Maaden signs deal with Bahri to ship products

Saudi Arabian Mining Co. (Maaden) has signed a shipping services agreement with the National Shipping Co. of Saudi Arabia (Bahri) to ship its products to clients worldwide.

Maaden said in a statement that Bahri’s fleet is competitive in term of costs and operation, but didn’t disclose the financial details of the deal.

Maaden, which operates gold, aluminum and phosphate mines, said it is currently focusing on improving its marketing and operational capabilities through strategic partnerships with local and international partners.

The miner said Tuesday its second quarter net profit dropped 27.2 percent year-on-year to SAR 270 million on lower prices and higher cost of sales.