RIYADH: Saudi Arabian Mining Co. (Maaden) has reported a forecast-beating third-quarter profit, helped mainly by higher prices of its core products and the start up of big new production lines.
The minerals firm made a net profit of SR 311 million compared with SR 27 million in the prior-year period, it said in a statement, cited by Reuters. Net income for the second-quarter was SR 128 million.
Maaden said the increase in third-quarter net income was “attributed to the beginning of commercial production of ammonia and DAP” as well as “higher realized price and quantity sold of DAP, ammonia and gold.” DAP is di-ammonium phosphate, which is used to make industrial fertilizer.
The company is in a phase of rapid production growth, with plans to build a new $ 1.5 billion aluminum refinery, add a new line to an existing aluminum smelter, and invest $ 5.6 billion in a phosphate project.
In June, Maaden said it had received bank commitments for an SR 7 billion riyal Islamic loan.
Maaden profit soars on higher prices
Maaden profit soars on higher prices
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
