Saudi Arabian Mining Co. (Ma’aden) on Aug. 11 posted second-quarter net profit of SAR2.01 billion ($540 million), up 160% from SAR770 million ($205 million) in last year’s second quarter. Ma’aden attributed the increase to higher selling prices, a decrease in the cost of raw materials, and depreciation expenses.
Sales volumes for the quarter decreased for all products, with the exception of basic aluminum, flat rolled products, and gold. Sales revenues increased by 3%, to SAR7.1 billion from SAR6.9 billion last year.
Phosphates generated SAR1.59 billion ($420 million) in EBITDA for the second quarter. DAP production volumes were steady, while sales were up 6% despite weaker realized prices of $526/mt versus $591/mt in the first quarter.
“We delivered a strong first half of 2024, demonstrating our ability to realize the benefits of operational efficiencies in a stable environment. Our large-scale Phosphate 3 project is progressing, with construction underway, and we are moving forward with a new aluminum recycling plant at Ras Al-Khair,” said Ma’aden CEO Bob Wilt
“Additionally, the successful completion of our investment in Vale Base Metals through Manara is set to increase our exposure to green metals,” Wilt noted. “Our strategic partnerships and technology-led innovation programs are fast-tracking mineral discoveries through the world’s largest greenfield exploration program of its kind.”
Ma’aden said it remains on track to deliver on its full year guidance across all business units, supported by further stabilization in commodity prices. Work on the Phosphate 3 megacomplex is underway, with commissioning of 1.5 million mt/y expected by the end of 2026.