Shares of Ma’aden, the Saudi mining company, vaulted six percent in trading on Sunday when news broke of its record earnings for 2021.
Ma’aden, formally known as Saudi Arabian Mining Co., hit SR106 ($28) at noon Saudi time, amid trading of almost 2.4 million shares.
Amid a jump in commodity prices, the miner turned into a profit of SR5.2 billion in 2021, after making losses of SR280 million a year ago, according to a filing.
The Saudi-listed miner also announced that it will double capital to SR24.6 billion through granting bonus shares to shareholders.
Despite solid results, the company said it won’t pay any dividends to shareholders for 2021 “based on the company’s need to continue funding its current and future projects.”