Saudi Arabia's Ma’aden has reported a 42.3% rise in Q2 net profits to SAR507m ($138m) as sales volumes increased and prices of commodities rose. During the three months, sales volume in gold, alumina and ammonium phosphate fertiliser (APF) grew 14%, while aluminium prices jumped 16%, and APF prices increased by 14%. Ma'aden also benefited from increased income from time deposits and the growth in its share of net profits from Ma'aden Barrick Copper, a joint venture. However, net income for the second quarter was 19% lower than for the first quarter, and earnings were less than analysts had expected.
Saudi Arabia's Ma’aden has reported a 42.3% rise in Q2 net profits to SAR507m ($138m) as sales volumes increased and prices of commodities rose. During the second quarter, sales volume in gold, alumina and ammonium phosphate fertiliser (APF) grew 14%, while aluminium prices jumped 16%, and APF prices increased by 14%. Ma'aden also benefited from increased income from time deposits and the growth in its share of net profits from Ma'aden Barrick Copper, a joint venture. However, net income for the three months was 19% lower than for the first quarter, and earnings were less than analysts had expected.