Saudi Arabian Mining Company (Ma’aden) reports growth in sales for FY2020

Saudi Arabian Mining Company (Ma’aden) reported a ~4.8% growth in sales for FY2020. The middle eastern mining players also released the financial results for the year outlining some major observations including -

• Despite a lower average realised price for most commodities, the net loss decreased due to the substantial increase in sales volume for all products except industrial materials and alumina.
• The expense incurred by marketing, selling, and logistics decreased by 20 per cent, zakat, and income tax decreased by 63 per cent.
• On the contrary, the sales cost increased by 6 per cent due to higher sales volume.
• The administrative costs have increased by 11 per cent, while the technical service expenses jumped by 18 per cent.