Astra Industrial Group's profits declined by 29.9 percent in the third quarter of 2026, to $35.9 million (134.7 million riyals), compared to $51.2 million (192.1 million riyals) in the second quarter of the current year.
Astra Industrial shares topped the market declines, falling by 10 percent to 102.40 riyals.
On an annual basis, net profits decreased by 19.5 percent, compared to $44.7 million (167.4 million riyals) in the third quarter of 2025.
The company said, in a statement on Saudi Tadawul, on Sunday, that the decline in profits during the third quarter on an annual basis is generally due to the decrease in total profit in the pharmaceutical and specialized chemicals sectors, despite the decrease in selling and distribution expenses, general and administrative expenses, and the expense of the allowance for the decrease in the value of financial assets.
The company's revenues declined by 19.7 percent in the third quarter of the current year, to $156.3 million (586.1 million riyals), compared to $194.7 million (730.1 million riyals) in the same quarter of the previous year.
During the first nine months of 2026, Astra Industrial’s net profits decreased by 2.8 percent to $133.3 million (499.9 million riyals), compared to $137.1 million (514.2 million riyals) in the same period in 2025.
The company attributed the decline in profits during the period to a decrease in revenues as a result of a decline in sales in the steel industries and specialized chemicals sectors, in addition to a decrease in total profit in the pharmaceuticals and specialized chemicals sectors.
The Ministry of Municipalities and Housing announced that 7 million square meters of white land in the regions of Tabuk, Hail and Jazan have entered development or circulation paths, as part of the results of implementing the white land and vacant real estate fees system, and efforts to stimulate land development and raise the efficiency of its use within urban areas.
The Ministry explained that the areas included 5.3 million square meters of land that had entered into circulation, and 1.3 million square meters of land under development, in addition to 466 thousand square meters of land that had been developed.
It indicated that 21 housing projects in the three regions benefited from the revenues from white land fees, within the framework of directing the proceeds of fees to support housing projects and raise the readiness of the associated infrastructure.
The Ministry stressed the continuation of work to motivate landowners to develop and benefit from it, and to accelerate the entry of unexploited lands into the urban development cycle, in addition to raising the efficiency of land use within urban areas, increasing the real estate and housing supply, and supporting the balance between supply and demand.
The Ministry had previously announced the entry of about 286 million square meters of land into development or circulation paths in various regions of the Kingdom, distributed between the Eastern Region with 146 million square metres, Riyadh with 71 million, Mecca with 28 million, Medina with 19 million, Al-Qassim with 15 million, and Asir with 7 million square metres.
The Egyptian Ministry of Petroleum and the World Bank Group announced the launch of a partnership and national charter to develop the mining sector in Egypt, as part of an initiative that includes eight countries.
A press statement issued by the Ministry of Petroleum on Sunday stated that “the Egyptian National Charter aims to raise the sector’s contribution to the gross domestic product to 6 percent.”
The mining sector's contribution currently amounts to about 1 percent of Egypt's gross domestic product.
The ministry’s plan includes legislative and financial reforms, “which has already begun to be worked on and achieved in the last two years, improving geological data to attract investments, and developing digital systems and mineral processing centers, while the World Bank Group and the European Bank for Reconstruction and Development are cooperating to enhance governance and capabilities and attract investments to the sector.” According to the statement.
Minister of Petroleum, Karim Badawy, stressed that Egypt is working on a comprehensive development of the mining sector and creating an attractive climate for investment, to build a sustainable industry capable of competing and occupying a distinguished position on the investment map regionally and internationally, stressing the importance of developing partnership and cooperation relations with the World Bank and international financial institutions to provide financing, attract investments, and direct technical support.
For her part, Namrata Thapar, Global Director of the Minerals and Mining Sector at the World Bank Group, stressed the importance of the partnership with Egypt to support efforts to develop the mining sector.
During her participation in the Egypt Mining Forum recently, she praised the serious reforms she witnessed and a clear national vision to bring about a qualitative shift in the sector, in addition to the availability of mining components, infrastructure and an investment climate that supports attracting investments and accelerating the pace of development, stressing that the developments she witnessed reflect a clear trend towards developing the sector and maximizing the benefit from the mining potential that Egypt possesses, in a way that enhances opportunities for cooperation and partnership with the World Bank Group to support these efforts.
At the global level, the World Bank Group intends to increase its support for the mining sector five-fold, to reach $19 billion during the fiscal years from 2026 to 2030, by providing financing and attracting private sector investments.
