Riyadh – Mubasher: Saudi Arabian Mining (Maaden) said Tuesday that its profits for the third quarter of 2016 grew 4.6% year-on-year to SAR 83.6 million ($22.3 million) from SAR 80 million ($21.3 million), according to a bourse filing.
This increase is driven by a 9% decrease in sales costs compared to the year-ago quarter, said the company, attributing this decline to the lower commodity prices in phosphate segment and the decrease in sales volume of aluminum.
Quarter-on-quarter, Q3 profits declined 36.89% from SAR 132.45 million.
In the first nine months, the company earned SAR 385 million, down 37% year-on-year from SAR 610.85 million.
