Mining giant Ma’aden’s quarterly profits up 185% to $580m

RIYADH: Saudi Arabian Mining Co., known Ma’aden, posted a 185 percent surge in profit during the first quarter amid a jump in commodity prices.

The Gulf’s largest miner’s profits hit SR2.17 billion ($580 million) last quarter, compared to SR761 million a year ago, according to a bourse filing.

The profit hike came on the back of higher product prices, excluding industrial minerals, a rise in profits from joint ventures, and lower finance costs.

Ma’aden noted that the increase in profit was partially offset by a drop in sales volume of some products, mainly aluminum and gold, as well as higher expenses.

Most recently, the Saudi-listed miner got approval from Capital Market Authority to double capital to SR24.6 billion by granting bonus shares to shareholders.