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Maaden reports 45% rise in Q4 net profit
- Saudi Arabia: Monday, January 21 - 2013 at 04:36
Saudi Arabian Mining Co (Maaden) has reported a 45% rise in its fourth-quarter net profit, beating analyst forecasts, Reuters has reported. The state-controlled minerals firm made a net profit of SR406m ($108.3m) in the three months ending December 31, compared with SR280m in the same period a year earlier. Analysts expected Maaden to post between SR316.1m to SR397m. The increase was attributed to the beginning of commercial production of ammonia and DAP, which is di-ammonium phosphate used to make industrial fertiliser.
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