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Ma’aden’s Q2 net profit up nine-fold

Saudi Arabian Mining Co (Ma’aden) has reported a higher-than-expected nine-fold rise in net profit in the second quarter, recovering from last year’s poor performance, Reuters has reported. The miner said it made a net SR370.8m ($98.9m) in the three months to June 30, compared with SR40.98m in the year-earlier period. The company cited increased sales across its product range, as well as higher aluminium prices for the profit increase, which helped offset lower prices for ammonia and one of its fertiliser products. Maaden gave no further detail.