Ma’aden turns profitable in Q4 on rising sales

Riyadh – Mubasher: Saudi Arabian Mining “Ma’aden” on Thursday reported turning to profit in the fourth quarter of 2016.

The company achieved a net profit of SAR 15.67 million ($4.18 million) in Q4-16 against losses of SAR 5.688 million ($1.51 million) in the same period in 2015, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

We were able to see a profitable fourth quarter owing to the decline in phosphate fertilisers and ammonia, alongside an improvement in the average prices of gold and aluminum and the higher sales of ammonia, aluminum and gold, Ma’aden revealed.

On an annual basis, the mining company posted a net profit of SAR 400.64 million in 2016, registering a decline of 33.8% from SAR 605.17 million in 2015.

Ma’aden attributed the profit fall in 2016 to lower sales revenues by 13% on the back of declining prices of commodities, which are part of the company’s products – with the exception of gold. This drop in prices was made up for by the increase in sales.

Ma’aden previously reported a profit of SAR 83.6 million in Q3-16, up 4.6% from SAR 80 million in Q3-15, and down 36.9% from Q2-16.

Mubasher Contribution Time: 19-Jan-2017 16:49 (GMT)
Mubasher Last Update Time: 19-Jan-2017 16:49 (GMT)