Saudi Arabian Mining Co. (Ma’aden) has posted an increase in its Q2 2022 net profit at SAR 4.03 billion ($1.07 billion) compared to SAR 1.10 billion in the year-earlier period from higher sales and prices for most of its products.

Sales revenue was SAR11.87 billion in Q2 versus SAR 6.10 billion in the prior period, the miner said in a regulatory disclosure on Riyadh's Tadawul exchange on Thursday. 

For H1, the net profit hit SAR 6.2 billion compared with SAR 1.86 billion. Revenue was SAR 20.8 billion, an 80% improvement year-on-year. 

Robert Wilt, CEO said: “Ma’aden delivered a record first half, driven by enhanced operations leading to increased sales.

“This record performance was supported by favorable market dynamics, delivered while maintaining the highest safety standards and making progress towards our ESG goals.”

Growth during the period was driven by increased production volumes from new projects and improved efficiency in existing operations, the report said.

Ma’aden’s Ammonia III ramped up production, contributing to overall sales. Production at Wa’ad Al Shamaal phosphate company continued to ramp up, leading to a 15% increase in phosphate fertilizer sales volumes at the plant compared the year- ago period.

Ma’aden is on track to increase its current gold mining capacity by 70% with a new plant in Mansourah Massarah which is in commissioning phase, the report said.

(Writing by Brinda Darasha; Editing by Seban Scaria)