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11-07-12

Saudi Maaden boosts Q2 profit to USD34.13m

(MENAFN) The Saudi Arabian Mining Company (Maaden) announced that in the second quarter, the firm more than doubled its profit from the same period in 2011 to USD34.13 million, reported Arabian Business. Maaden said that the figure represents a decline of 48 percent from the first quarter, as a result of lower quantity of gold sales, the drop in DAP prices and higher Zakat provisions. During the current year's first half, estimated net income soared by 253 percent from 2011's USD28.26 million to USD99.71 million. The company attributed the rise in estimated profit to the start of commercial production of ammonia and DAP for Maaden Phosphate Company and the increase in the average price of gold sold and its quantity. It is worth noting that Maaden announced plans to invest USD5.59 billion to extend facilities for phosphate and other related products in Waad Al Shamal, and another USD1.33 billion to be invested in Ras Al Khair.