Saudi Arabian Mining Company (Maaden) announced its interim financial statements for the second quarter of 2019.
The company turned to losses recording SAR 243.66 million in Q2-19, against profits of SAR 517.76 million in Q2-18, according to a bourse filing on Monday.
Meanwhile, revenues of the Saudi-based company hiked by 25.87% year-on-year to SAR 4.3 billion by the end of June.
For the first half of 2019, net losses amounted to SAR 370.87 million, versus SAR 1.15 billion in profits in the same period the year before.
Maaden’s revenues jumped by 22.33% year-on-year to SAR 8.54 billion during the six-month period ended in June, the statement added.
The company attributed the move to losses to the decrease in average realized prices of all products except gold, a decrease in the sales volume of aluminium and gold and also a decrease in share of net profit of the joint venture (SAMAPCO), despite an increase in sales volume of ammonia phosphate fertilizer, ammonia, alumina and flat-rolled products and an increase in income from time deposits.