Business, Company News, Economy

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Maaden posts net loss in Q3

Maaden's net profit fell 83 percent in 2023.
By TRENDS Desk
November 1, 2023 1:11 am
  • Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
  • Maaden posted net earnings of $183 million for the first nine months of 2023.

RIYADH, SAUDI ARABIA – Saudi Arabian Mining Co. (Maaden) posted a net loss of US$22.2 million in Q3 2023.

Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.  

Maaden posted net earnings of US$183 million (SAR 686.9 million) for the first nine months of 2023, down 92 percent compared with US$2.2 billion (SAR 8.3 billion) in the corresponding period last year.

Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 versus US$2.6 billion (SAR 10 billion) in the prior period, the miner said in a regulatory disclosure on Riyadh’s Tadawul exchange on Tuesday.

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