(Kitco News) – Today, the Saudi Arabian Mining Company (Ma’aden) announced that in Q3 2021, its net profit was 1,271,851,410 Saudi Arabian Riyals (~$340 million), an increase of 19,549% compared to Q3 2020.
The company explained that reasons for the increase in net profit during the current quarter compared to the same quarter of the last year include higher average realized sales prices of all products except gold, higher share in net profit of joint ventures attributable to Ma’aden and higher other income, as well as lower costs.
Ma’aden is one of the fastest growing mining and mineral materials companies in the world and the largest mining company in the Middle East. Nationally, it aspires to be Saudi Arabia’s national mining champion and to explore more growth opportunities in the fields of phosphate, aluminium, gold, base metals and industrial minerals while seeking to stimulate the growth of the mining sector as a whole.
Globally, Ma’aden is pursuing a strategy of growth by leveraging from the Saudi resources and investing in acquisitive and expansionary growth ventures related to the mining industry.