#Saudi: Ma’aden’s profits leap to $533mln in H1-24

Saudi: Ma’aden’s profits leap to $533mln in H1-24

Saudi Arabian Mining Company (Ma’aden) posted 160.35% year-on-year (YoY) higher net profits at SAR 2 billion in the first half (H1) of 2024, compared to SAR 770.36 million.

The group generated revenues valued at SAR 14.53 billion in H1-24, down 3.19% from SAR 15.01 billion a year earlier, according to the interim financial results.

Earnings per share (EPS) increased to SAR 0.54 as of 30 June 2024 from SAR 0.21 in H1-23.

Income Results for Q2-24

In the second quarter (Q2) of 2024, Ma’aden logged net profits amounting to SAR 1.02 billion, up 191.79% YoY from SAR 350.94 million.

Revenues witnessed a 3.12% rise to SAR 7.12 billion in the three-month period that ended on 30 June 2024, compared to SAR 6.96 billion in Q2-23.

Quarter-on-quarter (QoQ), the profits in Q2-24 jumped by 4.31% from SAR 981.69 million in Q1-24, while the revenues dropped by 2.23% from SAR 7.34 billion.