Saudi Arabian mining giant Ma'aden reports 19,549% net profit growth in third quarter

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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 Basov

For Kitco News

Follow kitconewsnow vbasov@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain