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02 FEBRUARY 2018 AL CIRCLE

Higher sales and commodity price boost Ma’aden’s net profit in 2017

EDITED BY : HEENA IQBAL 2MINS READ

The Saudi Arabian Mining Company (Ma’aden) published its consolidated financial and operating results for the year ending December 31, 2017. The company reported a strong profit growth driven by increased production and sales, improved commodity prices and tight cost control.

Ma’aden produced 916k tonnes of primary aluminium in 2017, an increase of 5 per cent compared to last year.

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Net profit increased SAR 0.8 billion in 2017, from SAR 0.15 billion in 2016. EBITDA in 2017 rose 56 per cent to reach SAR 5.8 billion. Sales revenue jumped to SAR 12.1 billion, up 28 per cent YoY.

Ma’aden President and CEO, Eng. Khalid Al Mudaifer said: “We generated strong financial results this year which demonstrated the benefits of Ma’aden’s robust business model as a low cost industry leader as we saw the benefits of an overall improvement in the commodity price environment translated quickly into improved profitability.”

In the alumina segment, the company 1,484K tonnes of alumina from its alumina refinery, an increase of 4 per cent compared to last year. Ma’aden continues to focus on increasing production from the alumina refinery.

“The aluminium rolling mill operation continues to ramp up production and having established a solid base in the market for can sheets in the Middle East region, it is now growing its customer base both in Asia and also in the United States, the largest single market for can sheet,” it said.


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EDITED BY : HEENA IQBAL 2MINS READ

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