07/11/2025 01:44 AST
Saudi Arabian Mining Co., also known as Ma'aden, reported a net profit of SR5.67 billion ($1.51 billion) in the first nine months of 2025, up 91 percent from the same period a year earlier.
According to a company filing, total revenue climbed 24 percent year on year to SR27.9 billion, supported by higher prices and sales volumes across the phosphate, aluminum, and gold business units.
Ma'aden's strong financial performance aligns with Saudi Arabia's goal to establish mining as the third pillar of the Kingdom's economy, with the country's mineral wealth estimated at $2.5 trillion.
Commenting on the financial results, Bob Wilt, CEO of Ma'aden, said: "We've powered through this quarter, and 2025, with solid execution and good momentum across every growth initiative."
He added: "Looking ahead, Maaden is well-primed to hit our 2025 goals at pace. We will continue to focus on strategic growth, drive our project pipeline, accelerate exploration and integrate pioneering technology at all levels of the organization."
The increase in profit was also driven by higher sales volumes in the phosphate and aluminum segments, a greater share of income from joint ventures and associates, lower financing costs, and a decline in Zakat, income tax, and royalty expenses.
The company's net profit for the third quarter stood at SR2.20 billion, up 126.98 percent compared to the same period in 2024, and 15 percent higher than the previous quarter.
The company's strong performance reflects robust global demand for fertilizers and aluminum, alongside a recovery in gold prices.
Ma'aden, one of the world's fastest-growing mining firms, continues to expand its downstream operations and invest in digital transformation to enhance efficiency across its value chain.
"As we enter the next phase of our growth journey, we will build a sustainable organization. This is underpinned by our commitment to growing a world-class talent pipeline, that supports Saudi Arabia's Vision 2030 to deliver impact and value for our people and for our shareholders," said Wilt.
Ma'aden said its subsidiary Base Metals and New Minerals remains on track to achieve its 2025 production guidance of between 475,000 and 560,000 ounces, though output is expected to be toward the lower end of that range.
The company also maintained its full-year capital expenditure guidance of SR7.55 billion to SR9.55 billion, reflecting continued investment in growth and efficiency projects.
The firm completed two major acquisitions during the nine-month period - SABIC's stake in Aluminium Bahrain and Alcoa's interests in its aluminum business - underscoring Ma'aden's strategy to consolidate its position in the global mining value chain and strengthen downstream operations.
Arab News
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