The financial statements of the Saudi Arabian Mining Company (Ma'aden) showed record profits in the first quarter of 2024, rising by 134% year-on-year to reach 981.7 million riyals ($261.8 million).

These results are exceptional, as they come after a series of quarterly declines that the company witnessed during 2023.

This strong increase is due to several factors, including the increase in sales volume during the first quarter, which reflected positively on its profits, and the decrease in the cost of raw materials, which contributed to improving the company’s profit margin and enhancing its profits, as well as the decline in consumption expenses, which led to an increase in its net profits, in addition to the fact that Ma’aden Company received compensation. Providing significant re-lining of cells within smelter plants, which contributed significantly to supporting its profits.

Despite the record rise in profits, the selling prices of some of the company's products witnessed a partial decline during the first quarter, with the exception of gold and aluminium.

Despite the challenges, Ma'aden was able to achieve a 10.25% increase in its profits compared to the previous quarter, thus confirming its ability to withstand under volatile circumstances.