The Saudi Arabian Mining Company (Maaden) achieved a growth of 78.26% in net profits to reach about 9.32 billion riyals after zakat and tax in 2022, compared to about 5.23 billion riyals net profit in 2021.

According to Arabia Net, the company recorded a 51% decline in profits for the fourth quarter of 2022, to reach about 1.02 billion riyals, after zakat and tax, compared to a net profit of about 2.09 billion riyals in the corresponding quarter of 2021.

In a statement, Maaden attributed the reasons for the increase in net profit during 2022 compared to 2021 to the increase in the average selling prices achieved for all products except for gold, and the increase in the quantities sold for all products except for alumina, basic aluminum and gold, as well as the increase in income from time deposits by 5.7 times due to the increase in investments and the rate of return on deposits.

She indicated that other non-operating revenues increased, net by 3.8 times, due to income from one-time insurance claims amounting to 195 million riyals against a limited fire in the ammonia plant of the Ma’aden Phosphate Company, which occurred during the second quarter of the year 2021.


Capital increase

In a separate statement, the Saudi Arabian Mining Company, Ma’aden, announced the recommendation of the Board of Directors to the Extraordinary General Assembly to increase the company’s capital by 50%, by granting bonus shares by capitalizing about 12.306 billion riyals from the statutory reserve and retained earnings. By granting a free share for every two shares owned by the shareholders.

The capital after the increase becomes about 36.92 billion riyals, compared to about 24.61 billion riyals before the increase, an increase of 50%.

The company aims to increase the capital to support the capital base of the company. This contributes to enhancing future growth plans.


Dividend distribution

The Saudi Arabian Mining Company, Ma'aden, announced that it will not distribute cash dividends to shareholders for the fiscal year 2022, based on the company's need to complete the financing of the strategic growth plan and joint ventures.

The Board's recommendation not to distribute cash dividends for the fiscal year 2022 will be presented to the General Assembly for a vote.