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14-02-23

Ma’aden registers 87 percent increase in net profit last year

(MENAFN) Saudi Arabian Mining Co., the biggest multi-commodity mining and metals firm in the Middle East, on Monday recorded a rise of 87 percent in its net profit for last year triggered by higher sales as well as peak commodity prices.

The listed firm, also known as Ma’aden, recorded SR12.13 billion (USD3.23 billion) in net profit, it stated in a press release. Gains before interest, tax, depreciation and amortization rose by 51 percent at the end of the reporting time span to higher than 16.68 percent.

After the reveal of the firm’s 2040 plan for expansion and the strategy of a transformation plan, Ma’aden has registered peak sales of SR40.28 billion, rising 50 percent, triggered by surged commodity prices and elevated efficiencies thru all business units. Cash collected from operations climbed 71 percent on a yearly basis to reach SR16.21 billion.

Ma’aden is also showing advancements on its health and safety record, registering its safest year during many progress in the downward trajectory of the AIFR (All Injuries Frequency Rate) metric to stand at 0.13.

“Ma’aden delivered its safest and most profitable year ever. The transformation initiated a year ago is showing results. Financially, sales and profits grew by 50 percent and 87 percent respectively with working capital improvements contributing to record cash generation levels and the further strengthening of our balance sheet,” according to Robert Wilt, Ma’aden chief executive, remarking on the economic outcomes of the mining giant.

“We are investing in the next generation of low-cost, long-life projects, improving exploration and project delivery capabilities, and putting health, safety, and the well-being of our people at the center of our plans for the future,” he also stated.

“We’ve also made significant progress towards our ambitious growth targets following the commissioning of Ammonia 3, the awarding of the EPCM contract for Phosphate 3, Mansourah-Massarah nearing commercial production and over 2 million ounces of gold reserves added to our portfolio,” the official added.

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