Saudi Arabian Mining Company (Ma'aden) has released its interim financial and operating results for the first quarter of 2018.
'The company posted a net profit of SR638mn (US$170.12mn) versus an average estimate of SR372mn', Reuters reported.
The increase in profitability was attributed mainly to increased production and sales, tight cost control, and a sustained improvement in the prices of its key products.
Khalid Al Mudaifer, president and CEO, Ma'aden, said, “The first quarter results highlight the strength of Ma'aden's business model. By continuing to generate greater production from our assets whilst maintaining pressure on costs, we were able to capitalise on the generally positive commodity price environment.
“These factors enabled us to deliver EBITDA growth of 36% year-on-year to reach over SAR1.9bn ($US0.51bn) in the quarter.”
“Ramp-up of our most recent mega-project, the Wa'ad Al Shamal Phosphate project, is progressing well,” he added.
According to a Reuters report, Ma’aden shares rose almost three per cent in early trade after it announed its Q1 results.