FINANCIAL NEWS

Saudi Maaden profit 48 percent lower in Q1

15 Apr 2014

(MENAFN) Net profit of Saudi Arabian Mining Co. (Maaden) saw a sharp drop in the first quarter of 2014 on metal prices fall, it said, according to Arab News.

The company’s net profit dropped by 48 percent reaching USD33.4 million during the quarter compared to USD63.77 million in the same quarter 2013.

Achieved net profit was lower than the expected USD56.814 million for the period by Bakheet Investment Group.

The company said the profit fall resulted from a drop in some metal and commodity prices such as gold, aluminum and ammonia.

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