Maaden’s Q2 Results: Aluminum and Gold Lead Revenue Growth

RIYADH — Saudi Arabian Mining Co. reported a 16 percent increase in second-quarter revenue to $2.9 billion, driven by record aluminum performance and stronger gold output, despite challenges in its phosphate division.

Net profit attributable to shareholders reached $600 million for the quarter ended June 30. Aluminum revenue rose 49 percent year on year to $1.01 billion, with EBITDA more than doubling to $411 million as average realized aluminum prices jumped 51 percent to $3,915 per tonne. The gold unit produced 118,000 ounces, up 10 percent, with revenue rising 34 percent to $523 million as average realized gold prices climbed 33 percent to $4,413 per ounce.

Phosphate EBITDA fell 49 percent to $328 million amid sulfur supply disruptions and logistics issues, with DAP production dropping 28 percent. Maaden withdrew its full-year ammonia guidance and trimmed its DAP output forecast.

CEO Bob Wilt said the aluminum business delivered its best-ever financial performance with a very strong showing from gold, despite headwinds in phosphate.

For the first half, revenue rose 10 percent to $5.2 billion, with net profit up 10 percent to $1 billion. The results underscore mining’s growing role in Saudi Arabia’s Vision 2030 diversification drive. Maaden ranks among the world’s top 10 mining companies by market value. The company confirmed its Phosphate 3 Phase 1 project remains on schedule for commissioning by year-end, with first gold at the Ar Rjum mine expected by the end of 2028.

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