Saudi Arabian Mining Co. (Ma’aden) has posted an 83% year-on-year (YoY) drop in its full-year 2023 net profit attributable to shareholders to 1.58 billion riyals ($421 billion) on lower prices for most of its products.

The effort, however, came in ahead of analysts’ mean estimate of SAR 1.32 billion, according to LSEG data.

The net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices, Ma'aden said in a regulatory disclosure on Riyadh's Tadawul exchange on Monday.

Sales revenue fell 27% to SAR 29.3 billion, the miner said. This decrease in sales was partially offset by higher sales volumes of ammonia phosphate fertilizer, alumina and gold.

CEO Bob Wilt said the company expects to "aggressively" expand exploration activity in 2024.

(Writing by Brinda Darasha; editing by Mily Chakrabarty)