Riyadh –  Saudi Arabian Mining Company (Ma’aden) recorded net profits after Zakat and tax worth SAR 9.31 billion in 2022, higher by 78.26% than SAR 5.22 billion a year earlier.

Revenues amounted to SAR 40.27 billion in the January-December 2022 period, a 50.46% year-on-year (YoY) surge from SAR 26.76 billion, according to the annual income statements.

The earnings per share (EPS) jumped to SAR 3.79 last year from SAR 2.12 in 2021.

Capital Change

The board of Ma’aden recommended on 12 February 2023 to increase the company’s capital by 50% through the issuance of one bonus share for every two shares.

The Saudi company would capitalise SAR 12.30 billion from the statutory reserve and retained earnings accounts in order to perform the raise process.

Following the transaction, the new capital will stand at SAR 36.91 billion distributed over 3.69 billion shares, compared to SAR 24.61 billion and 2.46 billion shares prior to the hike.

Meanwhile, the board proposed the increase during the extraordinary general meeting (EGM) to boost the Saudi firm’s capital base in line with its future growth plans.

In the first nine months (9M) of 2022, Ma’aden witnessed a 164.62% YoY jump in net profit after Zakat and tax to SAR 8.30 billion from SAR 3.13 billion.

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