Skip to content Skip to Search
Skip navigation

Maaden profit up three-fold on higher commodity prices

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.



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.