PHOTO
Saudi Arabian Mining Co. (Ma’aden) has posted an 80% year-on-year (YoY) drop in its Q1 2023 net profit to 419.4 billion riyals ($112 million) in the year-earlier period on lower sales and prices for most of its products.
Sales revenue was SAR8 billion in Q1 versus SAR8.9 billion in the prior period, the miner said in a regulatory disclosure on Riyadh's Tadawul exchange on Monday.
Finance costs rose by 11% due to the increase in SIBOR rates, it added.
In addition, the share in net profit of joint ventures attributable to Ma’aden was lower by 6%.
Robert Wilt, CEO said despite softer commodity prices, which impacted the top-line performance and profitability for the quarter compared to last year, the company continues to make good progress to optimize existing operations and bring new projects online.
"Ammonia 3 production is ramping up towards nameplate capacity and the wider Phosphate 3 project is on track. The aluminium pot relining at Ras Al-Khair is progressing as planned and Mansourah-Massarah, the largest gold project in Saudi Arabia, remains set to commence commercial production in the second half of 2023," he said.
(Writing by Brinda Darasha; editing by Seban Scaria)
