Industry Maaden profit up three-fold on higher commodity prices By Pramod Kumar August 12, 2024, 4:09 AM WAM The sustained gold prices will drive expansion of gold operations with Mansourah-Massarah on track to produce 250,000 ounces this year Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs. The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period. In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million contributed to the higher profit. NewsletterGet the Best of AGBI delivered straight to your inbox every week Revenues increased 3 percent year on year to SAR7.2 billion. Profits for the first six months jumped 160 percent year on year to SAR2 billion driven by higher sales, lower raw material costs, a decline depreciation expenses and an impact of one-off industrial utility charges. Top line, however, was down 3 percent to SAR1.5 billion due to lower commodity prices. Maaden discovers ‘significant’ gold reserves in Saudi Arabia Mining licences granted for six sites in Saudi Arabia Maaden Q1 profit jumps twofold to $262m “Our large-scale phosphate 3 project is progressing, with construction underway, and we are moving forward with a new aluminium recycling plant at Ras Al-Khair,” said CEO Bob Wilt. Additionally, the completion of investment in Vale Base Metals will increase exposure to green metals, he added. In May Manara Minerals, a joint venture between Maaden and the Public Investment Fund, completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale.