Middle East's mining giant Ma’aden posts record Q1 profit of $772 million, with aluminium business contributing 24%
One of the fastest-growing mining companies in the world, the Saudi Arabian Mining Company (Ma’aden) has booked a net profit of SR2.9 billion ($772.2 million) for Q1 2022, reflecting a growth of 246% in comparison to the same phase previous, a benchmark of its own created.
An announcement of its financial results for the first quarter resulted on 31st March 2022, Ma’aden stated, “Our sales scaled up by 64% to SR8.9 billion from the same phase existing year, while EBITDA stood at SR4.4 billion, soared by 101% compared to the previous year.”
The group ranked among the global top ten mining companies by market value, Ma’aden indicated that the company’s phosphate business contributed 70% to the group's EBITDA for Q1 2022, accordance by aluminium 24% and gold segment contributed 6% respectively.
“As part of its 2040 Strategy, which aims to diversify the high-quality products and enhance its relationships with customers, numerous projects and plans contributed to the increase in profits”, Ma’aden said.
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