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FINANCIAL NEWS
Saudi Maaden posts 103% hike in Q2 net income
17 Jul 2012
(MENAFN) Saudi Arabian Mining Company (Maaden) stated that second-quarter net income soared 103 percent from 2011’s USD16.8 million to USD34.12 million, reported Arab News.
The company said that gross profit during the period reached USD90.64 million, recording a 112-percent hike from the USD42.65 million actual gross profit posted in last year’s same period.
Moreover, operating income surged 243 percent to USD65.84 million, up from USD19.19 million a year ago.
It is worth noting that in 2012’s first quarter, Maaden posted a USD65.58 million actual net income.
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