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Saudi Arabian Mining Company (Ma’aden) has announced quarterly profits of SAR 2.102 billion ($560.5 million), up 65.3% year-on-year, but down 47.8% quarter-on-quarter.
Revenue grew YoY by 49.5% to reach SAR 10.01 billion, was down 15.68% QoQ.
The company said its year-on-year increases were due to higher average realised sales prices of all products except for gold, higher sales volumes of all products except alumina and higher income from deposits. Another factor was higher non-operating income due to an insurance claim worth SAR 195 million following a fire at MPC’s ammonia plant in the second quarter of 2021.
Quarter-on-quarter, the prices of all products except industrial mineral products fell, the company said in its financial results statement to the Saudi Stock Exchange (Tadawul).
Other factors at play included lower sales volumes of ammonia, gold and flat rolled products which were partially offset by higher sales volumes of ammonium phosphate fertiliser, aluminum and alumina, the company said in a statement to the Saudi Stock Exchange (Tadawul).
There were also lower net profits of joint ventures attributable to Ma’aden, the company said.
Profits reached SAR 8.302 billion for the first nine months of 2022, up from SAR 3.137 billion YoY, with revenue reaching SAR 30.804 billion, up from SAR 18.249 billion.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
