Riyadh – Mubasher: Saudi Arabian Mining Company (Maaden) announced its interim financial results for the third quarter of 2019.

The company swung to losses recording SAR 92 million in Q3-19, against profits of SAR 414.9 million in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The Saudi firm attributed the move to losses to the decrease in the average realized prices of all products except gold, a decrease in the sales volume of ammonia, aluminium and alumina despite an increase in sales volume of ammonia phosphate fertilizer, flat-rolled products and gold.

Meanwhile, the company’s revenues jumped by 26.5% on a yearly basis to SAR 4.29 billion in the three-month period ended September.

For the first nine months of 2019, Maaden’s net losses reached SAR 462.9 million, versus SAR 1.57 billion in profits in the corresponding period last year.

Total revenues grew by 24.11% to SAR 12.8 billion by the end of September, compared to SAR 10.3 billion in September 2018.

Loss per share stood at SAR 0.39 in nine months, versus a profit per share of SAR 1.34 in the same period a year ago.