Maaden’s Q1 net income drops by 3% to SR 239 m

Saudi Arabian Mining Company (Maaden) has announced in its interim consolidated financial results for the three-month period ended March 2013 that its net income for Q1 amounted to SR 239 million compared to SR 246 million for the same period in 2012, representing a decrease of 3 percent, and compared to SR 406 million for Q4, 2012, representing a decrease of 41 percent, according to Tadawul website.
The gross profit for Q1, 2013 amounted to SR 544 million, compared to the gross profit of SR 492 million for the same quarter 2012, representing an increase of 11 percent.
The operating profit for Q1, 2013 amounted to SR 365 million, compared to the operating profit of SR 336 million for the same quarter of 2012, representing an increase of 9 percent.
The basic and diluted earnings per ordinary share (EPS) for Q1, 2013 amounted to SR 0.26 compared to the basic and diluted earnings per ordinary share of SR 0.27 for the same quarter of 2012.
The decrease in the net income for Q1, 2013 compared to the same quarter in 2012 is attributed to a lower net income of gold segment due to the decrease in the volume of gold ounces sold as the first quarter of 2012 included volume of gold related to prior years due to a delay in renewal of sales contract with gold refinery.
The decrease in the net income for Q1, 2013 compared to the fourth quarter of 2012 is due to the decrease in the net income of the phosphate segment due to the decrease in price and volume sold of DAP and ammonia resulting from a seasonal lower demand of these products during the first quarter of 2013.