Saudi miner Maaden’s nine-month net profit fell 3.2 per cent to 5.49 billion riyals despite higher revenue. Higher phosphate production costs, particularly sulfur and supply-chain expenses, weighed on earnings. Stronger selling prices and increased gold sales supported revenue, while third-quarter profit declined 23.7 per cent from a year earlier.
Saudi miner Maaden reported nine-month revenue of 30.87 billion riyals, up 10.5 per cent from a year earlier. Net profit nevertheless fell 3.2 per cent to 5.49 billion riyals. In the third quarter, revenue reached 11,140.32 million riyals as net profit declined 23.7 per cent annually to 1.68 billion riyals. Higher selling prices across its businesses and increased gold sales volumes supported revenue.[1], [2]
The company attributed lower profitability to higher cost of sales in phosphate production. Raw material and supply-chain expenses rose, particularly sulfur costs, while lower ammonia export sales also weighed on earnings. Maaden’s nine-month gross profit fell 12.8 per cent to 9,303.06 million riyals. Operating profit declined 16.9 per cent to 6,465.93 million riyals as exploration expenses increased to support resource development.[1]
The phosphate business recognised one-off insurance income of 375 million riyals. Lower finance costs and higher profits from equity-accounted investments also supported earnings. Finance income declined and net zakat, income tax and royalty expenses rose. Maaden’s nine-month earnings per share decreased from 1.46 riyals to 1.41 riyals, with average shares unchanged. Third-quarter profit was 22.7 per cent below the preceding quarter.[1]
