LONDON (ICIS)--Saudi Arabian Mining Company (Ma'aden) on Wednesday attributed its strong quarter-on-quarter profit increase to higher sales volumes and an increase in prices of diammonium phosphate (DAP), ammonia and aluminium, the phosphate producer said on Wednesday.
The Riyad-based company revealed in a filing on Saudi exchange Tadawul that it nearly tripled its second quarter net profit to Saudi riyal (SR) 370.79m ($98.9m) compared to the SR125.18m posted in the first three months of 2014.
Ma'aden said while its net profit was almost double that of the year-ago quarter, DAP and ammonia prices had fallen since last year but the price slide was more than offset by higher sales volumes and a hike in aluminium prices.Ma'aden is currently developing the massive Waad Al Shamal phosphate project in Saudi Arabia, with the $7.5bn manufacturing complex expected to commence production in late 2016. The project is a joint venture of Ma’aden (60%), The Mosaic Company (25%) and Saudi petrochemical giant Saudi Basic Industries Corporation (SABIC) which has a 15% stake.
($1 = SR3.75)