Complex Made Simple

Ma’aden sees profits doubled over increased gold price

The Saudi Arabian Mining Co (Ma'aden) has more-than-doubled its net income during the second quarter to SR128m ($34.13m), compared with the prior-year period, Saudi Gazette has reported. Net profit for the first six months of 2012 is estimated at SR374m, up 253% from SR106m reported for the same period last year, the company said. The surge in profit is attributed to the commencement of commercial production of ammonia and DAP for Ma'aden Phosphate Co, an increase in the average price of gold sold, as well as a rise in quantity of gold sold, the company said.