Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday reported a 131.6% surge in net profits during the first quarter of 2018, compared to the year-ago period.
Ma’aden generated a net profit of SAR 638.16 million in the three-month period ended March 2018, up from SAR 275.61 million during Q1-17, according to a bourse statement.
The firm attributed the large growth in its first-quarter profits to a rise in sales volumes of all products except ammonia, in addition to an increase in the average realised prices of all products.
Ma’aden’s revenues jumped 32% to SAR 3.56 billion during Q1-18, from SAR 2.71 billion in the same three month a year before.
Quarter-on-quarter, the Tadawul-listed firm turned a profit after suffering SAR 104.74 million in net losses in Q4-17.
Ma’aden’s stock shed 0.8%, closing Wednesday at SAR 55.98.
