Maaden’s H1 2022 profit rises to SAR 6.2 bln; Q2 at SAR 4 bln

Saudi Arabian Mining Co. (Maaden) reported an over threefold rise in H1 2022 net profit after Zakat and tax to SAR 6.2 billion, from SAR 1.9 billion a year earlier.

The profit surge was spurred by higher average realized selling prices of all products, better sales volume mainly from ammonia, ammonia phosphate fertilizers, primary aluminum, industrial mineral products and Meridian Consolidated Investments Limited’s (MCIL) products, with slightly lower sales volume from flat rolled products, gold, and alumina.

The mining firm also cited higher attributable net profit from joint ventures, higher income from time deposits and a 3% year-on-year (YoY) decline in finance costs.

In Q2 2022, net profit after Zakat and tax more than tripled to SAR 4 billion, from SAR 1.10 billion in the prior-year period, buoyed by higher average realized selling prices of all products except industrial minerals, and higher sales volume mainly from ammonia, primary aluminum, ammonia phosphate fertilizer, industrial mineral products and gold with slightly lower sales volume recorded for flat rolled products, alumina and Meridian’s products.

Compared to Q1 2022, net profit surged 85.5% from SAR 2.17 billion.

Shareholders’ equity, after minority interest, stood at SAR 41.949 billion as of June 30, 2022, up from SAR 32.171 billion a year earlier.

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