Riyadh – Mubasher: Saudi Arabian Mining (Maaden) on Sunday said its net profits soared 126.07% in the third quarter of 2017, compared to the year-ago period.
Net profits increased to SAR 242.9 million in Q3-17, from SAR 107.4 million in Q3-16, according to a bourse filing.
Quarter-on-quarter, profits sild 24.69%.
The firm attributed the growth in its year-on-year net profits to rise in sales by 37% due to increasing sales of products, in average realised price of aluminium by 19%, and to a rise in net income of the jointly entity which is Maaden Barrick Copper Company.
At the level of the first nine months of 2017, the company’s net profits levelled up 73.28% to SAR 819.58 million, from SAR 472.97 million in the same period in the year before.
The stock increased 3.18%, closing at SAR 52.60 on Sunday.
