CAIRO: Egypt has raised the price of subsidised vegetable oils by 23.5 percent to 21 Egyptian pounds ($1.34) per one liter bottle effective June 1 following a jump in raw material costs globally, the Supply Ministry said on Sunday.
The ministry said that global markets for raw oilseeds had recently seen a “notable increase” and that a committee would be formed to review prices every three months.
Egypt, which imports 95 percent of its vegetable oil needs through state buyer GASC, offers buyers a blend of soybean and sunflower oil covered by its extensive subsidy program, which also includes staples such as bread and rice.
“Prices should soften a bit later on this year. Not much of a downside though and that’s why they decided to go ahead and raise prices instead of waiting for the sharp decrease that never came,” one trade source said.
A one-liter bottle of blended soybean and sunflower oil available to Egyptians who qualify for subsidies previously cost 17 pounds per bottle. The ministry also said there would be a new 800 ml bottle available for 17 pounds.
The new prices would allow the government to break even if not make a marginal profit, traders said. One trader said the pricing change could make private sector products more competitive.
“Bottles of pure sunflower oil or soybean oil are sold at regular supermarkets for not much higher than 21 pounds, which means consumers can opt to by them unsubsidised and use their credit to purchase other goods,” an Egyptian trader said.
More than 60 million of Egypt’s 100 million population qualify for the food subsidy program and the government has allocated 87.8 billion pounds for commodities subsidies in the financial year beginning July 1.
Egypt’s strategic supplies of vegetable oils were sufficient to last five months, the supply ministry said. At its last tender for vegetable oils, GASC bought 10,000 tons of sunflower oil.
Egypt raises price of subsidized vegetable oil as commodity markets surge
https://arab.news/zhumv
Egypt raises price of subsidized vegetable oil as commodity markets surge
- The ministry said that global markets for raw oilseeds had recently seen a “notable increase”
Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production
RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.
The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.
This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.
In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”
The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.
Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.
“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.
Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.
The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.
The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.
The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.
Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.
“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.
Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.
