Saudi's Maaden links profits to surge in commodity prices

Maaden will boost spending on exploration for metals in the Kingdom: CEO

  
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
 
RIYADH: Saudi Arabian Mining Co. (Maaden) second quarter profits soared by a surge in commodity prices and the trend is expected to continue into 2021, according to its CEO Abdul Aziz Al-Harbi.

In an interview on Bloomberg Television, Al-Harbi said: “We are enjoying a very good time in commodity prices.”

Maaden reported a net income of more than SR1 billion ($266.7 million) for the first time in almost eight years. The company’s second quarter profit of SR1.1 billion, in line with expectations and helped by a 52 percent jump in sales, is up from a SR434 million loss in the same period a year ago.

Maaden will boost spending on exploration for metals in the Kingdom, Al-Harbi said.

Profitability was also due to the increase in net profit attributable to Maaden’s stake in joint ventures.

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