Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) achieved net profits valued at SAR 981.69 million in the first quarter (Q1) of 2024, up 134.05% from SAR 419.41 million a year earlier.

Revenues declined by 8.66% year-on-year (YoY) to SAR 7.34 billion as of 31 March 2024 from SAR 8.04 billion, according to the financial results.

The earnings per share (EPS) increased to SAR 0.27 in the first three months (3M) of 2024 from SAR 0.11 a year earlier.

On a quarterly basis, the net profits in Q1-24 rose by 10.25% from the SAR 890.40 million generated in Q4-23, while the revenues dropped by 8.54% from SAR 8.03 billion.

Bob Wilt, CEO of Ma'aden, commented: "We had a solid start to 2024, with steady production volumes and a positive operational response to market dynamics.

"Mansourah-Massarah is now fully operational and we have made good progress on contract awards for Phosphate 3 Phase 1,” Wilt added.

He underlined: “In Q1, we have continued to make efficiencies across the business as we deliver on our transformation program, with a strong pipeline of projects to maintain that momentum."