Far below our expectations
At the end of Q3 2015, Maaden’s revenues reached SAR8,297M, up 13% on a y-o-y basis. A modest increase compared to our forecasts.The EBITDA amounted to SAR2,868M vs. SAR2,365M a year earlier, i.e. a 21% y-o-y increase. However, the group's EBIT dredged down by 19% to SAR1,123M due to higher amortization costs . The company's bottom line shrunk by 38% to SAR611M, pulled down by higher financial charges.
The Saudi Arabian Mining Company (Maaden) announced the development of the use of proceeds from its rights issue shares subscription, where the received gross proceeds amounted to SAR5.6bn.
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