Apr 05, 2015
Represented by President and CEO Engr. Khalid Al Mudaifer, Ma’aden (Saudi Arabian Mining Company) was recently honored at the 2015 Top CEO Awards in the Gulf Cooperation Council (GCC) presented by TRENDS magazine in collaboration with INSEAD Business School and Hawkamah. The award was based on Ma’aden’s performance in 2014 highlighted by an increase of 231% in operating profit amounting to SAR1997 million compared to SAR603.58 million in the same period in 2013.
In 2014, Ma’aden completed its fully integrated “mine to metal” aluminium project; increased the commercial production output of its phosphate project in Ras Al Khair; and expanded its access to new markets in 7 countries in Asia and South America. Ma’aden affiliate Sahara & Ma'aden Petrochemicals Company (SAMAPCO) also started commercial operation to produce caustic soda and ethylene dichloride. Ma’aden also made significant progress in its gold projects in the Makkah region with the start of production at As Suq mine and the ongoing development of Ad'Duwayhi mine. In addition, the company also acquired a 50% share in the Jabal Sayid copper project to diversify its products.
Ma’aden recently succeeded in offering rights issue shares to increase the company's capital of SAR 9.250 million to SAR11.685 million to finance its phosphate project in Wa’ad Al Shamal Industrial City and aluminium operations at Ras Al-Khair.
Engr. Al Mudaifer said: “I would like to congratulate and thank everyone across Ma’aden for this achievement. You should all be proud of this award as it represents all your significant contributions to our growth in the past few years. It also represents an important milestone for Ma’aden as we move forward on our journey to become a world class minerals enterprise.
TRENDS magazine works in partnership with INSEAD to ensure that the Top CEO Awards selection criteria is the most accurate it can be, and collaborates with Hawkamah to include corporate governance and disclosure criteria as an integral component of the ranking. The entire ranking has a final review by Deloitte, who provide an independent, authoritative stamp of approval. The overall result is that Top CEO is the most reliable barometer of business leadership performance for the region.