Saudi Arabian Mining Company (Maaden) has posted third-quarter profits for 2011 of $7.3m due to high gold prices.

The company took advantage of average gold prices of $1,703 compared with $1,227 in the corresponding period of 2010.

Zakat payments, an Islamic tax, have also fallen contributing to Maaden’s increased profits.

Maaden is building up its gold business, but also is developing significant interests in mining phosphates and bauxite, as well as fertiliser and aluminium production.