Ma’aden’s profit up by half as commodity prices rise

Earnings at Ma’aden, the Saudi Arabian Mining Company, surged by more than half in the first quarter of 2025, supported by growing sales and higher prices.

Net profit for the quarter rose 58 percent year on year to SAR1.5 billion ($400 million), the company said in a filing to the Saudi stock exchange.

Higher share of profit from joint ventures and associate companies, lower finance costs, as well as income tax and severance expenses were positive contributors to the bottom line.

Revenue rose 16 percent to SAR8.5 billion due to higher commodity market prices for all products. However, the sales of aluminium and gold declined.

The mining major, which is 65 percent owned by the country’s Public Investment Fund, turned profitable in the first quarter versus losses of SAR106 million in the fourth quarter of 2024.

CEO Bob Wilt said that the company is seeing significant progress in its $7.4 billion phosphate 3 phase 1 mega-complex, which is located in the Ras Al Khair area on the eastern coast of the kingdom.

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The project will add 1.5 metric tonnes of annual phosphate fertiliser capacity upon completion.

Ma’aden revised its full-year capex guidance for 2025 from SAR7.6 billion to SAR9.6 billion, with around 70 percent allocated to growth capex.

The company’s stock price closed marginally higher at SAR51.10 on Tuesday.