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FINANCIAL NEWS
Maaden’s net profit at USD381 m in Q3
09 Oct 2013
(MENAFN) Saudi Arabian Mining Co. (Maaden) has signed a phosphate joint venture contract that made huge financial profit for Maaden, according to Arab News.
Maaden made USD381 million net profit in the current year’s third quarter after the contract was signed, compared to USD82.92 million in the same quarter last year.
The firm’s expanded profits helped it in covering gold declines and other businesses.
Maaden said that the boost in its net profit was a reason of the receipt of contractual dues from joint venture partners … in the amount of USD 0.38 billion” that refers to its Waad Al-Shamal phosphate project.
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