Knowledge Economic City, Maaden report higher Q3 revenues as profit growth diverges

JEDDAH: Saudi Arabia’s Knowledge Economic City and mining giant Maaden reported higher third-quarter revenues, with the former’s net profit surging 253.5 percent and the latter’s sales rising 11 percent year on year to $3 billion.

KEC recorded revenue of SR245.1 million ($65.4 million) in the three months ending Sept. 30, up 98.8 percent from SR123.3 million a year earlier, according to a bourse filing, adding that net profit attributable to shareholders reached SR99.7 million, compared with SR28.2 million a year earlier.

The company attributed the revenue growth mainly to stronger contributions from ongoing residential projects following the introduction of the new Non-Saudi Property Ownership Law.