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Ma'aden said to swing to Q4'17 loss, scraps FY'17 dividend

Saudi Arabian Mining Co., or Ma'aden, posted a net loss of 104.7 million Saudi riyals for the fourth quarter of 2017, swinging from a year-ago profit of 15.7 million riyals, according to Reuters calculations in a Feb. 1 report.

According to the newswire, the company gave no reason for the quarterly loss.

For full year 2017, Ma'aden returned to a net profit of 714.8 million riyals from a restated loss of 10.7 million riyals in 2016.

Sales revenue for 2017 rose 28% on a yearly basis to 12.09 billion riyals, thanks to higher volumes sold and better realized prices, but revenue was offset by a 10% rise in sales costs.

Ma'aden said it will not pay a dividend for the year ended Dec. 31, 2017.

It decided to nix dividends in order to continue investing in ongoing projects.

As of Jan. 31, US$1 was equivalent to 3.75 Saudi riyals.