JEDDAH: Saudi Arabia’s Knowledge Economic City and mining giant Maaden reported higher third-quarter revenues, with the former’s net profit surging 253.5 percent and the latter’s sales rising 11 percent year on year to $3 billion. KEC recorded revenue of SR245.1 million ($65.4 million) in the three months ending Sept. 30, up 98.8 percent from SR123.3 million a year earlier, according to a bourse filing, adding that net profit attributable to shareholders reached SR99.7 million, compared with SR28.2 million a year earlier. The company attributed the revenue growth mainly to stronger contributions from ongoing residential projects following the introduction of the new Non-Saudi Property Ownership Law. It also recognized SR169.6 million in revenue from a land parcel sold in July, while its newly opened hotel contributed to overall growth. Gross profit climbed 251.6 percent year on year to SR181.8 million, while operating profit rose to SR139.7 million from SR25.1 million. For the first nine months of 2026, KEC’s revenue increased 40.2 percent to SR330.5 million, compared with SR235.8 million in the corresponding period last year. The company swung to a net profit of SR71.3 million from a loss of SR26.7 million. Maaden’s business performance Maaden reported third-quarter revenue of $3 billion, up 11 percent year on year, while earnings before interest, taxes, depreciation, and amortization fell 24 percent to $900 million, according to a Tadawul statement. Net profit attributable to shareholders stood at $400 million. The company’s announcement did not provide a year-on-year comparison for this figure. The phosphate business faced significant cost pressures despite recovering production following sulfur supply shortages in the second quarter. The division generated revenue of $1.37 billion, down 9 percent year on year, while EBITDA declined 83 percent to $135 million. Diammonium phosphate or DAP or production reached 1.635 million tonnes, recovering 33 percent from the previous quarter as sulfur shortages largely eased. However, record sulfur costs and the absence of ammonia export sales weighed on the division’s overall financial performance. In contrast, Maaden’s aluminum business recorded revenue growth of 32 percent to $985 million, while EBITDA more than doubled to $419 million. Its gold and growth metals division also delivered stronger results, with revenue increasing 49 percent to $596 million and EBITDA climbing 71 percent to $403 million. Gold production rose 22 percent to 139,000 ounces. Maaden CEO Bob Wilt said its gold and growth metals and aluminum business units both achieved record financial performance during the quarter. “In our phosphate business unit, our team responded to a complex situation and restored granulated production to levels comparable to last year,” he said. Wilt added that the company would continue to prioritize its workforce, safety, and operational performance, while focusing on creating sustainable, long-term shareholder value. Production and investment outlook Maaden said DAP prices in the third quarter were marginally higher than in the second quarter, with Chinese export restrictions remaining in place longer than expected. “Prices were moderated by farmer affordability but supported by record input costs. Key end market inventory levels have decreased and increased crop prices are improving farmer affordability,” the company said in a press release. The firm added that its full-year DAP production guidance remained unchanged at 6 million to 6.5 million tonnes, while guidance for ammonia production remained withdrawn. Aluminum production is expected to trend toward the upper half of the company’s guidance range of 950,000 to 1.02 million tonnes. Alumina production guidance remains between 1.8 million and 1.9 million tonnes. Gold production is also expected to reach the upper end of its previously issued guidance of 470,000 to 515,000 ounces. The company expects its full-year all-in sustaining cost for gold to come in below its previous guidance range of $1,380 to $1,500 per ounce. Maaden also revised its total capital expenditure guidance down by $1 billion from the $4.15 billion forecast issued in February.