Maaden Reveals Result Report for Q2 2023 with SAR6.97Bn Revenues

Maaden Reveals Result Report for Q2 2023 with SAR6.97Bn Revenues
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Maaden Reveals Result Report for Q2 2023 with SAR6.97Bn Revenues

Maaden Reveals Result Report for Q2 2023 with SAR6.97Bn Revenues

The Saudi Arabian Mining Company (Ma’aden) issued its financial results for the second quarter of 2023, showing total revenues of SAR6.97 billion.
Ma’aden’s focus on transformation underpinned by higher fertilizer production helped it secure new strategic partnerships and increase its financial flexibility, helping it to deliver transformational growth projects, which is part of Ma’aden’s 2040 growth strategy, SPA reported.
The company's net profit was SAR351 million, reflecting lower commodity prices compared to a record year in FY22.
According to Ma’aden, its long-term borrowings and net debt were down by 11% and 9%, respectively, from December 2022, the latter helped by the early debt repayment of SAR3 billion by Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).
Ma’aden CEO Robert Wilt said: “Ma’aden achieved a record quarter of phosphate production as we strengthened our leading position in the global fertilizer market. This is a reflection of our current focus on growth, which is being driven by our transformation program and the 2040 strategic objectives."
Adding that Ma’aden will continue to focus on improving its business to support its next phase of growth, he said that means the company needs to be more agile and responsive so it "can deliver our next phase of growth".
"We are making good progress in scaling the company’s operations, implementing a more efficient operating model and positioning Ma’aden to transform the mining sector into the third pillar of the Saudi economy. The steps we are taking are ensuring we are becoming a company fit to meet the challenges of our industry and realize the value of Saudi Arabia’s mineral endowment,” he said.



EU Begins Easing Syria Energy, Transport and Banking Sanctions

Syrian children play in the heavily damaged Baba Amr neighborhood following the return of their families to the central Syrian city of Homs on February 10, 2025. (Photo by LOUAI BESHARA / AFP)
Syrian children play in the heavily damaged Baba Amr neighborhood following the return of their families to the central Syrian city of Homs on February 10, 2025. (Photo by LOUAI BESHARA / AFP)
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EU Begins Easing Syria Energy, Transport and Banking Sanctions

Syrian children play in the heavily damaged Baba Amr neighborhood following the return of their families to the central Syrian city of Homs on February 10, 2025. (Photo by LOUAI BESHARA / AFP)
Syrian children play in the heavily damaged Baba Amr neighborhood following the return of their families to the central Syrian city of Homs on February 10, 2025. (Photo by LOUAI BESHARA / AFP)

The European Union on Monday began easing energy and transport sanctions and banking restrictions against Syria, aiming to help breathe life into the conflict-torn country’s economy if its new leaders work toward a peaceful future.
The EU started to impose asset freezes and travel bans on Syrian officials, banks, agencies and other organizations in 2011, in response to then-President Bashar Assad’s crackdown on protesters, which festered into a civil war.
But after Assad was toppled in a lightning opposition offensive in December, Hayat Tahrir al-Sham (HTS), now in control of Syria, set up an interim administration, saying that a new government would be formed through an inclusive process by March.
Eager to encourage the new leadership, the EU said it was suspending measures targeting oil, gas and electricity as well as transport, and notably the aviation sector. The possibility to fund and provide certain economic resources to five banks will be reinstated.
Restrictions on the export of luxury goods to Syria for personal use will also be eased, The Associated Press reported.
The decision to lift the sanctions was taken by EU foreign ministers and was made as part of efforts “to support an inclusive political transition in Syria, and its swift economic recovery, reconstruction, and stabilization,” a statement said.
The EU said that it would monitor developments in Syria to see whether other economic sanctions could be lifted, but it has also kept open the possibility of slapping the sanctions back on should the new leaders take the country in the wrong direction.
In January, former HTS leader Ahmad al-Sharaa was named Syria’s interim president after a meeting of most of the country’s former opposition factions. The groups agreed to dissolve the country’s constitution, the former national army, security service and official political parties.
International pressure has mounted for al-Sharaa to follow through on promises of an inclusive political transition. UN special envoy for Syria Geir Pedersen has said the formation of a “new inclusive government” by March 1 could help determine whether Western sanctions are lifted.