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Saudi Arabia’s Maaden’s Q2 profit triples to $1.1bn

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The separate index for mining will help put more focus on Saudi mining industry

Saudi Arabian Mining Co. (Maaden) reported Q2 2022 net profit more than tripled to SAR 4.03 billion ($1.07 billion) from SAR 1.10 billion in the year-earlier period on higher sales prices and increased production.

Sales revenue stood at SAR 11.87 billion in Q2 2022 compared to SAR 6.10 billion in the prior period, the mining major said in a statement to the Saudi stock exchange.

Net profit more than tripled to SAR 6.2 billion in the first half of 2022 from SAR 1.86 billion in the previous year. Revenue jumped 80 percent year-on-year to SAR 20.8 billion. 

The company’s Ammonia III ramped up production, contributing to overall sales. The plant has an output capacity of 1.1 million tonnes per year.

Higher production at Maaden Waad Al Shamaal Phosphate Company led to a 15 percent increase in phosphate fertiliser sales volumes year-on-year in Q2 2022.

The aluminium business continued its strong performance, on the back of stable efficiency in operations and improved sales.

The mining major is on track to increase its current gold mining capacity by 70 percent with a new plant in Mansourah Massarah, which is in the commissioning phase.