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Maaden turns to profit on back of gold, aluminium, and phosphate price hikes

Maaden turns to profit on back of gold, aluminium, and phosphate price hikes

The Saudi Arabian Mining Company (Maaden) profits increased by 19554% in the fourth quarter of the current fiscal year. The recent hikes in metal prices to world-record levels played a part in reaching this extraordinary outcome, according to Khaled Al-Ohali, the company’s Senior Vice President, Corporate Affairs & Communication.

Maaden has returned to profit, posting returns of SAR 3.1 billion ($826 million) in the first nine months of the year.

Al-Ohali stated that the recent price increase mostly affected gold, phosphate, and aluminium, which are the company’s primary goods, resulting in remarkable profits in the first half of the year and now in the third quarter, despite rising production expenses.”

Maaden revenues increased by 43.8% to SAR 6.7 billion in the third quarter of this year, while net profits increased by 19554% to SAR 1.27 billion, compared to SAR 6.5 million in the same time last year.

As a result, the firm earned a profit of SAR 3.14 billion in the first nine months of this year, compared to losses of around SAR 781 in 2020, when the coronavirus pandemic was at its peak.

“Since the listing of Maaden on the Saudi Stock Exchange, it has taken significant jumps,” says Al-Ohali.

“The company’s revenues increased about 6-fold in the last 10 years, and the number of employees has hiked from around 800 to more than 7,000. We now export our products to more than 40 nations across the world.”

“We recognise that minerals are global commodities, with supply and demand fluctuating according to demand, which is reflected in price fluctuations,” he says.

“However, we are prepared for any event by focusing on three factors: first, performance efficiency, second, cost rationing in manufacturing, and third, continued expansion in the company.

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