“Minerals” profits jump 82% to 2.87 billion riyals in 2024

The profits of the Saudi Arabian Mining Company (Maaden) jumped in 2024 by 82.05% to 2.871 billion riyals, compared to 1.577 billion riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, this is due to the total profit by 2,330 billion riyals (34%).
The reason for this is mainly due to the high impact of prices and size of sales, low cost of raw materials, low consumption expenses and the impact of fees related to industrial facilities for one time in the previous year.
This increase in the total profit partially met a decrease in the one -time non -cash value for the capitalist assets of the rolling factory (as part of the “Maaden Company for Rolfla”) and the fame belonging to the “Meridian Unified Investment Ltd.” fertilizer distribution network for Maaden in Africa by 1,285 billion riyals and 159 million riyals, respectively.
In addition, the insurance demand received for the re -lining the cells inside the fuse factories in the amount of 563 million riyals in addition to the concession fees loaded once in the amount of 192 million riyals during the previous year support for profitability during the current year.
This increase in the net profit is met in part, the high cost of financing, the decrease in the share in the net profit of joint projects and the high operational expenses, including the expected credit loss allowance.