Saudi Arabia’s mining sector records 138% growth in exploitation licenses 

Saudi Arabia’s mining sector records 138% growth in exploitation licenses 
Saudi Arabia’s mining sector records 138% growth in exploitation licenses 

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,772.46 points, witnessing an increase of 10.03 points, or 0.08 percent.    

The parallel market, Nomu, ended the day at 27,204.67 points, down 75.02 or 0.28 percent.  

Conversely, the MSCI Tawadul Index grew by 1.53 points to close at 1,606.96, a 0.10 percent increase.   

TASI reported a trading volume of SR11 billion ($2.94 billion), with 115 stocks gaining and 113 witnessing declines.  

Nomu, on the other hand, saw a trading volume of SR26 million.   

On the announcement front, the Saudi Industrial Investment Group Co. released its financial results for 2023, recording a 59.5 percent drop in net profits compared to the previous year.  

Since SIIG employs the equity method for its joint venture investments, it does not list sales, revenue, and gross profit on its profit or loss statement.  

However, the company’s results indicated a massive drop in net profits from SR277 million in 2022 to SR112 million in 2023. 

SIIG reported a decline in its share of profits from joint ventures, primarily due to falling selling prices across all products and an unplanned shutdown at the Saudi Polymer Co. project this year. 

Despite these challenges, the company observed an uptick in financing income, particularly from Murabaha, and a reduction in general and administrative expenses, indicating a mixed financial performance in the current fiscal period, according to a bourse filing. 

Furthermore, United Mining Industries Co. saw a slight decrease in its revenue, recording SR240,327 in 2023, a 0.6 percent drop from SR241,813 the year before. 

However, the company’s net profit experienced a massive uptick recording SR35,830 last year, an 11.81 percent rise from the year before, largely attributed to a change in the sales mix, according to a bourse filing. 

Moreover, Nahdi Medical Co. reported a marginal increase in net profit for 2023, totaling SR892.6 million, up 0.5 percent from the previous year.  

The company faced a slight decline in gross profit due to investments in sales promotions, leading to a gross margin of 40.4 percent.  

Despite this, strategic investments in healthcare, e-commerce, and the UAE operations were supported by efficient cost management, keeping operating expenses steady.  

Arabian Drilling also announced its financial results for 2023 reporting a 28.5 percent growth in revenue to reach SR3.4 billion. 

The company’s net profit also increased to reach SR605 million, an 8.4 percent growth from 2022. 

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