Ma’aden reports SR 5.22 bln net profit in 2021

Saudi Arabian Mining Company (Ma’aden) reported a net profit after zakat and tax of SR 5.22 billion in 2021 against a net loss of SR 209 million during the same period in 2020.

The company’s operational profit soared by 815% to SR 7.4 billion in 2021 from SR 811 million a year earlier, while gross profit hiked by 257% to SR 9.15 billion from SR 2.56 billion.

 Ma’aden disclosed a profit per share of SR 4.25 in 2021 from a loss per share of SR 0.17.

Higher net profit is spurred by:

Higher average realized sales prices of all products except industrial mineral products.

Higher net profit of joint ventures attributable to Ma’aden.

Lower costs (general and administrative expenses by 3%, exploration and technical services expenses by 30% and finance cost by 27%).

This increase in net profit is partially offset by:

Lower sales volume of ammonia, gold and flat rolled products.

Lower income from time deposits.

Higher costs (cost of sales by 10%, selling, marketing and logistic expenses by 15% and zakat and income tax expense by 191%).