Maaden swings to SAR 5.227 bln net profit in 2021; Q4 hits SAR 2.090 bln

Saudi Arabian Mining Co. (Maaden) turned to a net profit after Zakat and tax of SAR 5.227 billion in 2021, against a net loss of SAR 209 million a year earlier.

The positive performance was driven by higher average realized selling prices of all products except for industrial mineral products, better net profit from Maaden’s joint ventures and lower costs (as general and administrative expenses declined 3% year-on-year (YoY), exploration and technical services expenses (-30% YoY) and finance costs (-27% YoY).

However, the profit rise was offset by a decline in sales volumes of ammonia, gold and flat rolled products, lower income from time deposits, along with a 10% YoY rise in selling, a 15% YoY increase in marketing and logistic expenses, as well as a 191% surge YoY in Zakat and income tax expenses.

The fourth-quarter net profit after Zakat and tax soared to SAR 2.090 billion, from SAR 571.95 million in year-earlier period.

Net profit jumped 64.3% from SAR 1.271 billion in Q3 2021.

Shareholders’ equity, after minority interest, increased to SAR 35.7 billion in 2021, compared to SAR 30.3 billion in 2020.

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