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MA’ADEN DELIVERS CONTINUED GROWTH: Strong Q3 results follow record first half performance


Nov 01, 2022

  • • Q3 sales up 50% year on year, at SAR 10 billion for the quarter
  • • Q3 EBITDA increased by 37% year-on-year to reach more than SAR 4.2 billion
  • • Net profit increased by 71% year-on-year to reach SAR 2.7 billion in Q3

Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, today announces its financial results for the third quarter of 2022.

Q3 2022 Sales increased by 50% compared with the same period in 2021, reaching SAR 10 billion (US$ 2.7 billion). Ma'aden enjoyed higher production volumes during the period, which were partially offset by lower commodity prices.

Year on year, EBITDA increased by 37% to more than SAR 4.2 billion. Due to lower commodity prices, higher input material costs, EBITDA was lower than in the previous quarter. Net profit increased by 71% year-on-year to reach SAR 2.7 billion in the third quarter.

Commenting on the results, Robert Wilt, CEO of Ma’aden said: “During the quarter, Ma’aden increased production volumes and continued to build the platform to deliver on our ambitious growth targets. Our focus is to deliver long-term growth and we remain on track for a record year, underpinned by the company’s strong cash generation, diversified operations, and global customer base. This has mitigated the impact of external pressures in Q3 from lower commodity prices and higher input material costs, which have already started to normalize in Q4. Looking ahead, we will continue to develop our operations so that we can deliver sustained, market-leading growth while establishing mining as the third pillar of the Saudi economy.”

Among the major developments this quarter, Ma’aden signed four Memoranda of Understanding with the largest fertilizer companies in India, in August, increasing Ma’aden’s access to the world’s largest export market for phosphate and ammonia.

In August, Ma’aden ended trial production and commenced commercial production at the Ammonia 3 plant, part of Ma’aden’s Third Phosphate Project. The plant has a capacity of approximately 1.1 million tons annually and will strengthen Ma’aden’s position as the global leader in fertilizer production.

During the quarter, the first gold was extracted from Mansourah-Massarah, and initial production remains on track to begin in Q4-FY22. As Ma’aden’s largest gold project to date, the plant is expected to produce an average of 250k ounces per annum, increasing Ma’aden’s current gold mining capacity by 70%.

In early September, Ma’aden launched its Local Content program, Tharwah. The launch of Tharwah will build on Ma’aden’s current contributions to the national mining ecosystem and to create robust, self-reliant local business ecosystems. The program, focused on maximizing the contribution of the mining industry to the Saudi Arabian economy in line with Vision 2030, is a key pillar of Ma’aden’s ESG strategy. Ma’aden aims to increase its Local Content contribution to SAR 33 billion and create up to 47,000 local jobs by 2040.

Ma’aden remains committed to creating stakeholder value and building the third pillar of the Saudi economy.