost of sales by 21%; selling, marketing and logistic expenses, general and administrative expenses, and exploration and technical services expenses also increased by 23%, 6% and 66% respectively from the same quarter last year. Income from time deposits decreased by 5%, in addition to the increase in the write off mine properties, zakat and income tax expenses. Sales revenues for the first quarter ended 31 March 2018 amounted to SAR 3,563,627,102 an increase of 32% compared to SAR 2,708,086,353 for the same quarter last year. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for the increase in net profit are as follows: Compared to Q4-2017, sales volume increased in of ammonia, ammonium phosphate fertilizer and gold and the average realized price increased for all products except ammonia. The increase in net profit was also due to the group ongoing cost reduction initiatives, that resulted in a decrease in selling, marketing and logistic expenses by 34%, general and administrative expenses 31% and a decrease in exploration and technical service expenses 19%. Net profit also benefited from the decrease in finance costs by 30%, the decrease of the income tax by 61%, and the increase in the share of net profit of the jointly controlled entity (Maaden Barrick Copper Company) by 44%. Net profit was offset partially by the increase in Zakat expenses by 129% compare to the previous quarter. The impairment of certain plant and equipment was recorded on 31 December 2017, which in turn, negatively impacted 2017 fourth quarter profit by SAR 477 million. As a result, losses attributed to the shareholders of the parent company of SAR 104,736,162 were reported for the 4th quarter. Sales revenues for the first quarter ended 31 March 2018 amounted to SAR 3,563,627,102 an increase of 10% compared to SAR 3,250,715,177 for the previous quarter. |
| Reclassifications in quarterly financial results | Certain comparative figures of the previous quarter / year have been reclassified, wherever necessary, to conform with the current quarter presentation. Such reclassifications did not affect either the net worth or the net profit of the Group for the previous quarter / year. |
| Other notes | The total equity attributable to shareholders of the parent company as at March 31, 2018 amounted to SAR 26,734,403,834 an increase of 4% as compared to SAR 25,617,625,093 as at 31 March 2017. The total comprehensive income for the quarter ended 31 March 2018 amounted to SAR 753,836,749 an increase of 121% compared to SAR 340,530,137 for same quarter last year, and the total comprehensive loss for the previous quarter were SAR (197,513,610). Attached is a summary report of the financial results and latest developments in the Group. The consolidated 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 |
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