Maaden CEO expects prices to stay higher in Q4 2021, rules out impact of global supply chains

Abdulaziz al Harbi CEO of Maaden

Saudi Arabian Mining Co.’s (Maaden) Q3 2021 profit growth was spurred by higher commodity prices, expecting this rise to continue until the end of this year and over the next years, Chief Executive Officer (CEO) Abdulaziz Al Harbi told Argaam.

Phosphate sales accounted for nearly 50% of Maaden’s total sales, while aluminum and gold made up for 40% and 10% of total sales, respectively.

Most of Maaden’s main supplies, whether of sulfur, gas, or other products, are provided inside Saudi Arabia, Al Harbi added, affirming that the mining company has not been hard hit by global supply chain challenges.

Elsewhere, the top executive added that Maaden has future projects, of which some will begin production, such as the ammonia 3 project, Mansourah-Massarah – the biggest gold mine in the Kingdom, which depends on 13% renewable energy. The company is planning to expand in using renewables in its projects.

“Maaden’s performance depends on the continued rise in product prices going forward, and no one can predict the future,” Al Harbi added.

Maaden turned to a net profit after Zakat and tax of SAR 3.137 billion in the first nine months of 2021, from a net loss of SAR 780.9 million in the same period a year ago, Argaam reported.