Saudi Arabian Mining Co. (Ma’aden), Riyadh, reported a net profit after zakat and tax for the first quarter of SAR761.2 million (approximately $202.9 million at current exchange rates) versus a net loss of SAR353.3 million for the year-ago period, missing the average analyst estimate of SAR797.3 million.
The analysts’ estimates ranged from SAR741.0 million to SAR891.0 million, according to a Bloomberg Consensus (three estimates).
First-quarter revenue came in 25 percent up on the year, at SAR5.45 billion from SAR4.36 billion, and also missed the average analyst estimate of SAR5.90 billion (range SAR5.38 billion to SAR6.13 billion, according to the Bloomberg consensus.
Ma’aden cited an increase in the average realized selling price for all products, as well increased sales volumes for all products except phosphate fertilizer, ammonia, and gold.
The company’s share in net profit of joint ventures and other income increased for the quarter, compared with a year earlier.