Saudi Arabian Mining Company (Ma’aden) logged an 83.07% year-on-year (YoY) drop in net profit to SAR 1.57 billion in 2023 from SAR 9.31 billion.

Revenues plunged 27.32% YoY to SAR 29.27 billion last year from SAR 40.27 billion in 2022, according to the annual financial results.

The earnings per share (EPS) reached SAR 0.43 in 2023, down from SAR 2.52 a year earlier.

Fourth Quarter Financials

During the fourth quarter (Q4) of 2023, the company shifted to profitability, recording a net profit of SAR 890 million, compared to a net loss of SAR 83 million in the third quarter of the same year.

Revenues grew 29% to SAR 8.03 billion in Q4-2023 from SAR 6.22 billion in the previous quarter.

Bob Wilt, CEO of Ma’aden, said: “Ma’aden made important operational and strategic progress in 2023 across all parts of the business. We are realizing our ambitious targets through our 2040 strategy, and these milestones are integral to our continued future growth as we develop mining as the third pillar of the Saudi economy.”

“We are confident that our strategy will continue to deliver strong future growth and create value for our shareholders, our people, and the economic diversification of the Saudi economy, in line with Vision 2030,” Wilt added.

It is worth noting that Ma’aden reported an annual decline of 91.73% in net profit after Zakat and tax to SAR 686.92 million during the first nine months (9M) of 2023, versus SAR 8.30 billion.

The company appointed Yasir bin Othman Al Rumayyan as its new Chairman for a three-year term starting 25 October 2023.

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