Maaden’s 9M 2026 profit falls 3% to SAR 5.49B; Q3 down to SAR 1.68B

Gross profit declined 13% driven by higher cost of sales in the phosphate business unit amid rising supply chain and raw material costs, particularly sulfur, as ongoing challenges continued to affect supply chains and market activity.

Lower ammonia export sales also weighed on profitability.

In addition, operating expenses (OpEx) increased due to higher exploration costs in support of the company’s long-term growth and resource development strategy, while finance income declined and net Zakat, income tax, and royalty expenses increased.

These factors were partially offset by a SAR 2.93 billion (10%) increase in revenue, driven by higher selling prices across all business units and increased sales volumes in the gold business unit.

This reflects the strength of the company’s diversified portfolio and its pricing resilience, despite lower phosphate business sales volumes due to reduced ammonia exports.

Other operating income in the phosphate business unit also increased following the recognition of a one-off insurance income of SAR 375 million.

In addition, finance costs (FCs) declined, while the share of net profit from equity-accounted investees increased, driven by higher earnings contributions from Aluminum Bahrain (Alba) and Maaden Barrick Copper (MBCC), despite a one-off impairment recognized by Manara Minerals Investment Co. on its investment in Vale.

Maaden’s Q3 2026 net profit fell to SAR 1.68 billion from SAR 2.2 billion in Q3 2025, down 24% YoY.

Sequentially, net profit declined 22.7% from SAR 2.17 billion in Q2 2026.

Total shareholders’ equity, after excluding minority interest, rose to SAR 66.91 billion as of Sept. 30, 2026, from SAR 55.82 billion a year earlier.

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