Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday posted a 45.25% year-on-year surge in net profits during the second quarter of 2018.
Ma’aden’s profits amounted to SAR 517.76 million during the period between April and June, compared to SAR 356.47 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi firm's profits tumbled 18.87% in Q2-18, from SAR 638.16 million.
Ma’aden attributed the second-quarter profit rise to a 14% increase in sales volume of gold, alumina, and ammonium phosphate fertilizer (APF), coupled with a profit growth in Maaden Barrick Copper Company.
At the level of the first six months of 2018, Ma’aden’s profits soared 82.88% to SAR 1.16 billion, from SAR 632.08 million during H1-17.
By 10:54 am Saudi time, the stock shed 1.03% to SAR 57.80.
