The Saudi Arabian Mining Company, Ma'aden, recorded an increase in its net profit by 19549%, to reach after zakat and tax, to 1.27 billion riyals in the third quarter of this year, compared to 6.47 million riyals in the same quarter of 2020.
According to Arabia Net, on a quarterly basis, Maaden's net profit increased by 15.15% compared to a net profit of 1.1 billion riyals in the second quarter of 2021.
The company said in a statement on Saudi Arabia's Tadawul, today, Monday, that the reason for the increase in net profit during the third quarter of this year, compared to the same quarter of the previous year, is due As a result of the increase in the average selling prices achieved for all products except gold, and the increase in the share in the net profit of the joint ventures belonging to Maaden Company, as well as the increase in other revenues.
It is also due to the decrease in costs represented in selling, marketing and distribution expenses by 3%, general and administrative expenses by 6%, exploration and technical services expenses by 14%, and the cost of financing by 11%.
The company turned profitability in the first nine months of this year to 3.14 billion riyals, compared to losses of about 780.9 million riyals in the same quarter of 2020.
