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FINANCIAL NEWS
Saudi Maaden posts 45% surge in Q4 profit
21 Jan 2013
(MENAFN) Saudi Arabian Mining Co (Maaden) announced that its net profit for the fourth quarter surged by 45 percent to USD108.3 million, from USD74.65 million in 2011’s same period, reported Arabian Business.
The company attributed the growth to the launch of ammonia and di-ammonium phosphate (DAP) production.
The state-controlled minerals company said that operational profit for the period between October and December 2012 soared 47 percent, reaching USD192.22 million.
It is worth noting that Maaden plans to set up a new USD1.5 billion aluminum refinery, add a new line to an existing aluminum smelter, in addition to investing USD5.6 billion in a phosphate project.
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