Maaden profits jump 19549% during 3Q to SR1.27 billion

The net profit after zakat and tax for the Saudi Arabian Mining Company “Maaden” jumped to SR1.27 billion during the third quarter, compared to SR6.5 million during the same quarter of the previous year, a rate of 19549%.

This comes after the Saudi Arabian Mining Company (Ma’aden) announced on Monday its interim financial results for the period ending on 30-09-2021 (Nine Months).

The operating profit amounted to SR1.87 billion during the third quarter, compared to SR249 million during the same quarter of the previous year, a growth of 651%.

The total profit amounted to SR2.26 billion during the third quarter, compared to SR668 million during the same quarter of the previous year, an increase of 239%.

The net profit after zakat and tax during the current period amounted to 3.13 billion riyals, compared to a loss of 781 million riyals during the same period of the previous year.

Earnings per share during the current period amounted to SR2.55 riyals, compared to a loss of 0.63 during the same period of the previous year.

The reasons for the increase in net profit during the current quarter compared to the same quarter of the last year are:

• Higher average realized sales prices of all products except gold.
• Higher share in net profit of joint ventures attributable to Ma’aden and higher other income.
• Lower costs (selling, marketing and logistic expenses by 3%, general and administrative expenses by 6%, exploration and technical services expenses by 14% and finance cost by 11%).

This increase is partially offset by:

• Lower sales volume of all products except alumina and Meridian sales.
• Higher cost of sales by 11% and higher zakat and income tax expense by 154%.

The reasons for the increase in net profit during the current quarter compared to the previous quarter are:

• Higher average realized sales prices of all products except alumina and gold.
• Higher sales volume except ammonia phosphate fertilizer, flat rolled products and gold.
• Lower costs (selling, marketing and logistic expenses by 18%, general and administrative expenses by 9%, and zakat and income tax expense by 10%).

This increase is partially offset by:

• Lower share in net profit of joint ventures attributable to Ma’aden.
• Higher cost of sales by 10% and higher exploration and technical services expenses by 3%.

The reasons for the increase in net profit during the current period compared to the same period of the last year are:

• Higher average realized sales prices of all products.
• Higher share in net profit of joint ventures attributable to Ma’aden and higher other income.
• Lower costs (general and administrative expenses by 5%, exploration and technical services expenses by 30% and finance cost by 35%).

This increase is partially offset by:

• Lower sales volume except alumina, primary aluminum, flat rolled products and Meridian sales.
• Lower income from time deposits.
• Higher costs (cost of sales by 6%, selling, marketing and logistic expenses by 10% and zakat and income tax expense by 256%).