Saudi’s Maaden profit drops 83% on high debt costs

Saudi’s Maaden profit drops 83% on high debt costs

Saudi state-owned mining company Maaden reported an 83 percent year-on-year drop in net profit to SAR1.6 billion ($426 million) in 2023 as a result of higher borrowing costs and lower income from joint ventures. Revenue fell 27 percent year on year to over SAR29 billion ($7.7 billion) due to lower prices for all commodities except […]Saudi state-owned mining company Maaden reported an 83 percent year-on-year drop in net profit to SAR1.6 billion ($426 million) in 2023 as a result of higher borrowing costs and lower income from joint ventures.

Revenue fell 27 percent year on year to over SAR29 billion ($7.7 billion) due to lower prices for all commodities except gold.

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“Maaden made important operational and strategic progress in 2023 across all parts of the business,” CEO Bob Wilt said in a statement to the Saudi stock exchange.

“We generated record annual phosphate production, as well as strong volumes across our business, which mitigated the impact of lower commodity prices in the year.”

Maaden made progress with strategic projects, such as Phosphate 3 and completed the final commissioning at Mansourah-Massarah, contributing to an