RIYADH: Profits for Saudi Arabian Mining Co. rebounded in the final quarter of 2023, with the company registering gains of SR890.4 million ($237.4 billion).
This came after the firm, also known as Ma’aden, posted a SR83.4 million loss over the previous three months.
According to a press statement, the performance of the company in the three months to the end of 2023 was driven by a surge in total revenue, which reached SR8.03 billion, representing a rise of 28 percent compared to the previous quarter.
Lower operating costs and favorable raw material expenses were other factors that contributed to a rise in revenue, the company added.
For Saudi Arabia, developing the mining sector is crucial, as the Kingdom is steadily diversifying its economy, aligned with the goals outlined in Vision 2030.
In the press statement, Ma’aden CEO Robert Wilt said the firm will continue with explorations in 2024 to unlock the Saudi mining sector’s potential which is currently valued at $2.5 trillion.
“Ma’aden is undertaking one of the world’s largest exploitation programs to unlock the $2.5 trillion mineral endowment in the Kingdom. We discovered a significant gold resource potential discovery south of Mansourah-Massarah, which could put us at the center of the world’s next gold rush. We expect to aggressively expand our exploration activities in 2024,” said the CEO.
While the company saw quarter-on-quarter gains to close out 2023, the mining giant’s net profit dipped by 83 percent year-on-year to come in at SR1.57 billion — down from SR9.31 billion over the previous 12 months.
The statement further noted that shareholders’ equity, excluding minority interest, increased to SR46.42 billion by Dec. 31, 2023, compared to SR45.06 billion a year earlier.
Wilt added that the company made the first major investment in the global mining sector in 2023, with Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund securing a 10 percent share in Brazilian company Vale Base Metals Ltd.
“We are confident that our strategy will continue to deliver strong future growth and create value for our shareholders, our people and the economic diversification of the Saudi economy, in line with Vision 2030,” added Wilt.
Source: Arab News
