Riyadh – Mubasher: The net losses of the Saudi Arabian Mining Company (Ma'aden) declined by 71.7% in 2020 to SAR 208.98 million, from SAR 739.5 million in 2019.
The decrease in the annual net loss was helped by a higher sales volume of all products except alumina and industrial minerals, despite the drop in the average realised prices of all products except gold, according to a bourse filing on Wednesday.
Moreover, the company’s share of profit from joint ventures rose, whereas income from time deposits fell and other expenses increased.
Revenue for the last year came in at SAR 18.58 billion, a rise of 4.8% when compared to SAR 17.7 billion a year earlier.
In a separate statement, the company said its board recommended not to pay any cash dividends for 2020.
“The board decision is based on cash requirement for the company’s current and future projects,” Ma'aden said.
