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Saudi Arabia’s Ma’aden says its 2024 profit rose 82% to $765 million because of higher sales
The Saudi Arabian Mining Company (Ma’aden) said on Thursday that its net profit for 2024 rose by 82% to $765.03 million (SAR 2.87 billion). This happened mainly because sales went up and costs went down.
Ma’aden’s Results
Ma’aden made more profit, but higher finance costs, lower earnings from joint ventures, and increased expenses (including possible credit losses) reduced some of the gains, according to a report on the Saudi Exchange.
The company’s revenue grew by 11% to $8.67 billion (SAR 32.54 billion), mainly because of higher prices for its products.
Sales increased for all products except Ammonia and Alumina.
Gross profit rose by 34% to $2.46 billion (SAR 9.24 billion) due to higher selling prices, more sales, lower raw material costs, and reduced depreciation expenses.
The company also benefited from not having to pay a special industrial utility charge that affected its finances in 2023.
In 2024, Ma’aden received an insurance payout of $150.1 million (SAR 563 million) for repairing smelter plant equipment. It also faced a one-time severance cost of $51.2 million (SAR 192 million), but overall, these factors helped boost its profits.
First Sukuk Offering
Last month, Ma’aden launched its first international sukuk (Islamic bond) worth $1.3 billion. It was one of the most successful sukuk offerings in Saudi Arabia.
Investors showed strong interest, with demand exceeding $11.5 billion—9.2 times more than the offering.
The sukuk consists of two parts:
- A $750 million five-year sukuk with a 5.2% profit rate, maturing in 2030.
- A $500 million ten-year sukuk with a 5.5% profit rate, maturing in 2035.
Ma’aden plans to use the money for general business purposes.
Market Value
As of March 6, 2025, Ma’aden’s market value is $45 billion (SAR 161.3 billion).
Published: 8th March 2025
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