Only gold shines
During Q4 2016, Maaden recorded revenues amounting to SAR2.371bn, a 10.8% decline compared to the same period last year. The gross profit also fell, by 6.8% yoy. However, the gross margin gained 100 bps to stand at 21% given a more important drop of the cost of sales than that of the revenues (-11.9% yoy). The operational profit for the quarter dipped by 15.8%. The bottom-line improved, moving from SAR-5.676m in Q4 2015 to SAR15.670m in Q4 2016.The Saudi Arabian Mining Company closed the year 2016 with shrinking revenues by 13.2% yoy to SAR9.506bn.
Saudi Arabian Mining is engaged in various projects related to all stages of the mining industry, including development, advancement and improvement of the mineral industry, mineral products and by-products. Co.'s principal mining activities are at the Mahd Ad Dhahab, Al Hajar, Bulghah, Al Amar, Sukhaybarat, Al Jalamid, Az Zabirah and Al-Ghazallah mines. Co. mainly mines gold, phosphate rock, low-grade bauxite, kaolin and magnesite. Co. is involved in the following two major projects, both of which are in their development stages: Aluminium Project and Phosphate Production Facility.
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