The Saudi Arabian Mining Company on Tuesday reported second-quarter net income of SR128m ($34.13m), more than double its profit for the prior-year period.
The figure was 48 percent down on the previous quarter and fell short of analysts’ estimates which averaged SR328m.
Estimated net income for the first six months of 2012 amounted to SR374m, compared to SR106m for the same period last year, an increase of 253 percent, the company also known as Maaden said in a statement to the Saudi bourse.
The company said the increase in the estimated net profit could be attributed to the beginning of commercial production of ammonia and DAP for Maaden Phosphate Company, an increase in the average price of gold sold as well as a rise in quantity of gold sold.
It added that the decrease in the net profit compared to Q1 was due to the lower quantity of gold sold, the reduction in DAP prices and higher Zakat provisions.
In March, the company said it plans to invest SR26bn in its projects in Ras Al Khair and Waad Al Shamal, according to CEO Khalid Bin Saleh Al Mudaifer.
The company plans to invest SR21bn to develop facilities for phosphate and other related products in Waad Al Shamal, and SR5bn in Ras Al Khair.
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