Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) registered net profits of SAR 1.54 billion in the first quarter (Q1) of 2025, signaling a 57.88% surge from SAR 981.69 million in Q1-24.
The earnings per share (EPS) rose to SAR 0.41 as of 31 March 2025, compared to SAR 0.27 in the same period a year earlier, according to the financial results.
Ma’aden generated 15.82% higher revenue at SAR 8.51 billion in January-March 2025 when compared with SAR 7.34 billion in Q1-24. The annual revenue growth was attributed to a rise in consolidated sales volumes and overall prices.
The EBITDA increased by 16% on an annual basis to SAR 3.47 billion, mainly due to overall higher sales volumes and strong pricing environment
On a quarterly basis, the company turned profitable in Q1-25 against net losses of SAR 105.64 million in Q4-24 and its revenue decreased by 14.62% from SAR 9.96 billion.
The CEO of Ma’aden, Bob Wilt, said: "We are off to a great start in 2025. We are building on the momentum of last year and continuing our progress across all operations, with strong production results, safety improvements, exploration success, project advancement and portfolio consolidation.”
Wilt added: “During the quarter, we acquired a 20.62% stake in ALBA and progressed the consolidation of Alcoa’s share of Maaden Bauxite and Alumina Company and the Maaden Aluminum Company. We are also seeing significant progress of Phosphate 3 Phase 1, which will add 1.5Mt annual phosphate fertilizer capacity upon completion.”
The CEO noted: “Our exploration activities remain central to our strategy, with our accelerated efforts delivering promising results across the Arabian Shield. Specifically, we made breakthrough gold and copper discoveries at Wadi Al Jaww and Jabal Shayban, advanced underground potential at Mansourah-Massarah, and progressed joint venture discussions with Aramco to unlock Saudi Arabia’s critical minerals.”
He further said: “At the beginning of the second quarter, we officially launched Maaden’s new brand identity, reflecting our ambitious vision to become a KSA-based, globally significant mining champion that drives progress through technology, innovation and talent.”
Wilt concluded: “Looking ahead our strong financial position and focus on operational excellence positions us well to navigate the current market uncertainty. We will continue to drive value for our shareholders and develop mining as the third pillar of the Saudi economy."
In 2024, Ma’aden generated net profits worth SAR 2.87 billion and revenue of SAR 32.54 billion.
