(MENAFN) Saudi Mining Co. (Maaden) has reported its first-quarter net profit more than doubled year on year, but the earnings still fell short of analysts' forecasts, Arab News reported.
The Gulf's largest miner's net profit in the three months to March 31 was USD69.57 million, compared to USD33.37million in the same period a year earlier, it said in a statement.
It attributed the rise in net profit to sales growth from the rise in prices and quantities sold of all products expect for gold and ammonia. Profits were also lifted by income from short-term investments.
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