Saudi Arabian Mining Co (Maaden) posted a forecast-beating 45 per cent increase in its fourth-quarter net profit after it began production of ammonia and di-ammonium phosphate, it said in a bourse statement on Sunday.
The state-controlled minerals firm made a net profit of SAR406 million ($108.3 million) in the three months ending December 31, compared with SAR280 million in the same period a year earlier.
Two analysts polled by Reuters expected the firm to post between SAR316.1 million to SAR397 million.
Maaden attributed the increase in its fourth-quarter net profit to the beginning of commercial production of ammonia and DAP, which is di-ammonium phosphate used to make industrial fertiliser.
Operational profit for the fourth-quarter rose by 47 per cent to SAR721 million.
The firm is in a phase of rapid production growth, with plans to build a new $1.5 billion aluminium refinery, add a new line to an existing aluminium smelter, and invest $5.6 billion in a phosphate project.
In December Maaden announced that it had raised SAR9 billion through an Islamic loan facility to help fund its future projects.