(MENAFN) Net profit of Saudi Arabian Mining Co (Ma'aden) was nine-fold higher in the second quarter than the same period 2013 due to sales growth and aluminum prices" rise, according to Arabian Business.
The miner made a net USD98.9 million in the three months to June 30, up from USD11.2 million in the same period 2013.
Earnings were expected to boost because of a slump reported in 2013 due to a plant shutdown and lower gold prices. But its performance exceeded the expected USD50.44 million.
Ma'aden has already started its USD9 billion Waad al-Shimal project, which will be a major driver of Saudi Arabia's economic diversification, and is expected to produce up to 16 million tons a year of numerous phosphate products when it starts operating in late 2016.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.