The losses of the Saudi Arabian Mining Company (Maaden) increased by 78.17% after incurring a net loss after Zakat and tax amounting to 434.146 million riyals during the second quarter of 2020, compared to losses by 243.667 million riyals during the same period in the previous year.
According to ArabiaNet, the company incurred during the first half of 2020, losses amounting to 787.4 million riyals, compared to losses of 370.9 million riyals, in the corresponding period of 2019, an increase The value of the losses is 112%.
The company said that the higher losses in the second quarter are due to the lower average prices for all products, except for gold, flat-rolled products, and industrial metals, as well as low sales quantities for all products Except gold. In addition to the decrease in the share of net profit in joint ventures, income from term deposits versus a partial increase in other income.
In addition, the cost of sales increased slightly by 1%, mainly due to the higher quantity sold of gold. Also, the increase in general and administrative expenses by 60%, and exploration and technical services expenses by 73% have affected the results of this quarter, despite the decrease in selling, marketing and distribution expenses by 33%, the cost of financing by 17% and the Zakat and income tax expenses by 85%.
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