The state-owned Saudi Arabia Mining Company (Ma’aden) reported a 91% decline in its second-quarter net profit, amounting to $93.53 million (SR350.9 million), compared to the same period in the previous year. This figure fell short of analyst predictions by over $53.3 million and represents a 16.3% drop from the company’s first-quarter earnings of $111.7 million. This substantial drop is attributed to reduced sales prices for most products, coupled with surges in administrative, exploration and technical services costs. Furthermore, its finance expenses increased by 86%, influenced by rising interest rates. In spite of these challenges, Ma’aden celebrated a record-setting quarter for phosphate production.

Source: https://www.mining-technology.com/news/maaden-second-quarter-profits-fall-91/