Arab News, Saturday, Aug 13, 2022 | Muharram 14, 1444
Saudi miner Ma’aden’s shares up 10% as profit more than triples
Saudi Arabia: Saudi Arabian
Mining Co.’s, or Ma’aden, shares soared after announcing its profit more than
tripled to SR6.2 billion ($1.7 billion) during the first half of 2022.
The Saudi-listed miner’s profit rose 232 percent from SR1.9 billion in the same
period a year ago, according to a bourse filing.
This was coupled with an 80 percent revenue jump to SR20.8 billion, compared to
SR11.6 billion last year.
In response to the profit growth, shares of the company went up by nearly 10
percent to close at SR70.6, extending gains from earlier in the day.
Ma’aden said the robust performance was due to higher average sales prices of
all products in addition to a rise in sales of ammonia, ammonia phosphate
fertilizer, aluminum, and industrial mineral products.
A higher share in profit from joint ventures, lower finance costs by 3 percent,
and higher income from time deposits also contributed to the results, it added.