Maaden Q1 profit jumps twofold to $262m

Maaden Q1 profit jumps twofold to $262m

The Saudi state-backed miner, Maaden, reported a more than twofold rise year on year in net profit for the first quarter of 2024, supported by higher sales volume and lower depreciation costs. Net earnings reached SAR982 million ($262 million) in the January to March period, compared to SAR419 million a year earlier. Revenue fell 9 […]The Saudi state-backed miner, Maaden, reported a more than twofold rise year on year in net profit for the first quarter of 2024, supported by higher sales volume and lower depreciation costs.

Net earnings reached SAR982 million ($262 million) in the January to March period, compared to SAR419 million a year earlier.

Revenue fell 9 percent year on year to SAR7.2 billion during the quarter, driven by lower prices and sales volumes in ammonia and aluminium.

“We have continued to drive our strategic priorities, including an additional 113 km of drilling at Uruq South, supporting our exploration efforts as we expand our geological surveys in the development of the Central Arabian gold region,” said CEO Bob Wilt.

In addition, Mansourah-Massarah, Maaden’s largest and most technologically advanced gold mine, is now fully operational and contribute to 2024 financials, he said, adding the company has made good progress on contract awards