Saudi Arabian Mining Company (Ma'aden), the Gulf's largest miner, swung to a net loss in the fourth quarter on Wednesday due to lower product prices, missing the average forecast of analysts.

Ma'aden made a net loss of SR5.7 million ($1.52 million) in the three months to December 31, it said in a bourse statement. This compares with a profit of SR376 million ($100.2 million) in the corresponding period of 2014.

Three analysts had on average forecast Ma'aden would make a quarterly net profit of SR84.1 million ($22.4 million).

Ma'aden, which operates in gold, aluminium and phosphates, is a key pillar in Saudi Arabia's plan to diversify its economy away from hydrocarbons.

It attributed the quarterly loss to a decrease in the average prices of all sold products, as well as an increase in the net loss recorded by a joint venture. It did not elaborate or name the jointly-controlled entity.

Ma'aden had reported falling profits in the preceding three quarters but has weathered tough conditions better than some of its peers because it has low production costs.

In October, Ma'aden's chief executive told Reuters his firm was reviewing its spending in the wake of low commodity prices. - Reuters