Dubai, UAE — Saudi Arabian Mining Company (Maaden) on Monday posted a net profit of SAR 1.57 billion ($418 million) in 2023, an 83 percent decrease from SAR 9.31 billion a year earlier.
in a Tadawul disclosure, the company said the net profit decreased due to a decline in sales (by 27 percent YoY from SAR 40.27 billion to 29.27 billion) on the back of lower commodity market prices of all products except gold.
However, the higher sales volumes of ammonia phosphate fertilizer, alumina and gold supported net earnings.
Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices. This was partially offset by lower raw material prices, higher income from time deposit and lower income taxes and zakat, it added.
Gross profit fell by 57.45 percent in 2023, from SAR 16.24 billion in 2022 to SAR 6.91 billion, on lower sales.
In the fourth-quarter, net profit declined 12 percent YoY to SAR 890.4 million, but sequentially, it turned profitable in Q4 from a net loss of SAR 83.44 million in Q3 2023.
