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FINANCIAL NEWS
Saudi- Maaden’s Q3 net profit grows to USD82.93m
11 Oct 2012
(MENAFN) Saudi Arabian Mining Co (Maaden) announced that profit in the third quarter grew to USD82.93 million, up from USD7.19 million in last year’s same period, reported Arabian Business.
The company attributed the huge increase to the introduction of big new production lines, including ammonia and DAP, which is a di-ammonium phosphate used to make industrial fertilizer, in addition to higher prices and quantities of sold ammonia, gold and DAP.
The state-controlled minerals company plans to invest USD5.6 billion in a phosphate project, set up a new USD1.5 billion aluminum refinery, and add a new line to an existing aluminum smelter.
It is worth noting that Maaden posted a USD34.12 million net income in 2012’s second quarter.
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