Banking & Finance Saudi Arabia’s Maaden’s Q2 profit triples to $1.1bn By Pramod Kumar August 12, 2022, 4:56 AM Creative Commons 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.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 3 hours ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 29 mins ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 6 mins ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 31 mins ago
