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Saudi Arabian Mining Co. (Ma’aden) swung to a net loss of 83.4 million riyals ($22.2 million) in Q3 2023 from a net profit of SAR 2.1 billion in the year-earlier period mainly due to lower realised sales prices for most of its products.
Maaden's net profit missed analysts’ mean estimate of SAR 811.7 million, according to LSEG data.
Sales revenue was SAR 6.22 billion in Q3 versus SAR 10 billion in the prior period, the miner said in a regulatory disclosure on Riyadh's Tadawul exchange on Tuesday. The drop in revenue was due to lower realised prices in the fertiliser segment.
(Reporting by Brinda Darasha; editing by Seban Scaria)
