Maaden net profit leaps 82% to SAR 2.87B in 2024; Q4 loss at SAR 105.6M

Saudi Arabian Mining Co. (Maaden) posted a net profit of SAR 2.87 billion in 2024, an 82% leap from SAR 1.57 billion a year earlier.

The annual profit growth was driven by an 11% year-on-year (YoY) increase in sales, mainly due to higher commodity market prices of all products, except for ammonia and flat rolled products. This was in addition to higher sales volume of all products, except ammonia and alumina.

The company also posted lower material costs and depreciation expenses, besides realizing the impact of the one-off industrial utility charges in the prior year.

Gross profit grew by 34% YoY for 2024, which was partially offset by a one-off non-cash impairment charge against capital assets of rolling mill (as part of Maaden Rolling Co.) and goodwill attributable to Meridian Consolidated Investments Ltd, Maaden's fertilizer distribution network in Africa, amounting to SAR 1.28 billion and SAR 159 million, respectively.

Additionally, a SAR 563 million insurance claim for relining of pots within smelter plants was redeemed, along with one-off severance charge worth SAR 192 million during the prior year, supported increased profitability in 2024.

However, this net profit growth was partially offset by higher finance costs, lower share in net profit of joint ventures, and elevated operating expenses including allowance for expected credit loss.

Maaden turned to a net loss of SAR 105.64 million in Q4 2024, against earnings of SAR 890.4 million a year earlier.

The company also swung to a loss from earnings of SAR 971.48 million in Q3 2024.

Shareholders’ equity, excluding minority interest, increased to SAR 41.12 billion as of Dec. 31, 2024, compared to SAR 30.25 billion a year earlier.

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