Saudi Arabian Mining Company (Ma’aden) has announced a whopping 232 percent jump in its net profit in the first half of 2022 to SAR 6.2 billion, compared to the same year-ago period.
The company’s net profit in the April-June quarter of this year posted a 82 percent jump to SAR 4 billion, compared to the corresponding quarter of 2021, SPA reported.
Its sales rose 95 percent on a quarter-on-quarter basis to SAR 11.9 billion, taking the total sales in the first half of 2022 to SAR 20.8 billion.
This is an 80 percent rise over that of H1 2021.
Robert Wilt, chief executive officer of Ma’aden, said the company’s record first half results were driven by enhanced operations leading to increased sales.
“As we look to the rest of 2022, we will continue to invest in our production capacity across our current portfolio to meet demand, while exploring Saudi Arabia’s untapped mineral resources to ensure long-term sustainable growth,” Wilt said.
The company said its growth during the period was driven by increased production volumes from new projects and improved efficiency in existing operations.
Ma’aden’s Ammonia III ramped up production, contributing to overall sales. The plant has an output capacity of 1.1 million tonnes per year and is part of an ongoing expansion that will strengthen the Kingdom’s position as one of the top producers of phosphate fertilizers in the world.
Production at Ma’aden Wa’ad Al Shamaal phosphate company continued to ramp up, leading to a 15 percent increase in phosphate fertilizer sales volumes at the plant compared to Q2 2021.
The aluminium business also continued its strong performance due to increased operations and sales.
The company said it was on track to increase its current gold mining capacity by 70 percent with a new plant in Mansourah Massarah, which is currently in commissioning phase.
Mansourah Massarah will be the largest gold project in the Kingdom.
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