September 27, 2022

Dubai Week

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Matan's quarterly profit rose 264.7% to 4 billion riyals

Matan’s quarterly profit rose 264.7% to 4 billion riyals

Quarterly revenue rose to the Saudi Arabian Mining Company Metals increased by 264.7% to 4 billion riyals in the second quarter of 2022, compared to 1.1 billion riyals in the second quarter of 2021.

On a quarterly basis, the company’s profit increased by 85.4% compared to 2.1 billion riyals in the previous quarter.

Maaden said in a Saudi Tadawul press release that profit growth in the second quarter was driven by an increase in average selling prices for all products except industrial metal products. As well as Meridian products.

The company’s profit was supported by an increase in the net profit of Madan-owned joint ventures and an increase in income from term deposits.

The increase in net profit was partially offset by a 41% increase in cost of sales, as a result of increased sales, marketing and sales as a result of higher raw material costs and higher production volumes, the company said. Distribution costs are 27%.

General and administrative expenses increased by 42% as a result of increases in the cost of personnel and service contracts. Exploration and technical services expenses increased by 32%, as a result of increased drilling activities, while zakat expense and income tax increased by 109%, as a result of increased profits.

In the first half of 2022, Madden’s profit rose 232 percent to 6.2 billion riyals, compared to 1.86 billion riyals in the first half of 2021.

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