Saudi Arabian Mining Co. — Annual Report 2014

Jan 20, 2015

SAUDI ARABIAN MINING COMPANY(MAADEN)ANNOUNCES THE AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE PERIOD ENDING ON DECEMBER 31, 2014 (TWELVE MONTHS)

1211 · 20/01/2015 17:38:07 · Announcement #36828 · View on Saudi Exchange

SAUDI ARABIAN MINING COMPANY(MAADEN)ANNOUNCES THE AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE PERIOD ENDING ON DECEMBER 31, 2014 (TWELVE MONTHS)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	375,957,262	-	-	485,408,729	-
Gross profit (loss)	1,023,782,738	294,804,919	247.27	936,639,449	9.3
Operational profit (loss)	610,838,012	44,442,120	1,274.46	693,682,181	-
All figures are in Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	1,357,341,201	1,682,378,450	-
Gross profit (loss)	3,115,010,303	1,509,484,186	106.36
Operational profit (loss)	1,996,899,385	603,580,466	230.84
Earning or loss per share, Riyals	1.38	1.73	-
All figures are in Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Sales growth resulted from the increase in prices and quantities sold of all products except for gold prices in addition to the increase in other income and decrease in General and Administrative expenses, all that is in spite of the increase in Selling, marketing & logistic expenses, Financial charges, Exploration and technical services expenses and the increase in net loss of a jointly controlled entity as well as the increase of Zakat provision.
Reasons of increase (decrease) for period compared with same period last year	Other income in the corresponding period of the previous year included the receipt of contractual non-recurring dues from joint venture partners i.e. Mosaic & Sabic in the amount of SR 1.44 billion as a result of the Shareholders Agreement to develop Maaden Waad Al Shamal Phosphate Company. Also due to the increase in Selling, marketing & logistic expenses, Financial charges, Exploration and technical services expenses, net loss of a jointly controlled entity and the decrease in income from short-term investments, all that is in spite of the decrease in General and administrative expenses, and the decrease in provision for Zakat. Noting that the operational profit for the current period has increased to SR 1,997 million equivalent to 231% compared to the same period last year due to the Increase in sales.
Reasons of increase (decrease) for quarter compared with previous quarter	Increase in Selling, marketing & logistic expenses, Exploration & technical service expenses, General and administrative expenses, Financial charges and provision for Zakat, in spite of sales growth, increase in other income and the decrease in net loss of a jointly controlled entity.
Reclassifications in quarterly financial results	Certain comparative figures of the previous year have been reclassified, wherever necessary, to conform with the current years presentation. Such reclassifications did not affect either the net worth or the net income of the Group for the previous or current year.
Other notes	The Company has calculated the earnings per ordinary share for the current period and for the similar period of prior year based on the weighted average number of the issued shares during the year 2014, in accordance with the accounting standards issued by the Saudi Organization for Certified Public Accountants and the accounting policies adopted by the Company. The Company has increased its Share Capital from 925 million shares to 1,168 million shares through rights issue offering to its shareholders during November 2014.

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