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.
Ma’aden is among the fastest-growing mining companies in the world and the largest multi-commodity mining and metals company in the Middle East. Ma’aden pioneered the mining industry in Saudi Arabia, building a world-class, unique and fully integrated mining value chain. Ma’aden is becoming a key player in the long-term diversification of Saudi Arabia economy. Ma’aden complies with the highest international standards of corporate governance and continues to build the company operations on a strong foundation of sustainable practices.
Their Strategy 2025 is anchored in our vision to be a sustainable mining champion with a global presence. Our approach to achieve success is best explained using the concept of three pillars built on strong foundations.
The announcement of Vision 2030 in Saudi Arabia has stimulated the industrial and mining sectors in in Saudi Arabia. The commitment of Saudi Arabia to build a comprehensive database for the national mineral resources is one of the main enabling elements to achieve the ambitions of the mining industry in Saudi Arabia.