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

Executive summary

• Achieved 23% year-over-year revenue growth in H1 2025, reaching 17.93bn SAR, driven by higher commodity prices and increased sales volumes in phosphate and aluminum, with net profit up 73% to 3.47bn SAR.

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

• Completed acquisition of Alcoa's remaining 25.1% stake in MAC and MBAC, consolidating aluminum assets and increasing share capital.

• Maintained a robust safety record and advanced strategic partnerships, including rare earth supply chain MoUs.

• Gross profit for H1 2025 reached 6.71bn SAR, up from 4.60bn SAR in the prior year.

Financial highlights

• H1 2025 revenue was 17.93bn SAR (+23% YoY); EBITDA reached 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; cash and equivalents at 10.37bn SAR as of Q2 FY25.

• Net debt/EBITDA improved to 1.7x, below the guided range of 2-3x.

• Gross margin for H1 2025 was 37.5%, net profit margin at 19%.

Outlook and guidance

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

• Market outlook anticipates strong DAP demand, stabilizing ammonia, tightening bauxite supply, and record gold prices.

• Management is monitoring international trade policy impacts, including new US tariffs, with limited direct effects so far.

• Full-year CAPEX guidance at 7.55–9.55bn SAR, with 70–75% allocated to growth projects.

• Targeting 8–10x EBITDA growth by 2040, with major exploration and expansion projects underway.