In comparison to the same quarter in 2021, the net profits of the Saudi Arabian Mining Company “Maaden” rose by 65.3% by the end of the third quarter of 2022, reaching around 2. 1 billion riyals after zakat and tax.
According to a declaration of the Saudi stock exchange “Tadawul,” the net earnings of “Maaden” after Zakat and tax declined by 47. 8% in the third quarter of 2022, compared to a net profit of roughly 4. 03 billion riyals in the second quarter of 2022.
Additionally, the company’s quarterly profits increased on an annual basis due to a number of factors, including the high average sales prices attained for all products other than gold, the highest quantities sold for all products other than alumina, and the highest income from deposits, which increased by 7.5% as a result of increased investments and the rate of return on deposits.
She continued by saying that the increase is also the result of an 8.3% net increase in other non-operational revenues.
A small fire that occurred in the Maaden Ammonia facility for phosphate during the second quarter of 2021 resulted in insurance claims being paid out twice, for a total of 195 million riyals, in addition to a 22% drop in technical services costs.
In comparison to the same period in 2021, the net profit of “minerals” climbed by 164.6% to around 8.3 billion riyals in the first nine months of 2022, after zakat and tax.
The third quarter of 2022 sees a 65% growth in Saudi Maaden.
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