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Saudi Maaden reports USD82m profit in Q3

11 Jul 2013

(MENAFN) Saudi Arabian Mining Co (Maaden) posted a higher quarterly profit, driven mainly by higher prices of its core products and the startup of big new production lines, Reuters reported.

The company said it made USD82.93 million net profit during its fiscal third quarter, up from USD7.2 million a year ago. Second quarter profit was USD34 million.

Maaden said start of the commercial production of ammonia and DAP as well as “higher realized price and quantity sold of Di-Ammonium Phosphate (DAP), which is di-ammonium phosphate ammonia and gold. DAP is used to make industrial fertiliser.

Maaden plans to build a new USD1.5 billion aluminum refinery, add a new line to an existing aluminum smelter, and invest USD5.6 billion in a phosphate project

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