Saudi Arabia's Ma’aden has reported a 42.3% rise in Q2 net profits to SAR507m (14 per cent) 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.
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.