Saudi Arabian Mining Co. — Earnings Release 2011

Oct 11, 2011

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES ITS ESTIMATED CONSOLIDATED FINANCIAL RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2011 (NINE MONTHS)

1211 · 11/10/2011 08:50:21 · Announcement #22809 · View on Saudi Exchange

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES ITS ESTIMATED CONSOLIDATED FINANCIAL RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2011 (NINE MONTHS)

1. The estimated net income attributable to the shareholders of the parent company, for the third quarter ended 30 September 2011 amounted to SAR 27.4 million compared to the actual net loss for the same quarter of 2010 amounted to SAR (0.2 ) million, and compared to the actual net income for the second quarter 2011 of SAR 62.5 million representing a decrease of (56%).

2. The estimated gross profit for the third quarter ended 30 September 2011 amounted to SAR 152.5 million, compared to the actual gross profit for the same quarter of 2010 of SAR 84 million representing an increase of 81%.

3. The estimated operating income for the third quarter ended 30 September 2011 amounted to SAR 69.1 million compared to the actual net loss for the same quarter of 2010 of SAR (2.5) million.

4. The estimated net income attributable to the shareholders of the parent company for the nine months ended 30 September 2011 amounted to SAR 133.7 million compared to the actual net income attributable to the shareholders of the parent company for the same period of 2010 of SAR 51.7 million representing an increase of 159%.

5. The estimated basic and diluted earnings per share (EPS) for the nine months ended 30 September 2011 amounted to SAR 0.14 compared to the actual earnings per share of SAR 0.06 for the same period of 2010.

6. The estimated gross profit for the nine months ended on 30 September 2011 amounted to SAR 440.7 million compared to the actual gross profit for the same period of 2010 of SAR 274.3 million representing an increase of 61%.

7. The estimated operating income for the nine months ended 30 September 2011 amounted to SAR 178.3 million compared to the actual operating income for the same period of 2010 of SAR 53.3 million representing an increase of 234%.

8. The increase in the estimated net income for the third quarter and the nine months period ended 30 September 2011 compared to the actual for the same period in 2010 is attributed to an increase in the average realized prices per ounce of gold sold, an increase the volume of gold ounces sold and decrease of the Zakat provision. The net income improvement was achieved despite the low return on investment deposits of an Islamic Murabaha.

The decrease of net income for the third quarter ended 30 September 2011 compared to the second quarter 2011 is due to the decrease in gold ounces sold and the increase of Zakat and Severance fee provisions.

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