(MENAFN- Saudi Press Agency)
Riyadh, Shawwal 16, 1437, July 21, 2016, SPA -- Saudi Arabian Mining Company "Ma'aden" announced its financial results for the quarter ending on June 30, 2016, revealing it had achieved net profits amounting to SR132 million compared to SR169 million in the previous quarter
The company pointed out in a press release that operating profits amounted to SR326 million in the 2nd quarter of 2016, an increase of 8% from the previous quarter, but a decline of 31% from the 2nd quarter in 2015.
The company noted that revenues for the second quarter in 2016 declined by 15% compared to the same quarter last year as a result of a decline in prices for most of the company's primary commodities. Prices of ammonium phosphate fertilizer declined by 31%, ammonia by 9%, and average aluminum LME by 16%, compared to the same quarter of 2015.
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11:07 LOCAL TIME 08:07 GMT
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