Saudi Arabian Mining Co. (Ma’aden), the Middle East’s largest multi-commodity mining company, reported a net profit of SAR2.87 billion ($765 million) for the fourth quarter and full year 2024, up 82% from SAR1.58 billion ($421 million) in 2023.
The surge in profit reflected higher earnings before interest, taxes, depreciation, and amortization (EBITDA), along with lower depreciation expenses, partially offsetting non-cash and non-recurring impairment charges.
Ma’aden also posted its second-highest annual revenue on record, reaching SAR32.55 billion ($8.6 billion), compared with SAR29.27 billion ($7.8 billion) in 2023. The increase was driven by stronger sales and higher overall prices across all business units.
Ma’aden reported an EBITDA of SAR12.39 billion ($3.3 billion) in 2024, up 34% from SAR9.26 billion in 2023. The increase was driven by higher sales, a strong pricing environment, and improved raw material costs.
Adjusted net profit stood at SAR4.32 billion, reflecting higher EBITDA excluding non-cash and non-recurring impairment charges in the aluminum and phosphate segments. Ma’aden generated SAR11.17 billion in operating cash flow, with year-end cash reserves reaching SAR15.30 billion.
Ma’aden achieved record production and sales of diammonium phosphate (DAP) in Q4 and full-year 2024, alongside higher gold production, sales, and prices. The company also posted its best safety performance since 2020, with an incident frequency rate of 0.06 and a severity rate of 1.66.
Ma’aden boosted its stake in Waad Al Shamal Phosphate Co. to 85% by acquiring US-based Mosaic Co.’s 25% share under a stake purchase agreement.
The company is expanding exploration efforts, conducting surveys across 260 square kilometers using Typhoon technology, and securing new licenses for over 1,000 square kilometers of land.
Additionally, Ma’aden signed a share purchase and subscription agreement with Alcoa, under which Alcoa will transfer its stakes in Ma’aden Aluminium Co. and Ma’aden Bauxite and Alumina Co. in exchange for cash and newly issued Maaden shares.
2024 was a year of exceptional achievements for Ma’aden, with record production levels and its strongest financial performance to date, including the company’s second-highest annual revenue on record, according to Ma’aden CEO Robert Wilt.
Wilt reiterated commitment to Ma’aden’s long-term strategy to expand tenfold by 2040, strengthening its presence in phosphate, aluminum, and critical minerals.
