Saudi Arabian Mining Company’s (Ma’aden) net profit more than doubled year-on-year (YoY) to 981.7 million riyals ($262 million) in Q1 2024 on higher sales volume and lower raw material cost.

In addition, the Saudi-listed mining giant reported lower depreciation expenses and the impact of the prior year’s one-off industrial utility charges.

Also, an insurance claim of SAR 199 million for the relining of pots within smelter plants supported profitability during the current quarter.  

The profit beat analysts’ mean estimates of SAR 490.97 million, according to LSEG data.

Revenue fell 9% YoY to SAR 7.3 billion due to lower commodity prices of all products, except gold and alumina.

Profit climbed 10% quarter-on-quarter due to lower operating and exploration costs.

Earlier this month, Ma’aden, majority-owned by the Public Investment Fund (PIF), completed the 10% acquisition of Brazil’s base metals company.

(Editing by Brinda Darasha;