Ma’aden records leap to over $319mln in Q3 profits

Revenues increased by 43.7% year-on-year

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) announced a jump of 19,548.8% in net profits after Zakat and tax to SAR 1.27 billion during the third quarter (Q3) of 2021 from SAR 6.47 million in Q3-20.

Revenues increased by 43.7% year-on-year (YoY) to SAR 6.69 billion in Q3-21 from SAR 4.65 billion in Q3-20, according to the interim income statements on Monday.

On a quarterly basis, the net profits in Q3 were 15% higher than SAR 1.1 billion in Q2-21, and the revenues soared by 9.7% from SAR 6.1 billion.

In the first nine months of 2021, Ma’aden has turned to profits worth SAR 3.13 billion against losses of SAR 780.92 million in the same period last year.

Earnings per share stood at SAR 2.55 at the end of September this year, versus a loss per share of SAR 0.63 in the same period in 2020.

Revenues surged by 40% YoY to SAR 18.24 billion in the January-September 2021 period from SAR 13.03 billion.

Source: Mubasher

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