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Ma'aden's FY'16 profit slides 33.8%

Saudi Arabian Mining Co., or Ma'aden, reported a 33.8% drop in its full-year 2016 net profit to 400.6 million Saudi riyals, or 34 halalas per share, compared to 2015.

According to a Jan. 19 statement, Ma'aden booked a net profit of 15.7 million riyals in the December quarter, which was a shift from a loss of 5.7 million riyals in the same quarter of 2015 but an 81.25% drop from the September quarter profit of 83.6 million riyals.

As of Jan. 19, US$1 was equivalent to 3.75 Saudi riyals.