Manufacturing Saudi Arabian Mining Co profit slumps 80% in Q1 By Andy Sambidge May 22, 2023, 2:23 PM Unsplash/Albert Hyseni A date has yet to be announced for the bidding process on Saudi Arabia's new mining tenders Ma’aden blamed 80% Q1 profit drop on increased costs Profit was SAR240m on revenue of SAR8bn Mining is a pillar of the Vision 2030 Saudi transformation programme The Middle East’s largest mining and metals company has reported an 80 percent drop in net profit for the first quarter of 2023. Saudi Arabian Mining Co, better known as Ma’aden, blamed the fall in part on increased costs related to raw materials and softer commodity prices. It posted net profit on Monday of just under SAR420 million ($112 million) for Q1 on revenue of more than SAR8 billion. Ma’aden buys $126m stake in US mining firm Saudi mining firm exports blue ammonia to China Oman and UAE explore transport of minerals by rail Following the announcement, its share price on the Saudi Stock Exchange fell by more than 2 percent at the close of trading on Monday. Ma’aden operates 17 mines and sites and has more than 6,500 employees and exports products to over 30 countries. It said the cost of exploration and technical services jumped by 129 percent, while finance costs more than doubled due to an increase in interest rates in Saudi Arabia and London. The company added that the rise in costs was partially offset by higher sales volumes in most products, apart from aluminium and gold. CEO Robert Wilt said Ma’aden’s transformation programme meant it was “better equipped” to capture growth opportunities despite softer commodity prices in Q1, which impacted top-line performance and profitability. Ma’aden plays a key role in Saudi Vision 2030, which places mining as a third pillar of the Saudi economy. The Saudi government believes it has unused mineral resources worth about $1.3 trillion. In February, Saudi Arabia invited local and international mining companies to bid for licences on five exploration sites across the kingdom. The plan is to complete the licensing round by the third quarter of 2023. Last week, Ma’aden said it bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint exploration venture for copper, nickel, gold and silver.
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 3 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 2 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 2 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 2 hours ago
