Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday reported a 158.5% year-on-year leap in net profits for the full year 2018.
Ma’aden’s net profits after calculating Zakat and Tax reached SAR 1.85 billion ($490 million) from January to December last year, up from SAR 714.84 million ($190.58 million) during 2017, according to a bourse filing.
The firm attributed the massive rise in annual earnings to a growth in the sales volume of ammonium phosphate alumina, aluminium flat-rolled products, fertiliser, and gold.
Profits also levelled up after income from time deposits increased, in addition to logging profits from a stake in the joint venture of Ma’aden Barrick Copper Company.
Moreover, revenues rose 17.3% to SAR 14.17 billion in 2018, compared to SAR 12.09 billion in the year before.
“Certain comparative figures of the previous year have been reclassified, wherever necessary, to conform with the current year’s presentation. Such reclassifications did not affect either the net worth or the net income of the Group for the previous year,” Ma'aden added in its statement.
Ma’aden’s stock went down 0.54% to finish Thursday’s trading session at SAR 55.
