Saudi Arabian Mining Company (Maaden) (1211) Q2 2025 earnings summary

Executive summary

• Achieved H1 2025 revenue of 17.93bn SAR, up 23% YoY, and net profit of 3.47bn SAR, up 73% YoY, driven by higher commodity prices and increased phosphate and aluminum sales, partially offset by lower gold volumes.

• Gross profit reached 6.71bn SAR, up from 4.60bn SAR in the prior year.

• Completed acquisition of Alcoa's minority stake in MAC and MBAC, consolidating control and increasing share capital.

• Maintained a robust safety record with continued improvements in injury frequency rates.

• Record quarterly DAP production and significant progress in strategic projects, including Phosphate 3 Phase 1 and the Ar Rjum gold project.

Financial highlights

• H1 2025 revenue reached 17.93bn SAR (+23% YoY); EBITDA was 7.25bn SAR (+23% YoY) with a 40% margin.

• Net profit attributable to shareholders was 3.47bn SAR (+73% YoY); EPS rose to 0.91 (+68% YoY).

• Operating cash flow was 3.93bn SAR, down 7% YoY; net cash from operating activities was 3.56bn SAR.

• Cash and equivalents at 30 June 2025 stood at 9.99bn SAR, down from 15.22bn SAR at year-end 2024.

• Net debt/EBITDA improved to 1.7x from 2.3x in Q2 FY24.

Outlook and guidance

• On track to meet 2025 production and CAPEX guidance, with DAP, ammonia, alumina, aluminum, and gold production targets reaffirmed.

• Focused on operational excellence, safety culture, and advancing key projects such as Phosphate 3 Phase 1 and Ar Rjum.

• Management expects continued monitoring of international trade policy impacts, including new US tariffs, though direct material effects have been limited so far.