Riyadh — The Saudi Arabian Mining Company (Ma’aden) on Sunday announced its financial results for the second quarter of 2023, revealing total revenues of US$1.86 billion.
Ma’aden’s focus on transformation, supported by increased fertilizer production, paved the way for new strategic partnerships and enhanced financial flexibility. This enabled the company to execute transformational growth projects in line with Ma’aden’s 2040 growth strategy.
The company’s net profit amounted to US$93.5 million. This lower profit reflects the downtrend in commodity prices compared to the record highs in FY22.
According to Ma’aden, its long-term borrowings and net debt decreased by 11% and 9% respectively since December 2022. This reduction in debt was further bolstered by the early repayment of US$800 million by Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).
Ma’aden CEO, Robert Wilt, remarked, “Ma’aden witnessed a record-breaking quarter in phosphate production, solidifying our dominant stance in the global fertilizer market. This achievement mirrors our ongoing emphasis on growth, fueled by our transformation initiative and the strategic goals set for 2040.”
He added that as Ma’aden looks ahead, the focus will remain on refining its business model to buttress the forthcoming growth phase. This means adopting an agile approach, gearing up to be swift and efficient, to ensure successful delivery of the upcoming growth stage.
“We are on a steady trajectory in expanding the company’s operations, adopting a streamlined operating structure, and positioning Ma’aden to elevate the mining sector as the third mainstay of the Saudi economy. Our endeavors are geared towards evolving into an entity adept at facing industry challenges and capitalizing on Saudi Arabia’s mineral wealth,” he concluded. (SPA)
