RIYADH: Riyadh-based mining company Saudi Lime has announced plans to list its shares on the Saudi Stock Exchange just weeks after receiving the Capital Market Authority’s approval to list on the parallel market Nomu, the CEO revealed.
In an exclusive interview with Arab News on the sidelines of the Future Minerals Forum, Ahmed Elewa revealed that the mining firm will dedicate the coming two years to be part of the Kingdom’s main market.
“We are the first company in the mining sector related to limestone that went into an IPO and already got the CMA’s approval,” the CEO disclosed.
In addition to this, Saudi Lime aims to boost capacity by an estimated 40 percent in the coming two years, Elewa stressed.
“We have a very good plan to expand and increase our capacity right now from 1,500 tons per day to be 2000 or 2,200 tons per day,” he elaborated.
Talking about the company’s strategy for next five years, the CEO revealed that Saudi Lime will also be working on aggressive expansion plans as it is considering setting footprint in another country in the Middle East and North Africa region such as Oman or even the UAE.
Looking into the future, the executive warned that the mining sector is expected to be exposed to a challenge of scarce raw materials. “Fortunately, Saudi Lime has its own raw materials mining resource which will enable us to secure these resources at least for the coming five to ten years."
The CEO revealed that the company has spent more than 10 percent of its net income on employees, “to improve their skills and to give them specialized trainings in Saudi Arabia and in Europe.”
Saudi Lime, which operates as the Kingdom’s sole supplier for sand lime blocks and bricks, closed the year 2022 with revenues that exceeded expectations amid high demand for its products. By the end of the year, the company’s sales stood at over SR110.5 million ($26.7 million) and it achieved more than 10 percent in net income.
