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Saudi Arabia's Ma'aden FY net profit jumps 2.5-fold
- Saudi Arabia: Sunday, January 20 - 2013 at 19:19
The Tadawul All-Share Index closed 0.06% higher at 7,054.36 points Sunday. The gauge unsuccessfully tried to crack the 7,160 points 10 days ago, the old resistance level from mid-Sep. and end-Aug. 2012. Shares of Saudi Arabian Mining Co. or Ma'aden closed even at SR34.90. After the market's closing bell rang, Ma'aden (Arabic for 'metals') said its Q4 profit surged 45 percent year-on-year to reach SR406m. The company's full-year net profit reached SR1.091bn, which was a whopping 165 percent higher than in the year before. The start of the commercial production of Ammonia, which is used to produce liquid fertilizer solutions, helped Ma'aden to grow, among other factors.
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Gérard Al-Fil, Financial JournalistSunday, January 20 - 2013 at 19:19 UAE local time (GMT+4)
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