Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) posted 80.69% lower net profits after Zakat and tax at SAR 419.41 million in the first quarter (Q1) of 2023, versus SAR 2.17 billion in Q1-22.

Ma’aden achieved revenues amounting to SAR 8.04 billion in January-March 2023, down 9.75% year-on-year (YoY) from SAR 8.91 billion, according to the interim financial results.

Earnings per share (EPS) plummeted to SAR 0.17 during Q1-23 from SAR 0.88 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax dropped by 58.74% from SAR 1.01 billion in Q4-22, while the revenues declined by 15.07% from SAR 9.47 billion.

Last year, the Saudi firm generated SAR 9.31 billion in net profit after Zakat and tax, a 78.26% leap from SAR 5.22 billion in 2021.