Saudi mining company Ma’aden turns $826mln profit in first nine months of 2021

The recovery is due to higher average sales prices of all products except gold, the company said

  
A Saudi labourer walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

A Saudi labourer walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

REUTERS/Faisal Al Nasser

DUBAI: The Saudi Arabian Mining Company, or Ma’aden, has returned to profit, posting returns of SR3.1 billion ($826 million) in the first nine months of the year.

This is compared to a net loss of SR780 million in the same period in 2020, when the COVID-19 pandemic hit pushed industries to the wall. 

The recovery is due to higher average sales prices of all products except gold, the company said in a Tadawul filing. 

Higher share in net profit from its joint ventures also bumped Ma’aden’s profits up.

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