PRESS RELEASE : MAADEN 31/10/2023
| lement List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 6,225,998,107 | 10,014,421,018 | -37.83 | 6,966,269,838 | -10.63 |
| Gross Profit (Loss) | 928,985,350 | 3,573,827,596 | -74 | 1,615,854,461 | -42.51 |
| Operational Profit (Loss) | 211,994,546 | 2,953,747,043 | -92.82 | 843,393,595 | -74.86 |
| Net Profit (Loss) after Zakat and Tax | -83,435,885 | 2,102,534,770 | – | 350,941,901 | – |
| Total Comprehensive Income | -123,093,150 | 2,148,894,282 | – | 332,019,071 | – |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Sales/Revenue | 21,237,361,058 | 30,804,658,022 | -31.06 |
| Gross Profit (Loss) | 4,130,470,393 | 13,615,885,142 | -69.66 |
| Operational Profit (Loss) | 1,985,594,277 | 11,769,898,675 | -83.13 |
| Net Profit (Loss) after Zakat and Tax | 686,924,983 | 8,302,573,888 | -91.73 |
| Total Comprehensive Income | 664,580,162 | 8,452,183,981 | -92.14 |
| Total Share Holders Equity (after Deducting Minority Equity) | 45,758,069,581 | 44,095,554,865 | 3.77 |
| Profit (Loss) per Share | 0.19 | 2.25 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Summary of Financial Performance:
Comparison of Current Period with Same Period Last Year:
- Net Profit Margin: Decreased to 92% compared to the same period last year.
- Revenue: Declined by SAR 9.6 billion due to decreasing commodity market prices across all business segments except base metal and new mineral segment.
- Cost of Sales: Decreased, primarily attributed to lower raw material prices.
- Other Income: Higher income from time deposit contributed to offsetting the decline in sales.
- Taxation: Lower income taxes and zakat also contributed to offsetting the decline in sales.
Accounting Changes:
- Voluntary Reclassification: As of June 30, 2022, the Group reclassified the “cash flow hedge reserve attributable to ordinary shareholders of the parent company” from “Retained earnings” to “Other reserves” for better presentation.
- Issuance of Bonus Shares: Post issuance of bonus shares approved on June 7, 2023, the outstanding weighted average number of ordinary shares (3,691,773,438 shares) was used for calculating basic and diluted earnings per ordinary share from continuing operations for all periods presented.
Summary of Financial Performance:
Comparison with Same Quarter Last Year:
- Net Profit/Loss: Net loss of SAR 83 million compared to a net profit of SAR 2.1 billion in the same quarter last year.
- Revenue: Declined by SAR 3.8 billion due to decreasing commodity market prices across all business segments except base metal and new minerals segment.
- Cost of Sales: Decreased, largely due to lower raw material prices.
Comparison with Previous Quarter of Current Year:
- Net Profit/Loss: Net loss of SAR 83 million compared to a net profit of SAR 351 million in the previous quarter of the current year.
- Revenue: Declined by SAR 740 million due to decreasing commodity market prices across all business segments.
- Cost of Sales: Decreased, mainly attributable to lower raw material prices.
- Severance Fees Expense: Lower severance fees expense compared to the previous quarter, primarily due to one-off severance fees recorded during the previous quarter of the current year.
Overall Performance for the Current Period:
- Net Profit Decrease: Net profit decreased by SAR 7.6 billion compared to the previous period.
