By: AGBI

Saudi mining major Ma’aden has reported an earnings increase of almost three quarters, driven by lower finance costs, income tax and severance.

Net profit surged 73 percent to SAR3.5 billion ($933 million) in the first six months of 2025 compared to SAR2 billion a year ago, the company said in a statement to the Saudi stock exchange.

Revenue rose 23 percent year on year to SAR17.93 billion on higher consolidated sales volumes and rising commodity prices.

In the second quarter of 2025, Ma’aden generated revenue of SAR9.42 billion, up 11 percent quarter on quarter, supported by higher overall sales volumes across all business units.

The bottom line for the second quarter gained 24 percent to SAR1.9 billion from SAR1.6 billion a year earlier.

“We are moving forward with the Ar Rjum project toward FID, which will allow us to develop a tier 2 gold asset expected to produce around 300,000 ounces annually in the central Arabian gold region,” said Ma’aden CEO Bob Wilt.

The company intends to accelerate exploration in Wadi Al Jaww, which is rich in gold deposits, driven by promising initial results, he said.

Ma’aden – formally the Saudi Arabian Mining Company – maintained a capex guidance of SAR7.6 to SAR9.6 billion for 2025, with 70 percent allocated to growth capex.

Construction is progressing on the phosphate 3-phase one expansion project after contracts were awarded in January 2025. The project is expected to be completed by the end of 2026, with full capacity expected by the end of 2027.

The company expects a limited direct impact on its financial results from the US government’s proposed new tariffs on imports.

The stock closed at SAR 52.20 on Wednesday and is up 50 percent since the start of the year.

Saudi Arabia’s Public Investment Fund (PIF) owns 63.78 percent of the mining company.