JEDDAH: Saudi Arabian Mining Co. (Maaden), the Gulf’s largest miner, beat analyst forecasts as it reported a 66 percent fall in third-quarter net profit after a one-off gain wasn’t repeated.

The company’s net profit in the three months to Sept. 30 was SR485.4 million, compared to SR1.43 billion in the same period a year earlier, it said in a bourse statement.

Analysts surveyed by Reuters had forecast, on average, that Maaden would report net profit of SR383 million.

The mining firm will conduct an SR5.6 billion rights issue, with the price and number of new shares to be determined at a shareholder meeting that must be held within six months from the regulatory approval in late September.

Maaden said the rights issue will fund the expansion of its phosphate and gold operations as well as increase funding for its aluminum business.