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United Mining Halves Profits to 9.1M
United Mining Industries Company ("United Mining")'s profits declined by 8.51% in the first half of 2026, reaching 9.11 million Riyals, compared to 9.96 million Riyals in the same period of the previous year. This occurred despite a 19.20% increase in revenues to 118.33 million Riyals, driven by higher export sales and gypsum materials. The decrease in profits is attributed to rising cost of revenue, selling and marketing expenses, financial costs, as well as the recognition of deferred taxes. In May 2026, Knauf International GmbH acquired a 63.2% stake in the company and announced its intention to make an offer to acquire 100% of the company. The regulatory procedures are still ongoing.
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