Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday stated that it turned a profit in 2017, against suffering losses the year before.

Ma’aden’s net profit hit SAR 714.84 million during 2017, against SAR 10.74 million losses a year earlier, according to a bourse filing.

The Saudi mining firm attributed turning profitable in 2017 to a 28% growth in sales revenues backed by an increase in sales of all products and a rise in average realised prices of all products except ammonia.

Ma’aden also ascribed the increase in its annual profits to a growth in its net profits stake of the jointly controlled entity; Maaden Barrick Copper Company.

Sales revenues jumped to SAR 12.09 billion during 2017, up from SAR 9.46 billion in a year earlier.

On Wednesday, the company’s board of directors said in a separate statement that it recommended not to distribute cash dividends for 2017, to complete establishing and financing its main projects.

Ma’aden's stock rose 1.52%, closing Wednesday at SAR 56.40.