reports
For when is the recovery?
The Saudi Arabian Mining Company released its Q1 2016 financial statement revealing disappointing results. Q1 2016 revenues dipped by 17.1% on a y-o-y basis to SAR2,273.08m. Over the same period, the miner’s gross profit plunged by 20% to SAR492.8m. Thus, the group’s gross margin lost 77 basis points to 21.7%. The EBIT gave up 21.8% to SAR302.6m. The group’s bottom line collapsed by 36.2% to SAR184.5m, i.e. a net margin at 8.12% vs.
Far below our expectations
At the end of Q3 2015, Maaden’s revenues reached SAR8,297M, up 13% on a y-o-y basis. A modest increase compared to our forecasts. The EBITDA amounted to SAR2,868M vs. SAR2,365M a year earlier, i.e. a 21% y-o-y increase. However, the group's EBIT dredged down by 19% to SAR1,123M due to higher amortization costs . The company's bottom line shrunk by 38% to SAR611M, pulled down by higher financial charges. The Saudi Arabian Mining Company (Maaden) announced the development of the use of proc...
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