image description
image description
Tell A Friend

FinancialNews


  • 25-10-22

    Ma’aden’s stock costs rise 104 percent, records peak rate since listing

    (MENAFN) Saudi Arabian Mining Co., known as Ma’aden’, witnessed its stocks price reaching its peakiest rate since the firm went public on the back of its strategy to grow output volume.

    Ma’aden’s stock price, which started at SR39.25 (USD10.5) this year, jumped to SR80 (USD21.3) on Oct. 24, rising 104 percent.

    In March, the state-owned company declared strategies to rise output volume as well as finance in exploration to tap into the nation’s USD1.3 trillion mineral reserves — which economist Ali Alhazmi believes is the reason that made Ma’aden shares profitable, in advance it led to high performance.

    While giving a speech to Arab News, Alhazmi clarified that one of the causes might be attributed to Ma’aden turning into a profitable firm in 2021, amounting SR5.2 billion, in comparison with SR280 million in losses two years ago (2020).

    “By the end of 2022, Ma’aden will achieve SR9 billion in profit, a growth of 50 percent from 2021,” Alhazmi forecasted.

    "The beginning of the third line of its ammonia production also helped the company’s fortune, especially when there was a considerable shortage of raw materials for fertilizer,” chief executive of Rassanah Capital Abdullah AlRebdi informed Arab News.

    MENAFN25102022000045014228ID1105074241

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2024 BBK  |  All Rights Reserved