Saudi Arabian Mining Company (Ma’aden) recorded net profits amounting to SAR 2.97 billion in the first nine months (9M) of 2024, higher by 333.40% than SAR 686.92 million in 9M-23.

Revenues climbed by 6.30% year-on-year (YoY) to SAR 22.57 billion in January-September 2024 from SAR 21.23 billion, according to the interim financial statements.

Additionally, the earnings per share (EPS) hiked to SAR 0.81 in 9M-24 SAR 0.19 in the year-ago period.

Financials for Q3-24

In the third quarter (Q3) of 2024, Ma’aden turned profitable at SAR 971.48 million, compared to net losses valued at SAR 83.43 million in Q3-23.

The Saudi group achieved revenues valued at SAR 8.04 billion, marking an annual growth of 29.21% from SAR 6.22 billion.

Quarterly, the net profits in Q3-24 dropped by 5.13% from SAR 1.02 billion in Q2-24, while the revenues climbed by 11.98% from SAR 7.18 billion.

Bob Wilt, CEO of Ma'aden, said: "This quarter, we made several key strategic announcements that will shape the future of our aluminum business and reinforce Ma'aden's role in building the mining sector as the third pillar of the Saudi economy. Our recent agreements with Alcoa and SABIC are important steps in our growth journey.”

“By evolving our long-standing partnership with Alcoa and acquiring full ownership of Ma'aden's upstream aluminum business (MAC and MBAC), we are streamlining our operations and preparing for the next phase of growth in our aluminum business. Our acquisition of SABIC's share in Alba is indicative of our ambitions to strengthen and expand our business both regionally and internationally,” Wilt added.

The CEO noted: "In addition, the exploration of a potential combination of businesses with Alba offers the potential to create a new global champion, harnessing the strengths of both companies to enhance production capacity, boost regional economic ties, and deliver greater value to our stakeholders.”

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