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FINANCIAL NEWS
Saudi Ma’aden records USD725.2mn revenue in Q1
09 May 2017
(MENAFN) Saudi Arabian Mining Co. (Ma’aden) has recorded revenue of USD725.2mn through the first quarter of this year, up 20 percent year on year.
In addition, sales growth was due to increase in sales volume of whole products, and the increase of the average realized prices of aluminum by 18 percent and gold by 3 percent.
Moreover, a slight improvement in cost of sales saw its gross margin improve to 34 percent in the cited quarter of the year, compared to an average of 22 percent in the eight quarters.
Meanwhile, the firm’s net profit reached USD73.5mn, notably higher than the predicted of USD28.53mn.
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