Saudi Arabian Mining Company “Ma’aden” (1211) saw its net profits jump by approximately 192% year-on-year in the last three months ending June 30, exceeding one billion riyals.
Significant Growth
The largest mining and diversified minerals company in the Middle East attributed its significant growth to higher selling prices.
Additionally, the decrease in raw material costs and consumption expenses contributed to the year’s second quarter.
So what
Ma’aden’s quarterly revenues surpassed SAR 7 billion, seeing about a 3% YoY rise.
This comes mainly from the increased selling prices of all its products, except for flat-rolled ones.
Some context
The company saw over 160% YoY growth to nearly SAR 2 billion.
During this period, revenues declined to approximately SAR 14.5 billion, compared to about SAR 15 billion in the first half of 2023.
This decrease is attributable to lower selling prices for all products except gold and alumina.
Ma’aden aims to strengthen its position in the global mining sector.
It plays a key role in making the sector the “third pillar” of the Saudi economy, following oil and gas.
