The net profits of the Saudi Arabian Mining Company (Maaden) doubled by approximately 192 percent to one billion riyals ($266 million) during the second quarter of 2024, compared to SAR 350.9 million ($93 million) during the same period last year.
In a statement on Tadawul, the company attributed the growth to the increase in total profit by 35 percent to SAR 572 million as a result of the rise in selling prices, the decrease in the cost of raw materials, and depreciation expenses.
In addition, an insurance claim of SAR 270 million and a one-off severance charge of SAR 192 million contributed to the higher profit, the company stated.
This increase in net profit was partially offset by a decrease in sales volume for all products, except for basic aluminum, flat rolled products and gold.
Sales increased by 3 percent to SAR 7.1 billion, compared to SAR 6.9 billion in the same period of 2023.
“We delivered a strong first half of 2024, demonstrating our ability to realize the benefits of operational efficiencies in a stable environment,” Maaden CEO Bob Wilt said.
He continued: “Our large-scale Phosphate 3 project is progressing, with construction underway, and we are moving forward with a new aluminum recycling plant at Ras Al-Khair.”
“Additionally, the successful completion of our investment in Vale Base Metals through Manara, is set to increase our exposure to green metals,” Wilt underlined, adding: “Our strategic partnerships and technology-led innovation programs are fast-tracking mineral discoveries through the world’s largest greenfield exploration program of its kind.”
