Saudi’s Maaden net profit drops at 35.3 percent to USD 44.97mn

18 Apr 2016

(MENAFN) Saudi Arabian Mining Co. (Maaden) recorded a 35.3 percent decline in Q1 net profit to reach USD 44.97mn as forecasted.

Moreover, the firm made an income of USD 44.97mn in the three months to March 31, compared to the same period of 2015 at USD 69.47mn.

In addition, the Co. attributed the results to a 17 percent decline in revenues due to lower commodity prices for whole products.

However, the firm logged a drop or falling profits in the cited three quarters on lower products prices but it has faced hard conditions.

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