Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) witnessed an annual decline of 91.73% in net profit after Zakat and tax to SAR 686.92 million during the first nine months (9M) of 2023, compared with SAR 8.30 billion.
The earnings per share (EPS) plummeted to SAR 0.19 in 9M-23 from SAR 2.25 in 9M-22, according to the interim financial results.
Revenues also decreased by 31.06% to SAR 21.23 billion during January-September 2023 from SAR 30.80 billion in the same period a year earlier.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, Ma’aden incurred net losses after Zakat and tax worth SAR 83.43 million, against net profits of SAR 2.10 billion in Q3-22.
The revenues shrank by 37.83% year-on-year (YoY) during the July-September 2023 period, compared with SAR 10.01 billion.
On a quarterly basis, the company also shifted to losses in Q3-23 from being profitable at SAR 350.94 million in Q2-23, while the revenues declined by 10.63% from SAR 6.96 billion.
During the first half (H1) of 2023, Ma’aden recorded net profits worth SAR 770.36 million in addition to revenues of SAR 15.01 billion.
It is worth mentioning that the listed firm was among the strategic partners at the seventh edition of the Future Investment Initiative (FII) conference which took place in Riyadh on 24-26 October 2023.
