Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) reported turning to losses in the first quarter of 2019.
The Saudi firm posted net losses of SAR 252.92 million in Q1-19, against a net profit of SAR 753.84 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The company ascribed the negative turn in its Q1-19 financials to lower prices of all products and decreased sales volume of gold and aluminium.
In addition, the company cited higher sales costs driven by a growth in operational expenses, along with increased sales and marketing expenses and finance costs.
On the other hand, the sales volume of di-ammonium phosphate (DAP) and flat-rolled products increased, together with a growth in the company’s share of net profit of Maaden Barrick Copper Company and Sahara & Ma`aden Petrochemicals Company (SAMAPCO).
For the full-year 2018, Ma’aden’s profits leapt 158.5% to SAR 1.85 billion from SAR 714.84 million in the prior year.
