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Ma’aden Annual Profits Fall to SAR 1.6 Billion, Drop 12.5% in 4th Quarter

A metal factory affiliated with Ma’aden (Asharq Al-Awsat)
A metal factory affiliated with Ma’aden (Asharq Al-Awsat)
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Ma’aden Annual Profits Fall to SAR 1.6 Billion, Drop 12.5% in 4th Quarter

A metal factory affiliated with Ma’aden (Asharq Al-Awsat)
A metal factory affiliated with Ma’aden (Asharq Al-Awsat)

The Saudi Arabian Mining Company (Ma’aden) recorded a decrease in its net profits during 2023 by about 83.07 percent, mainly as a result of decline in sales on the back of lower commodity market prices of all products except gold.

In a disclosure to the Saudi Stock Exchange (Tadawul), the company said that its net profit after zakat and tax dropped to SAR 1.58 billion, compared to SAR 9.32 billion in 2022.

The company attributed the reason for the decrease in net profit due to the decline in sales as a result of lower prices of commodity for all products except gold.

The company added that net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices. This was partially offset by lower raw material prices, higher income from time deposit and lower income taxes and zakat.

Moreover, sales during the current year decreased by SAR 11 billion (27%) compared to last year, which is mainly due to lower commodity prices for all products except gold. This decrease in sales was partially offset by higher sales volumes of ammonia phosphate fertilizer, alumina and gold, Ma’aden reported.

It noted that sales amounted to about SAR 29.27 billion, compared to SAR 40.28 billion in 2022.

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.