February 13, 2023

Maaden’s working capital progress boosts cash flow, investments focus on exploration: CEO

Maaden CEO says working capital improvements led to record cash generation levels

Robert Wilt, CEO of Saudi Arabian Mining Co.

Saudi Arabian Mining Co. (Maaden) reported its safest and most profitable year ever in 2022, as the transformation that started a year ago began to bear fruit, said CEO Robert Wilt.

Commenting on 2022’s financials, he indicated that working capital improvements contributed to achieving record cash generation levels and further strengthening its balance sheet.

“From an operational viewpoint, the business is in good shape as we continue to drive efficiencies and take proactive measures to address the changing environment,” the CEO added.

Maaden is keen on investing in low-cost and long-life projects, as it improved exploration levels and project delivery capabilities.

The company has made significant progress towards growth targets after operating the third ammonia project, awarding the engineering, procurement and construction management contract for the third phosphate project and Mansourah-Massarah project, which are close to commercial production. In addition, Maaden added more than two million ounces of gold reserves to its portfolio.

Wilt stressed that Maaden is focusing on sustainable growth and financial discipline supported by a capital allocation framework that aims to provide long-term value to shareholders.

The mining major will continue to invest in exploration in the Kingdom, seeking to achieve initial growth through local and international partnerships that will secure new and sustainable sources of mining and minerals, while reducing exploration risk, he pointed out.

According to data compiled by Argaam, Maaden’s profits surged 78% year-on-year (YoY) to SAR 9319.1 million by the end of 2022.

thewealthiestinvestor.com is not an investment advisor and is not registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory Authority. Further, owners, employees, agents or representatives of thewealthiestinvestor.com are not acting as investment advisors and might not be registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory.

The sender of this email makes no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended in this email, and makes no representations or warranties concerning said company or entity’s compliance with applicable laws and regulations, including, but not limited to, regulations promulgated by the SEC or the CFTC. The sender of this email may receive a portion of the proceeds from the sale of any products or services offered by a company or entity mentioned or recommended in this email. The recipient of this email assumes responsibility for conducting its own due diligence on the aforementioned company or entity and assumes full responsibility, and releases the sender from liability, for any purchase or order made from any company or entity mentioned or recommended in this email.

The content on any of thewealthiestinvestor.com websites, products or communication is for educational purposes only. Nothing in its products, services, or communications shall be construed as a solicitation and/or recommendation to buy or sell a security. Trading stocks, options and other securities involves risk. The risk of loss in trading securities can be substantial. The risk involved with trading stocks, options and other securities is not suitable for all investors. Prior to buying or selling an option, an investor must evaluate his/her own personal financial situation and consider all relevant risk factors. See: Characteristics and Risks of Standardized Options.

The information presented in this site is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing in our research constitutes legal, accounting or tax advice or individually tailored investment advice. Our research is prepared for general circulation and has been prepared without regard to the individual financial circumstances and objectives of persons who receive or obtain access to it. Our research is based on sources that we believe to be reliable. However, we do not make any representation or warranty, expressed or implied, as to the accuracy of our research, the completeness, or correctness or make any guarantee or other promise as to any results that may be obtained from using our research. To the maximum extent permitted by law, neither we, any of our affiliates, nor any other person, shall have any liability whatsoever to any person for any loss or expense, whether direct, indirect, consequential, incidental or otherwise, arising from or relating in any way to any use of or reliance on our research or the information contained therein. Some discussions contain forward looking statements which are based on current expectations and differences can be expected. All of our research, including the estimates, opinions and information contained therein, reflects our judgment as of the publication or other dissemination date of the research and is subject to change without notice. Further, we expressly disclaim any responsibility to update such research. Investing involves substantial risk. Past performance is not a guarantee of future results, and a loss of original capital may occur. No one receiving or accessing our research should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing any applicable prospectuses, press releases, reports and other public filings of the issuer of any securities being considered. None of the information presented should be construed as an offer to sell or buy any particular security. As always, use your best judgment when investing.

Disclaimer: Past performance is no guarantee of future performance. This product is for educational purposes only. Practical application of the products herein are at your own risk and thewealthiestinvestor.com, its partners, representatives and employees assume no responsibility or liability for any use or mis-use of the product. Please contact your financial advisor for specific financial advice tailored to your personal circumstances. Any trades shown are hypothetical example and do not represent actual trades. Actual results may differ. Nothing here in constitutes a recommendation respecting the particular security illustrated.