Feb 28, 2022
• Sales increased by 44% year on year to SAR 26,769 million
• Net profit increased to SAR 5,227 million (versus a loss of SAR 209 million in 2020)
• EBITDA increased by 114% year on year to SAR 12,031 million
• EBITDA margin remains strong at 45%
Saudi Arabian Mining Company (Ma’aden), announces its financial results for the year ended 31 December 2021. Ma’aden is Saudi Arabia’s national mining champion and one of the fastest-growing mining companies in the world, listed on the Saudi Exchange.
Ma’aden reported record for the year 2021, increasing year on year from loss SAR 209 million in 2020 to net profits SAR 5,227 million in 2021, off the back of strong growth in sales, which stand at SAR 26,769 for 2021. EBITDA increased by 114% year on year to SAR 12,031 million, and EBITDA margin increased to 45%.
The results showed that the earnings per share for Ma’aden for the fiscal year 2021 amounted to SAR 4.25 Saudi riyals, compared to a loss of (0.17) Saudi riyals for the fiscal year 2020. In addition, Ma’aden has reduced its Net Debt to EBITDA ratio from 7.6x in 2020 to 3.1x in 2021.
Also, Ma’aden announced the Board of Directors' recommendation to increase its capital 100% by granting bonus shares via capitalizing 12,306 million Saudi Riyals from the retained earnings and the statutory reserve. Each shareholder will be granted one bonus share for each share.
Robert Wilt, CEO, Ma’aden commented on the results: “that the year 2021 was a record and successful year for us; favorable macro-economic conditions resulting from high commodity prices and high demand for our products contributed to the increase in Ma’aden’s sales and net profits, These results come as a strong supporter that contributes to enhancing the growth processes that Ma’aden aspires to and a strong tributary to achieving Ma’aden’s ambitious 2040 strategy, which is based on achieving the optimum benefit from the Kingdom's mineral wealth.
Wilt added:” Global demand for aluminum, copper and fertilizer continues to increase as industries evolve, creating new opportunities for Ma’aden”.
Ma’aden has a pivotal role to play in the global economy, supplying materials to industries ranging from consumer goods to automotive to agriculture. As we look to the future, our vision is to be a sustainable mining champion with a global presence, and we look forward to providing further updates on our progress in due course” Robert said.
Since its 2008 IPO, Ma’aden has become the leading company for the development of the Saudi mining industry. Ma'aden is a key driver of Saudi Arabia's position as an essential contributor to global food security and a crucial player in global growth across a range of sectors from electric mobility solutions to renewable energy technology.