Saudi Ma’aden profit up 9 folds in Q2

16 Jul 2014

(MENAFN) Net profit of Saudi Arabian Mining Co (Ma’aden) was nine-fold higher in the second quarter than the same period 2013 due to sales growth and aluminum prices” rise, according to Arabian Business.

The miner made a net USD98.9 million in the three months to June 30, up from USD11.2 million in the same period 2013.

Earnings were expected to boost because of a slump reported in 2013 due to a plant shutdown and lower gold prices. But its performance exceeded the expected USD50.44 million.

Ma’aden has already started its USD9 billion Waad al-Shimal project, which will be a major driver of Saudi Arabia’s economic diversification, and is expected to produce up to 16 million tons a year of numerous phosphate products when it starts operating in late 2016.

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