Saudi Arabian Mining Company's (Maaden) will not pay dividend to shareholders for fiscal year 2017, the company said in a statement to Tadawul on Thursday.

 

The move was approved by the board of directors on Wednesday, the company said, adding that the money will instead be used to execute ongoing projects.

 

Maaden is currently working on the $3.5 billion expansion of its aluminium facility in Ras Al-Khair. It also expects to commence operations in the third phosphate facility at Waad Al-Shamal this year. 

 

The mining giant reported a consolidated net profit of SAR 714.8 million for FY 2017, against a net loss of SAR 10.7 million in FY 2016, due to a 28 percent rise in sales revenue and higher profit from its affiliate Maaden Barrick Copper Co. 

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