Maaden profit soars on higher prices

Saudi Arabian Mining Co. (Maaden) has reported a forecast-beating third-quarter profit, helped mainly by higher prices of its core products and the start up of big new production lines. The minerals firm made a net profit of SR 311 million compared with SR 27 million in the prior-year period, it said in a statement, cited by Reuters. Net income for the second-quarter was SR 128 million. Maaden said the increase in third-quarter net income was “attributed to the beginning of commercial production of ammonia and DAP” as well as “higher realized price and quantity sold of DAP, ammonia and gold.” DAP is di-ammonium phosphate, which is used to make industrial fertilizer. The company 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 June, Maaden said it had received bank commitments for an SR 7 billion riyal Islamic loan. From arabnews