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Saudi Maaden’s earnings drop by 51 percent

19 Jul 2016

(MENAFN) Saudi Arabian Mining Co. (Maaden) posted a 51 percent drop in Q2 net profit, as sales revenue fell on low commodity prices.

Additionally, the firm posted a net profit of USD35.3mn in the three months to June 30, compared with a profit of USD71.95mn.

However, sales revenues dropped by 15 percent compared with the same period of last year, despite higher sales volumes of aluminum and gold.

The firm is a key leader in the kingdom’s plan to spread its economy away from hydrocarbons, which plans to have the mining sector contributes USD26bn to GDP by 2020.

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