The Clap
Saudi mining giant Ma’aden recorded a net loss during the third quarter of this year, amounting to 83 million Saudi Riyals.
This is in contrast to a net profit of approximately 2 billion Saudi Riyals during the same period last year.
What
Ma’aden suffered a quarterly decline in sales by approximately 3.8 billion Saudi Riyals. This decline was the result of reduced selling prices for its products across all of its business sectors, except for basic metals and new metals.
This decline in sales prices was partially offset by a decrease in the cost of sales, largely due to lower raw material prices.
So What
The company’s revenues decreased by about 38% year-on-year during the current quarter.
Now What
During the first nine months of the current year, Ma’aden saw a 92% decrease in its net profit.
