{"id":86129,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/14\/maadens-net-income-more-than-doubles-in-1q-2024\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"maadens-net-income-more-than-doubles-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/14\/maadens-net-income-more-than-doubles-in-1q-2024\/","title":{"rendered":"Ma\u2019aden\u2019s net income more than doubles in 1Q 2024"},"content":{"rendered":"

MA\u2019ADEN-<\/p>\n

Mining giant <\/strong>Ma\u2019aden\u2019s net income more than doubled y-o-y to SAR 981.7 mn in 1Q 2024 <\/strong>mainly on the back of higher sales and lower costs of raw materials, it said in its earnings release (pdf)<\/a>. Revenues were down 8.7% y-o-y during the quarter to SAR 7.4 bn due to lower commodity prices except for gold and alumina.<\/p>\n

It was a busy quarter for Ma\u2019aden:<\/strong> Some of Ma\u2019aden\u2019s key highlights during the quarter were the start of full operations at the Kingdom\u2019s largest gold mine, Mansourah Massarah, with an annual production capacity of 250k ounces of gold. The company also focused on drilling for new gold finds in Uruq south of its gold mine. It also unveiled<\/a> with California-based solar startup GlassPoint building the world\u2019s largest industrial solar thermal project in Ras Al Kheir to decarbonize the company\u2019s aluminum supply chain. The first phase of the project could supply nine tons of steam per hour.<\/p>\n

And since then: <\/strong>Manara Minerals \u2014 a JV between Ma\u2019aden and the PIF \u2014 completed earlier<\/a>this month<\/a> the acquisition of a 10% stake in Brazilian miner Vale Base Metals. Manara is 51% owned by Ma\u2019aden, and 49% owned by PIF. The transaction is worth an estimated USD 2.6 bn, based on a USD 26 bn enterprise value the Brazilian mining giant had previously disclosed. Ma\u2019aden also completed a SAR 5.6 bn transaction earlier in May<\/a> which saw it up its stake in Ma\u2019aden Wa\u2019ad Al Shamal Phosphate \u2014 its JV with the Mosaic Company and Sabic \u2014 to 85% after it purchased Mosaic\u2019s entire 25% stake.<\/p>\n

ADES HOLDING-<\/p>\n

Ades Holding\u2019s net income rose 124.6% to SAR 200.8 mn in <\/strong>1Q 2024<\/strong>, and its revenues rose 60.5% y-o-y to SAR 1.5 bn, according to its earnings release (pdf)<\/a>. \u201cNew awards were broadly secured at higher daily rates compared to Ades\u2019 current offshore average daily rates, translating into a favorable impact on overall profitability,\u201d CEO Mohamed Farouk said. The Egypt-born company had a total backlog of SAR 26.8 bn as of 31 March 2024.<\/p>\n

Business is concentrated in the Saudi segment:<\/strong> The oil and gas giant attributed growth in its top line to booking more business in the Kingdom, fueled by the deployment of 19 rigs as part of a large tender. <\/p>\n

New business abroad:<\/strong> Growth was also supported by a 3x increase in operational rigs in Kuwait to a total of 10, along with a new rig going live in India, and another in Algeria. The quarter also marked the company\u2019s entry into its ninth market of operation \u2014 Thailand \u2014 with an 18-month contract.<\/p>\n

Rig suspensions are well cushioned:<\/strong> \u201cWe were largely successful in mitigating the impact of the temporary suspensions in Saudi Arabia<\/a>,\u201d Farouk added, saying that suspended contracts will be extended to compensate for the suspension period.<\/p>\n

Partially offsetting the suspensions: <\/strong>The Tadawul-listed company\u2019s total number of operating rigs rose 47% y-o-y to 75 in 1Q 2024, on the back of new deployments in Egypt, Qatar, and Thailand, reducing the number of total suspended rigs to only two, down from five. <\/p>\n

ABDULLAH AL OTHAIM MARKETS-<\/p>\n

Grocery chain owner<\/strong> Abdullah Al Othaim\u2019s net income declined 3% y-o-y to SAR <\/strong>116.4 <\/strong>mn in <\/strong>1Q 2024<\/strong> on the back of higher costs from new store openings and the drop on performance of subsidiaries among other factors, it said in a disclosure to Tadawul<\/a> yesterday. Meanwhile, revenues grew 9% y-o-y over the same period to SAR 3 bn due to higher sales from existing and new stories. The board approved disbursing SAR 135 mn in dividends for the period at SAR 0.15 per share, according to a separate disclosure<\/a>. Payment is due on Wednesday, 12 June.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ma\u2019aden | Ades | Abdullah Al Othaim<\/p>\n","protected":false},"author":1,"featured_media":86130,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[285,102],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-maaden","wpautop","entry"],"acf":{"mongo_id":"8871961d-df04-45fb-a7dc-68df5fc7a931","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2578.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ma\u2019aden\u2019s net income more than doubles in 1Q 2024 due to higher sales","related_issue":[86118],"teaser":"Ma\u2019aden | Ades | Abdullah Al Othaim","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.ed4d92f8-080c-4954-b1cd-3d1c8495d644.mp3"},"yoast_head":"\nMa\u2019aden\u2019s net income more than doubles in 1Q 2024 - 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