Saudi Arabia’s leading mining company Ma’aden announced that it increased its net profit by 57.88% in the first quarter of 2025 compared to the same period last year, reaching SAR 1.54 billion (USD 410 million). The company’s earnings per share increased from SAR 0.27 (USD 0.072) to SAR 0.41 (USD 0.11).
Revenue increased by 15.82% to SAR 8.51 billion (USD 2.3 billion), driven by higher sales volume and increasing prices. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased by 16% to SAR 3.47 billion (USD 933 million).
After recording a loss of SAR 105.64 million (USD 28.5 million) in the last quarter of 2024, Ma’aden returned to profitability. However, compared to the previous quarter, revenue decreased by 14.62% in Q1 2025.
CEO Bob Wilt stated that the year had started strong and that progress continued in production, safety, exploration, and projects. He emphasized that new discoveries had been made and that new collaboration talks were underway. The company also stated that it expects the impact of new U.S. tariffs on steel and aluminum products to be limited and aims to maintain its strong position during this period.
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