Riyadh - Mubasher: Saudi Arabian Mining Company (Maaden) announced on Monday a net profit of SAR 132.45 million ($35.5 million) in Q2-16, down 50.95% from SAR 270 million ($72 million) in the same quarter last year.
Profits also decreased by 21.6% quarter-on-quarter, according to the company’s statement.
The decline in profits was due to a 15% retreat in sales, attributed to lower basic materials prices, such as ammonium phosphate, ammonia and aluminum.
The price of ammonium phosphate and ammonia products went down by 31% and 4% respectively, while aluminum products prices dropped 16%.
The decline in prices was partially compensated by the rise of gold and aluminum sales.
