Ma’aden reported a full-year 2020 net loss of SAR209 million (approximately $55.7 million at current exchange rates), a narrowing from the SAR739.5 million net loss posted in FY2019, the company said in a Feb. 3 filing to the Saudi stock exchange.
Sales increased 5 percent to SAR18.6 billion, up from the previous year’s SAR17.7 billion. The company attributed the year-over-year increase to higher sales volumes of all products except alumina and industrial minerals, which it said offset decreased average prices of all products except gold. An increased share of net profit from joint ventures also contributed.