Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Sunday announced beginning the commercial operation of diammonium phosphate plant in its complex at Ras Al-Khair city.
The plant started its operation as of Saturday, 1 December, according to a statement to the Saudi Stock Exchange (Tadawul).
Phosphate’s production will rise gradually upon the completion of the commercial operation, reaching the capacity of 3 billion tonnes annually, the statement added.
Ma’aden further noted that the plant’s financial impact will start to appear in the company’s financial results in the fourth quarter of 2018.
Ma’aden last reported a 97.5% year-on-year profit surge in the third quarter of 2018, logging a profit of SAR 518.79 million, compared to SAR 262.64 million during Q3-17.
Ma’aden’s stock increased by 2.03% to close Sunday’s trading session at SAR 47.75.
