Riyadh – Mubasher: Saudi Arabian Mining Company (Maaden) on Monday announced that its net profits surged 108.2% in the second quarter of 2017, compared to the year-ago period.
The Saudi mining firm achieved profits of SAR 356.47 million in Q2-17, compared to SAR 171.22 million in Q2-16, according to the company’s statements to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, net profits increased 29.3%.
Maaden attributed the growth in its year-on-year net profits to the increase in sales of gold, ammonia, ammonium, and phosphate fertilisers, as well as the rise in net income of a joint venture stake in Maaden Barrick Copper Company.
Sales revenues grew 17% to reach SAR 2.99 billion in Q2-17, compared to SAR 2.55 million in the same period in the year earlier.
At the level of the first six months of 2017, net profits jumped 72.9% to SAR 632.08 million, from SAR 365.52 million in H1-16.
Sales levelled up 18% to reach SAR 5.71 billion in H1-17, compared to SAR 4.82 billion in corresponding period in the year earlier.
Maaden’s stock went up 1.23% on Monday, closing at SAR 47.85.
