Skip to content Skip to Search
Skip navigation

Maaden profit up three-fold on higher commodity prices

By Pramod Kumar
WAM
The sustained gold prices will drive expansion of gold operations with Mansourah-Massarah on track to produce 250,000 ounces this year

Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs.

The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period.

In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million contributed to the higher profit.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Revenues increased 3 percent year on year to SAR7.2 billion. 

Profits for the first six months jumped 160 percent year on year to SAR2 billion driven by higher sales, lower raw material costs, a decline depreciation expenses and an impact of one-off industrial utility charges.

Top line, however, was down 3 percent to SAR1.5 billion due to lower commodity prices.

“Our large-scale phosphate 3 project is progressing, with construction underway, and we are moving forward with a new aluminium recycling plant at Ras Al-Khair,” said CEO Bob Wilt.

Additionally, the completion of investment in Vale Base Metals will increase exposure to green metals, he added.

In May Manara Minerals, a joint venture between Maaden and the Public Investment Fund, completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale.

Latest articles

Saudi hotel llicences. Hajj pilgrims from Indonesia at a hotel in Mecca. Pilgrimages form a large part of Saudi Arabia's tourism goals

Saudi Arabia scraps hotel licence fees to draw investment

Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment.  The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts.  […]

Mubadala Getir New York

Mubadala applies to take full control of Turkey’s Getir

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […]

PIF spending Yasir Al-Rumayyan

PIF spending to hit $70bn a year early, says IMF

Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official.  PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a […]