RIYADH: Saudi Arabian Mining Co.’s, or Ma’aden, profit nearly tripled to SR8.3 billion ($2.2 billion) during the first nine months of 2022.
The Saudi-listed miner’s profit rose 165 percent from SR3.1 billion in the same period a year ago, according to a bourse filing.
This was coupled with a 69 percent revenue jump to SR31 billion, compared to SR18 billion last year.
Despite the profit growth, shares of the company declined 9.92 percent on Tuesday at a share price of SR75.40.
Ma’aden said the robust performance was due to higher average sales prices of all products in addition to a rise in sales of ammonia, ammonia phosphate fertilizer, aluminum, and industrial mineral products.
A higher share in profit from joint ventures, and higher income from time deposits also contributed to the results, it added.
During the third quarter of 2022, Ma’aden’s profits jumped 65 percent to reach SR2.1 billion, from SR1.3 billion in the same period last year.
