(Kitco News) - Today, the Saudi ArabianMining Company (Ma'aden) announced that in Q3 2021, its net profit was 1,271,851,410Saudi Arabian Riyals (~$340 million), an increase of 19,549% compared to Q32020.
The company explained that reasonsfor the increase in net profit during the current quarter compared to the samequarter of the last year include higher average realized sales prices of allproducts except gold, higher share in net profit of joint ventures attributableto Ma'aden and higher other income, as well as lower costs.
Ma'aden is one of the fastestgrowing mining and mineral materials companies in the world and the largestmining company in the Middle East. Nationally, it aspires to be Saudi Arabia'snational mining champion and to explore more growth opportunities in the fieldsof phosphate, aluminium, gold, base metals and industrial minerals whileseeking to stimulate the growth of the mining sector as a whole.
Globally, Ma'aden is pursuinga strategy of growth by leveraging from the Saudi resources and investing inacquisitive and expansionary growth ventures related to the mining industry.
By Vladimir BasovFor Kitco News
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