Saudi Arabian Mining Co. — Earnings Release 2011

Feb 14, 2012

Saudi Arabian Mining Company (MAADEN) Announces The Annual Consolidated Financial Results For The Year Ended 31/12/2011

1211 · 14/02/2012 16:14:18 · Announcement #24093 · View on Saudi Exchange

Saudi Arabian Mining Company (MAADEN) Announces The Annual Consolidated Financial Results For The Year Ended 31/12/2011

1. The net income for the fiscal year 31/12/2011 amounted to SAR 413 million compared to the net loss of SAR (9) million compared to 2010.

2. The earnings per share (EPS) for the fiscal year 2011 amounted to SAR 0.45 per share compared to the loss per share of SAR (0.01) for 2010.

3. The gross profit for the fiscal year 2011 amounted to SAR 1,033 million compared to gross profit of SAR 385 million for 2010 representing an increase of 168%.

4. The operating income for the fiscal year 2011 amounted to SAR 667 million compared to the operating income of SAR 79 million for 2010 representing an increase of 744%.

5. The increase in the net income for the fiscal year 2011 is attributed to the beginning of commercial production of ammonia starting from 1st of October 2011, an increase in the average prices of ammonia in the fourth quarter, an increase in the average realized prices per ounce of gold sold, an increase in the volume of gold ounces sold compared to 2010 and the decrease of the zakat provision compared to 2010.

The net income improvement was achieved despite the low return on cash deposits and an increase in exploration expenses.

The last year has been reclassified to be in accordance with the current year classification.

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