Saudi Arabian Mining Company (Ma'aden) Full Year 2023 Earnings: Beats Expectations

Saudi Arabian Mining Company (Ma'aden) (TADAWUL:1211) Full Year 2023 Results

Key Financial Results

• Revenue: ر.س29.3b (down 27% from FY 2022).
• Net income: ر.س1.58b (down 83% from FY 2022).
• Profit margin: 5.4% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue.
• EPS: ر.س0.43 (down from ر.س2.52 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Saudi Arabian Mining Company (Ma'aden) Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.1%.

The primary driver behind last 12 months revenue was the Phosphate segment contributing a total revenue of ر.س17.4b (60% of total revenue). Notably, cost of sales worth ر.س22.4b amounted to 76% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to ر.س2.50b (47% of total expenses). Explore how 1211's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Metals and Mining industry in Asia.

Performance of the market in Saudi Arabia.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Saudi Arabian Mining Company (Ma'aden).

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