Saudi Arabian Mining Co. (Ma’aden). Riyadh, reported second-quarter net profit of SAR4.03 billion, compared to a Bloomberg Consensus average analyst estimate of SAR2.48 billion. Year-ago profit was SAR1.1 billion.
Second-quarter operating profit and revenues also beat analyst estimates of SAR3.81 billion and SAR9.72 billion, respectively. Second-quarter operating profit was SAR5.55 billion on revenues of SAR11.88 billion, up from the year-ago SAR1.61 billion and SAR6.1 billion, respectively.
The company cited higher average realized sales prices of all products except industrial mineral products and higher sales volume, mainly from ammonia, primary aluminum, ammonia phosphate fertilizer, industrial mineral products, and gold, with slightly lower sales volume recorded for flat rolled products, alumina, and Meridian’s products.
Six-month net profit was SAR6.2 billion on revenues of SAR20.8 billion, up from the year-ago SAR1.86 billion and SAR11.55 billion, respectively. Operating profit was SAR8.8 billion, up from SAR2.66 billion.