Maaden turns to SAR 3.1375 bln net profit in 9M 2021

Saudi Arabian Mining Co. (Maaden) turned to a net profit after Zakat and tax of SAR 3.1375 billion in the first nine months of 2021, from a net loss of SAR 780.9 million in the same period a year ago.

The company attributed the profit to higher average prices of all products, profit share from the company’s joint ventures, and other income.

Maaden also cited lower general and administrative expenses, exploration and technical services costs, and finance expenses for the earnings.

This was partially offset by lower sales volume, except alumina, primary aluminum, flat rolled products, and Meridian sales, as well as lower income from time deposits.

Q3 2021 net profit after Zakat and tax stood at SAR 1.2719 billion, rising steeply from SAR 6.4 million in year-earlier period, backed by higher average prices of all products, except gold.

This was partially offset by lower sales volume of all products, except alumina and Meridian sales.

On a sequential basis, Maaden turned to profit in Q3 2021, driven by higher average sales prices of all products, except alumina and gold.

Shareholders’ equity, after minority interest, reached SAR 32.1 million during the nine-month period, compared to SAR 2.96 million in the same period a year ago.

View more financial results