Aug 10, 2022
- • Q2 sales up 95% year on year and 33% quarter on quarter to reach SAR 11.9 billion
- • Q2 EBITDA increased by 149% year on year and 56% quarter on quarter to reach SAR 6.9 billion due to strong sales
- • Q2 net profit increased by 265% year on year and 85% quarter on quarter to reach SAR 4 billion
Saudi Arabian Mining Company (Ma’aden), the Kingdom’s mining champion, listed on the Saudi Exchange, today announces its Q2 and H1 2022 financial results.
Q2 2022 net profit increased by 85% quarter on quarter to SAR 4.0 billion and by 232% for H1 2022 against same period last year to reach SAR 6.2 billion. Sales rose 95% quarter on quarter to SAR 11.9 billion bringing H1 2022 sales to SAR 20.8 billion, an 80% improvement on H1 2021.
Q2 2022 EBITDA increased to SAR 6.9 billion, reflecting robust sales performance. H1 2022 EBITDA increased by 128%, compared with the same period in the prior year, to SAR 11.3 billion.
Commenting on the results, Robert Wilt, CEO of Ma’aden said: “Ma’aden delivered a record first half, driven by enhanced operations leading to increased sales.
“This record performance was supported by favorable market dynamics, delivered while maintaining the highest safety standards and making progress towards our ESG goals.
“Our success could not have been achieved without the over 6000 employees who remain committed to Ma’aden’s values and operational excellence.
“As we look to the rest of 2022, we will continue to invest in our production capacity across our current portfolio to meet demand, whilst exploring Saudi Arabia’s untapped mineral resources to ensure long-term sustainable growth,” Wilt concluded.
Ma’aden’s growth during the period was driven by increased production volumes from new projects and improved efficiency in existing operations.
Ma’aden’s Ammonia III ramped up production, contributing to overall sales. The Ammonia III plant has an output capacity of 1.1 million tonnes per year and is part of an ongoing expansion that will strengthen the Kingdom’s position as one of the top producers of phosphate fertilizers in the world.
Production at Ma’aden Wa’ad Al Shamaal Phosphate company continued to ramp up, leading to a 15% increase in phosphate fertilizer sales volumes at the plant compared to Q2 2021. The aluminium business also continued its strong performance, on the back of stable efficiency in operations and increased sales.
Ma’aden continues to invest in long term growth and is on track to increase its current gold mining capacity by 70% with a new plant in Mansourah Massarah which is in commissioning phase. Mansourah Massarah will be the largest gold project in the Kingdom.