JEDDAH: Saudi Arabian Mining Co. (Maaden), the Gulf’s largest miner, has reported its first-quarter net profit more than doubled year on year, but the earnings still fell short of analysts’ forecasts.

The company’s net profit in the three months to March 31 was SR260.9 million ($69.57 million), compared to SR125.2 million in the same period a year earlier, it said in a statement.

It attributed the rise in net profit to sales growth from the rise in prices and quantities sold of all products expect for gold and ammonia. Profits were also lifted by income from short-term investments and a drop in exploration and technical service expenses, it said.