Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 981.7 million for Q1 2024, from SAR 419.4 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 8,045.09 | 7,348.23 | (8.7 %) |
| Gross Income | 1,585.63 | 2,413.32 | 52.2 % |
| Operating Income | 930.21 | 1,649.82 | 77.4 % |
| Net Income | 419.42 | 981.69 | 134.1 % |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | 0.11 | 0.27 | 134.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 8,034.57 | 7,348.23 | (8.5 %) |
| Gross Income | 2,783.94 | 2,413.32 | (13.3 %) |
| Operating Income | 1,830.57 | 1,649.82 | (9.9 %) |
| Net Income | 890.40 | 981.69 | 10.3 % |
| Average Shares | 3,691.77 | 3,691.77 | - |
| EPS (Riyals) | 0.24 | 0.27 | 10.3 % |
The profit increase was driven by higher gross profit, which rose by SAR 828 million, or 52%, mainly as a result of higher sales volume, reduction in raw material cost, lower depreciation expense and the impact that the one-off industrial utility charges had in the prior year.
In addition, an insurance claim received for the relining of pots within smelter plants of SAR 199 million supported profitability during the quarter.
However, the increase in profit was partially offset by lower commodity market prices of all products except gold and alumina, as well as higher income taxes and Zakat.
On a sequential basis, net profit grew 10.3% from SAR 890.4 million in Q4 2023.
Shareholders’ equity, excluding minority interest, rose to SAR 47.36 billion as of March 31, 2024, compared to SAR 45.54 billion a year ago.
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