Ma’aden reports $1.65bln profits in H1-22 interim results

Ma’aden reports $1.65bln profits in H1-22 interim results

Saudi Arabian Mining Company (Ma’aden) recorded a 232.32% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 6.20 billion during the first half (H1) of 2022, compared to SAR 1.86 billion.

Ma’aden generated revenues of SAR 20.79 billion in the first six months (6M) of 2022, an annual hike of 79.98% from SAR 11.55 billion, according to the initial financial results.

The earnings per share (EPS) surged to SAR 2.52 in H1-22 from SAR 0.76 in H1-21.

During the second quarter (Q2) of 2022, the net profit after Zakat and tax reached SAR 4.02 billion, higher by 264.69% than SAR 1.10 billion in Q2-21.

The Q2-22 revenues increased by 94.64% YoY to SAR 11.87 billion, versus SAR 6.10 billion.

In January-March 2022, the Saudi listed firm’s net profits after Zakat and tax jumped by 185.34% to SAR 2.17 billion, compared to SAR 761.15 million in the year-ago period.