Companies in Saudi Arabia,Saudi Arabia Companies,Products,Advertising in Saudi Arabia,Events Saudi Arabia, Projects in Saudi Arabia,Saudi Arabia Tenders,Companies in Riyad,Saudi Arabia companies,Infosaudi.sa

Saudi's Ma'aden sees Q3 net profit more than triple

Saudi's Ma'aden sees Q3 net profit more than triple

Saudi Arabian Mining Co (Ma'aden) said on Tuesday its third-quarter…...

Saudi Arabian Mining Co (Ma'aden) said on Tuesday its third-quarter net profit more than trebled on the back of contract receipts from a phosphate joint venture, which helped offset declines in its gold and other fertiliser businesses.
The firm made a net profit of SR1.43bn ($381 million) in the three months to September 30, up from 311 million riyals in the same period of 2012, it said in a bourse filing.
This was well ahead of the average forecast of three analysts polled by Reuters, who had expected a 40-percent drop in profit.
Ma'aden attributed the rise in net profit to "the receipt of contractual dues from joint venture partners ... in the amount of 1.44 billion riyals" relating to its Waad al-Shamal phosphate project.

That project, being developed with Saudi Basic Industries Corp and Mosaic Co. and estimated to be worth around SR26bn, will also include an ammonia plant, and a train line from its remote location in northern Saudi Arabia to the industrial facilities on its Gulf coast.
Without the one-off gain, gross profit for the quarter fell 45 percent to SR396m and its operating profit was down 80 percent at SR98m.
Ma'aden said the one-off boost helped offset a decline in gold prices, as well as a fall in prices and production of both diammonium phosphate (DAP) and ammonia fertiliser.
It is the second successive quarter that the company's profitability has suffered from lower gold prices, while a shutdown of an ammonia plant hit second-quarter earnings.


source:http://www.arabianbusiness.com

Related Projects

new title

Saudi plans16 power projects in eastern area

Saudi Arabia intends to carry out 16 key power projects in its eastern province of Ihsa over the next three years to meet a steady…

Companies in Saudi Arabia,Saudi Arabia Companies,Products,Advertising in Saudi Arabia,Events Saudi Arabia, Projects in Saudi Arabia,Saudi Arabia Tenders,Companies in Riyad,Saudi Arabia companies,Infosaudi.sa