Saudi Ma’aden net profit up 85pc in Q2; sales hits $3.6bn
RIYADH, August 13, 2022
Saudi Arabian Mining Company (Ma’aden), the kingdom’s mining champion, has recorded solid results for the second quarter netting a 85% jump in its net profit which surged to hit SR4 billion ($1.06 billion), while its sales for the period rose 95% to SR11.9 billion ($3.16 billion).
Announcing its results for the three-month period ended June 30, 2022, Maaden said its ebitda rose to SR6.9 billion, reflecting robust sales performance. The company's H1 2022 ebitda increased by 128%, compared with the same period in the prior year, to SR11.3 billion.
Ma’aden said its growth during the period was driven by increased production volumes from new projects and improved efficiency in existing operations.
Its Ammonia III ramped up production, contributing to overall sales. The Ammonia III plant has an output capacity of 1.1 million tonnes per year and is part of an ongoing expansion that will strengthen the kingdom’s position as one of the top producers of phosphate fertilizers in the world.
Production at Ma’aden Wa’ad Al Shamaal Phosphate company continued to ramp up, leading to a 15% increase in phosphate fertilizer sales volumes at the plant compared to Q2 2021.
The aluminium business also continued its strong performance, on the back of stable efficiency in operations and increased sales, it added.
The Saudi mining giant said its net profit increased by 85% quarter on quarter to SR4 billion and by 232% for H1 2022 against same period last year to reach SR6.2 billion.
Sales rose 95% q-o-q to SR 11.9 billion bringing H1 2022 sales to SR20.8 billion, an 80% improvement on H1 2021, it added.
Commenting on the results, CEO Robert Wilt said: "Ma’aden delivered a record first half, driven by enhanced operations leading to increased sales. This record performance was supported by favorable market dynamics, delivered while maintaining the highest safety standards and making progress towards our ESG goals."
"Our success could not have been achieved without the over 6000 employees who remain committed to Ma’aden’s values and operational excellence," he added.
According to him, Ma’aden continues to invest in long term growth and is on track to increase its current gold mining capacity by 70% with a new plant in Mansourah Massarah.
The plant, which is in the commissioning phase, will be the largest gold project in the kingdom, once operational.
"As we look to the rest of 2022, we will continue to invest in our production capacity across our current portfolio to meet demand, whilst exploring Saudi Arabia’s untapped mineral resources to ensure long-term sustainable growth," he added.-TradeArabia News Service
