Maaden focused on continuing supply chains, cutting costs in 2020: CEO

Maaden CEO Mosaed Al-Ohali

Saudi Arabian Mining Co. (Maaden) focused on the continuity of supply chains and reducing costs in 2020, as most of the company’s plants continued with production despite the COVID-19 pandemic, Al-Arabiya TV reported, citing chief executive officer Mosaed Al-Ohali.

Despite Maaden's weak results in terms of net income, operating profit came in strong, which empowered the company to repay its liabilities and fund development projects, Al-Ohali added, while speaking on the sidelines of Future Investment Initiative (FII) conference.

The CEO also noted that gold prices were key to supporting cash inflows during 2020, while prices of phosphate and aluminum were at the bottom of the cycle in terms of prices.

However, aluminum prices rebounded by the end of the year, while fertilizer prices were down for most of the year.

Maaden widened net loss after Zakat and tax by 68.7% year-on-year (YoY) to SAR 780.9 million for the first nine months of 2020, from SAR 462.9 million in prior-year period, according to Argaam data.