Saudi’s Ma’aden beats estimates despite Q2 net profit halving

REUTERS

Saudi Arabian Mining Co (Ma’aden), the Gulf’s largest miner, beat analysts’ forecasts despite posting a 50.95 percent fall in second-quarter net profit on Monday, as sales revenues declined on low commodity prices. The firm made a net profit of 132.5 million riyals ($35.3 million) in the three months to June 30, it said in a bourse statement. This compares with a profit of 270 million riyals in the corresponding period of 2015. The average estimate of three analysts polled by Reuters was for a quarterly profit of 127.8 million riyals.