DUBAI: The Saudi Arabian Mining Company, or Ma’aden, has returned to profit, posting returns of SR3.1 billion ($826 million) in the first nine months of the year.
This is compared to a net loss of SR780 million in the same period in 2020, when the COVID-19 pandemic hit pushed industries to the wall.
The recovery is due to higher average sales prices of all products except gold, the company said in a Tadawul filing.
Higher share in net profit from its joint ventures also bumped Ma’aden’s profits up.
