The Grand Factories Company for Mining achieved a profit of 22% during the first quarter of this year, compared to profits of 34.3 million riyals recorded by the company during the same period last year.
According to Arab Net, the company explained in a statement today, Tuesday, that the reason for the increase in profits is due to the increase in revenues from basic and precious metals as a result of the increase in production and sale quantities and the increase in the average price achieved for most metals.
She added that this came despite the increase in general and administrative expenses as a result of the company's registration of its share of the fees and expenses related to the initial public offering, in addition to the increase in selling and marketing expenses and the increase in Zakat expense.
The company attributed the reason for the decline in profits during the first quarter of 2022 compared to the previous quarter to the decrease in production and sale quantities for most minerals as a result of carrying out some maintenance and improvements, as well as an increase in general and administrative expenses as a result of the company's registration of its share of fees. And expenses related to the initial public offering and the increase in zakat expense.
