Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday reported a 97.5% year-on-year profit surge in the third quarter of 2018, boosted by higher sales.
Ma’aden logged a profit of SAR 518.79 million ($138.31 million) during the three-month period ended September, compared to SAR 262.64 million ($70.02 million) during Q3-17, according to a bourse filing.
The third-quarter profit growth was attributed to an increase in sales volume of alumina and gold, time deposits income, and the net profit of Maaden Barrick Copper Company joint venture (JV).
“The increases in net profit was partially offset by an increase in selling, marketing and logistic expenses by 43%, general and administrative expenses by 48%, an increase in exploration and technical services expenses by 39%, increased finance costs by 28%,” the statement added.
During the first nine months of 2018, Ma’aden’s profits soared 93.7% to SAR 1.9 billion, compared to SAR 982 million in the same period a year earlier.
Ma’aden’s stock increased 6.44% to close Wednesday at SAR 46.30.
