The Saudi mining company Maaden reported a 71.7% decrease in losses.
According to Arabiya Net, the company achieved profits in the fourth quarter of 2020 amounting to 570 million riyals, far exceeding the average expectations of 260 million riyals compared to losses in the quarter The same amount in 2019 amounted to 270 million riyals.
The company's losses last year amounted to 208.98 million riyals, compared to 739.46 million riyals losses during the year 2019, according to what the company stated to the Saudi Stock Exchange Tadawul.
The company's revenues rose by 4.8% to reach 18.579 billion riyals.
The company attributed the decrease in losses to the increase in the quantities sold for all products except for alumina and industrial metals, despite the decrease in the average achieved prices for all products except for gold. In addition to an increase in the share of net profit in joint ventures, despite the decrease in income from time deposits and the increase in other expenses.
Moreover, selling, marketing and distribution expenses decreased by 20%, financing cost by 31% and zakat expense and income tax by 63%, while cost of sales increased by 6% % This is mainly due to the increase in the quantities sold for all products, except for alumina and industrial metals. General and administrative expenses increased by 11%, and exploration and technical services expenses by 18%.
In a separate statement, the company said it would not distribute cash to shareholders for the past year.
