Saudi Arabian Mining Co. (Maaden) reported a net loss of SAR 147.1 million in the first quarter 2019 which fell short of Aljazira Capital’s expectations and street estimates of SAR 348 million and SAR 315.3 million in net profit, respectively, the brokerage firm said in an earnings review.

 

The firm attributed the decline of Ma’aden’s actual results compared to estimates to higher than expected raw material cost and depreciation expenses related to the commercial commencement of MRC and MWASPC.

 

Aljazira Capital maintained its “neutral” recommendation on the company’s stock at a target price of SAR 53 per share.

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