Saudi miner Ma’aden shares hit record high after earnings beat; capital boost

The Saudi-listed miner also announced that it will double capital to $6.56bln

Staff Writer, Arab News

February 28, 2022

PHOTO

RIYADH: Shares in the Gulf’s mining giant Ma’aden climbed over 6 percent to an all-time high on Sunday after revealing a significant earnings beat and plans to double capital.

Ma’aden, formally known as Saudi Arabian Mining Co., hit SR106 ($28) at noon Saudi time, amid trading of almost 2.4 million shares.

Amid a jump in commodity prices, the miner turned into a profit of SR5.2 billion in 2021, after making losses of SR280 million a year ago, according to a filing.

The Saudi-listed miner also announced that it will double capital to SR24.6 billion through granting bonus shares to shareholders.

Despite solid results, the company said it won't pay any dividends to shareholders for 2021 “based on the company’s need to continue funding its current and future projects.”

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.