LONDON (ICIS)--Saudi Arabian Mining Company (Ma'aden) on Sunday posted a 122% jump in third quarter net profit versus the year-ago period as it began to benefit from operations at the new $7.5bn Wa'ad Al Shamal phosphate project. The fertilizer and mining giant attributed the surge in quarterly net earnings to Saudi riyal (SR) 263m ($70m) on increased sales, tight cost control, and improvement in the price of one of its key products, aluminium. The Riyadh-based group noted its quarter-on-quarter performance, which saw earnings down 25%, was mainly due to the impact of lower ammonia prices.
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