Saudi Arabian Mining Company (Maaden) (1211) Q4 2024 earnings summary

Executive summary

• Achieved second-highest full-year revenue at SAR 32.55 billion, up 11% year-over-year, with EBITDA up 34% to SAR 12.39 billion and net profit up 82% to SAR 2.87 billion, driven by record production and sales in phosphate and gold, and strong operational execution.

• Completed major acquisitions, including Mosaic's 25% stake in MWSPC and SABIC's stake in ALBA, strengthening phosphate and aluminum portfolios.

• Expanded international presence and exploration, with significant new gold and copper discoveries and joint ventures, including with Aramco.

• Emphasized safety, diversity, and talent development, with Saudization above 80% and over 800 graduates from training programs.

• Advanced major growth projects, including Phosphate 3 and copper and gold projects.

Financial highlights

• Revenue rose 11% year-on-year to SAR 32.55 billion; EBITDA grew 34% to SAR 12.39 billion; net profit attributable to shareholders reached SAR 2.87 billion, up 82% year-on-year.

• Adjusted net profit reached SAR 4.32 billion after SAR 1.44 billion in non-cash impairment charges.

• Operating cash flow was SAR 11.17 billion; cash position at year-end was SAR 15.3 billion.

• Net debt/EBITDA improved to 1.8x, below the 2x-3x target range; net debt reduced by 4%.

• Q4 revenue increased 24% sequentially to SAR 9.97 billion, with EBITDA up 21% to SAR 3.55 billion and margin at 36%.

Outlook and guidance

• 2025 guidance expects strong production and increased volumes across all businesses, with raised production guidance for DAP, alumina, and FRP.

• CAPEX guidance for 2025 set at SAR 8.55–10.55 billion, with 70–75% allocated to growth, mainly in phosphate and aluminum.

• Phosphate 3 Phase 1 expansion contracts awarded, with production expected to commence in 2027.

• Gold production guidance stable due to ongoing pushback at Ad Duwayhi mine, expected to normalize after 2025.

• Market fundamentals for 2025 remain strong across phosphate, aluminum, and gold, with healthy demand and supportive pricing.