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Amak's Q2 profit drops to 34.66M
The results of Ma aden Ore Industry Company "Ma'aden" showed a decline in its profits during the second quarter of 2026 by 52.55% year-over-year, with net profits reaching 34.66 million riyals compared to 73.05 million riyals in the same period last year. Additionally, its profits decreased by 42.34% on a quarterly basis. The primary reason for this decline is a drop in gross profit by 45 million riyals and an increase in general and administrative expenses, despite a decrease in royalty fees. Sales also decreased by 8.35%, amounting to approximately 237 million riyals, due to a reduction in the quantities of metals sold following the temporary shutdown of the processing plant, even though prices for copper, zinc, and gold rose. In the first half of the year, the company recorded profits of 94.76 million riyals, a decrease of 26.13%, driven by lower sales volumes and higher expenses, despite the rise in metal prices.
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