The Clap
Maaden’s (1211) net profit jumped by 65.3% in Q3 2022.
The Deets
The company, which produces gold, aluminum and phosphate fertilizers, recorded a net profit of about SAR 2.1 billion, a YoY increase compared to SAR 1.27 billion in Q3 2021.
Profits
Maaden attributed the increase in its profits to several factors. The increase in average selling prices, increased quantities sold, and the growth of income from term deposits by 7.5 times, due to the increase in investments and the rate of return on deposits.
Sales
Maaden’s sales in Q3 increased by 50% YoY. It also achieved higher levels of production during this period, as it witnessed a decline in the prices of basic commodities.
Company Performance
Maaden’s net profit increased by 164.6% during the first nine months of this year, recording SAR 8.3 billion, compared to approximately SAR 3.14 billion YoY.
