The Saudi Arabian Mining Company (Maaden) achieved a 65.3% increase in profits for the third quarter of 2022, to reach 2.1 billion riyals, after zakat and tax, compared to profits of 1.27 billion riyals in the same quarter of 2021.
According to Arabiya Net, Maaden's net profit after zakat and tax declined by 47.8% in the third quarter of 2022, compared to 4.03 billion riyals in the second quarter of 2022.
Ma’aden said in a statement that the increase in quarterly profits on an annual basis is due to several factors, namely the increase in the average selling prices achieved for all products except gold, the increase in the quantities sold for all products except for alumina, and the increase in income from term deposits by 7.5 times due to the increase in investments and the rate of return. on deposit.
She added that the increase is also due to an increase in other non-operating revenues, net by 8.2 times due to a one-time income from insurance claims amounting to 195 million riyals compared to a limited fire in the ammonia plant of Ma’aden Phosphate Company during the second quarter of 2021, in addition to a decrease in technical services expenses. by 22%.
During the first nine months of 2022, Maaden's net profit after zakat and tax increased by 164.6% to about 8.3 billion riyals, compared to about 3.14 billion riyals in the same period of 2021.
