5.2 billion “profits” to raise 100% of capital “Saudi Madonna” appetite

I opened 5.2 billion riyals, representing the profit of the Saudi Arabian Mining Company (Madonna) at the end of 2021, to increase the capital of the company from 12.3 billion to 24.6 billion riyals by 100% through the appraisal of the Board of Directors, the free acquisition of approximately 12.306 billion riyals and the issuance of free shares A portion, based on the recommendation of the General Assembly, will be given a free share for each share owned by the shareholders. In addition, the company’s shares rose to about 2.46 billion shares, up from about 1.23 billion before the increase.

The company’s capital increase aims to strengthen its capital base, which contributes to improving future growth plans, according to four separate reports released today.

27% reduction in financial costs

The reason for the increase in net profit this year over last year:

Increase in average selling prices for all products except industrial metals.

Increase in net profit of Ma’aden-owned joint ventures.

Reduce costs (public and administrative costs 3%, research and technical services costs 30%, and financial costs 27%).

This increase in net profit was partially offset by:

விற்பனை Sales of ammonia, gold and flat rolled goods were low.

குறைந்த Low return on term deposits.

Higher expenses (10% of sales expenses, 15% of sales, marketing and distribution expenses, and 191% of Zakat and income tax expenses).