# Saudi industrials’ earnings split as war disruption meets cost control and one-off gains

> Saudi Arabian Mining (Maaden) reported third-quarter 2026 net income down 23.7% year over year to SAR 1.7 billion, despite higher revenue and record results in its aluminum and gold units. Phosphate EBITDA fell 83% as record sulfur costs, higher logistics costs, and missing ammonia export sales squeezed margins, even though realized DAP prices rose 15%.

- Date: 2026-11-10 · published 2026-11-10T06:13:58.987Z
- Category: geopolitics · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/91117-saudi-industrials-earnings-split-as-war-disruption-meets-cost-control-and-one
- Commodities: [DAP](https://feedsoft.ai/c/DAP.md), [Phosphate Rock](https://feedsoft.ai/c/PHOSROCK.md)

## Why it matters

Higher sulfur and logistics costs and disrupted ammonia sales can constrain phosphate fertilizer production and raise costs for fertilizer suppliers. The report points to margin pressure in DAP and related fertilizer supply, despite higher realized DAP prices.

## Read by commodity

- DAP: bullish ▲
- PHOSROCK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DAP | 2026-07-24 | [WTO data confirms Strait of Hormuz fertilizer trade disruption is easing as urea nears pre-war price — Fertilizer Daily](https://feedsoft.ai/events/18655-wto-data-confirms-strait-of-hormuz-fertilizer-trade-disruption-is-easing-as.md) | +0.6% | +2.2% |
| DAP | 2026-04-21 | [Global fertiliser market facing prolonged period of strain from Middle East disruption – industry report](https://feedsoft.ai/events/20020-global-fertiliser-market-facing-prolonged-period-of-strain-from-middle-east.md) | +0.3% | +6.9% |
| DAP | 2026-05-28 | [OCP warns Hormuz disruption has evolved into global fertilizer supply shock — Fertilizer Daily](https://feedsoft.ai/events/19589-ocp-warns-hormuz-disruption-has-evolved-into-global-fertilizer-supply-shock.md) | +1.6% | +1.0% |
| DAP | 2026-08-28 | [Mosaic idles Faustina as retail DAP and MAP climb on sulfur costs \| Sulfur Wire](https://feedsoft.ai/events/18196-mosaic-idles-faustina-as-retail-dap-and-map-climb-on-sulfur-costs-sulfur-wire.md) | -0.3% | +0.9% |
| DAP | 2026-06-08 | [TIQ - Insights Hub - Global Fertiliser Disruptions](https://feedsoft.ai/events/18708-tiq-insights-hub-global-fertiliser-disruptions.md) | 0.0% | -4.2% |

## Sources

- enterpriseam.com: https://enterpriseam.com/ksa/2026/11/10/saudi-industrials-earnings-split-as-war-disruption-meets-cost-control-and-one-off-gains/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.