Saudi Arabian Mining Company (Maaden) Reports Q1 2025 Financial Results
RIYADH, 6 May 2025 — Saudi Arabian Mining Company (“Maaden” or the “Company”, 1211 on the Saudi Exchange), one of the world’s fastest-growing mining companies, today reported its financial results for the first quarter of 2025.

Q1-FY25 Financial Highlights

• Revenue: SAR 8.51 billion, up 16% YoY

• EBITDA: SAR 3.47 billion, up 16% YoY

• Net Profit: SAR 1.55 billion, up 58% YoY

• Cash from Operations: SAR 1.94 billion; Closing cash position of SAR 12.36 billion

• Net Debt/EBITDA: 1.9x, below target range

• Milestones:

  • Issued first international senior unsecured sukuk, USD 1.25 billion (9× oversubscribed)

  • Fully redeemed SAR 3.5 billion of MPC sukuk

Q1-FY25 Operational & Strategic Highlights

• Production Growth: Higher YoY output in phosphate and aluminum

• Safety: AIFR reduced to 0.02; Severity rate 0.01

• Phosphate 3 Phase I: 35% complete with SAR 3.5 billion in contracts awarded

• Exploration Success:

  • New gold discoveries at Wadi Al Jaww and Jabal Shayban

  • Strong underground gold potential at Mansourah-Massarah

• Acquisitions & Partnerships:

  • Acquired SABIC’s 20.62% stake in ALBA (SAR 3.62 billion)

  • Heads of Terms signed with Aramco for a minerals JV focused on lithium and other critical minerals

• Global Expansion: New offices in Brazil, South Africa, Singapore; warehouses in Vietnam and Brazil

CEO Commentary

“We are off to a great start in 2025… building on last year’s momentum with strong production, safety improvements, exploration breakthroughs, and strategic portfolio consolidation.

“We acquired a significant stake in ALBA, advanced our Phosphate 3 project, and achieved major gold and copper discoveries. Our new brand identity reflects our vision to be a globally significant, KSA-based mining champion.

“With a strong financial position and operational excellence, we are well-placed to navigate market uncertainty, drive shareholder value, and develop mining as the third pillar of the Saudi economy.”

– Bob Wilt, Maaden CEO

Summary of Key Financials (SAR million)

Metric Q1 FY25 Q4 FY24 QoQ Δ Q1 FY24 YoY Δ Revenue 8,511 9,969 –15% 7,348 +16% EBITDA 3,469 3,547 –2% 2,984 +16% EBITDA Margin 41% 36% +5 pp 41% — Net Profit 1,550 (106) nm 982 +58% Net Profit Margin 18% –1% nm 13% +5 pp EPS (SAR) 0.41 (0.03) nm 0.27 +54%

Segment Performance

1. Phosphate

   • Revenue: SAR 4.47 billion (–19% QoQ; +5% YoY)

   • EBITDA: SAR 2.17 billion (–7% QoQ; +5% YoY)

   • Margin: 48% (up 6 pp QoQ; stable YoY)

2. Aluminum

   • Revenue: SAR 2.71 billion (–9% QoQ; +29% YoY)

   • EBITDA: SAR 815 million (+4% QoQ; +40% YoY)

   • Margin: 30% (up 4 pp QoQ; up 2 pp YoY)

3. Base Metals & New Minerals

   • Revenue: SAR 1.19 billion (–18% QoQ; +19% YoY)

   • EBITDA: SAR 807 million (–15% QoQ; +43% YoY)

   • Margin: 68% (up 4 pp QoQ; up 11 pp YoY)

Outlook & Guidance

• Phosphate: 2025 DAP output 5,900–6,200 KMT; supportive market fundamentals

• Aluminum: Reaffirmed 2025 guidance – Primary: 850–1,150 KMT; FRP: 250–310 KMT

• Gold: Increased full-year 2025 guidance to 475 koz

• CAPEX: SAR 7.55 billion to SAR 9.55 billion (70–75% growth CAPEX)

• Analyst Call: 14 May 2025 at 15:00 KSA (email invest@maaden.com for details)

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