Ma'aden reports 24% drop in Q3 2026 profits
Saudi mining giant Ma'aden saw third-quarter 2026 profits fall to 1.68 billion riyals, citing higher supply chain and phosphate raw material costs.
Key Takeaways
AISaudi Arabian Mining Company (Ma'aden) reported a decline in profits to 1.68 billion riyals (SAR) for the third quarter of 2026, down from 2.20 billion riyals in the same period last year, marking a 24% decrease.
The company attributed the drop to a 30% decrease in gross profit, driven by higher costs of sales in its phosphate business unit. This was mainly due to increased supply chain and raw material expenses, particularly rising sulfur costs, amid ongoing challenges affecting supply and market dynamics.
Operating profit reached 1.56 billion riyals in the third quarter of 2026, compared to 2.93 billion riyals in the same period a year earlier, representing a 46% decline.
Net profit for the current period stood at 5.49 billion riyals, compared to 5.67 billion riyals in the corresponding period last year, a decrease of 3%.