RIYADH: Saudi Arabian Mining Co.’s, or Ma’aden, shares soared after announcing its profit more than tripled to SR6.2 billion ($1.7 billion) during the first half of 2022.

The Saudi-listed miner’s profit rose 232 percent from SR1.9 billion in the same period a year ago, according to a bourse filing.

This was coupled with an 80 percent revenue jump to SR20.8 billion, compared to SR11.6 billion last year.

In response to the profit growth, shares of the company went up by nearly 10 percent to close at SR70.6, extending gains from earlier in the day.

Ma’aden said the robust performance was due to higher average sales prices of all products in addition to a rise in sales of ammonia, ammonia phosphate fertilizer, aluminum, and industrial mineral products.

A higher share in profit from joint ventures, lower finance costs by 3 percent, and higher income from time deposits also contributed to the results, it added.