JEDDAH: Saudi Arabian Mining Co. (Maaden) posted a forecast-beating 45 percent increase in its fourth-quarter net profit after it began production of ammonia and di-ammonium phosphate, it said in a bourse statement yesterday.
The state-controlled minerals firm made a net profit of SR 406 million in the three months ending Dec. 31, compared with SR 280 million in the same period a year earlier.
Two analysts polled by Reuters expected the firm to post between SR 316.1 million to SR 397 million.
Maaden attributed the increase in its fourth-quarter net profit to the beginning of commercial production of ammonia and DAP, which is di-ammonium phosphate used to make industrial fertilizer.
Operational profit for the fourth-quarter rose by 47 percent to SR 721 million.
The firm is in a phase of rapid production growth, with plans to build a new $1.5 billion aluminum refinery, add a new line to an existing aluminum smelter, and invest $5.6 billion in a phosphate project.
In December Maaden announced that it had raised SR 9 billion through an Islamic loan facility to help fund its future projects.
Maaden Q4 net profit up 45%
