Saudi Arabian Mining Company (Maaden) announces its interim financial results for the period ended 31-03-2026 (Three months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 8,786,554 | 8,510,914 | 3.238 | 10,639,726 | -17.417 |
| Gross Profit (Loss) | 3,125,031 | 3,191,369 | -2.078 | 4,119,174 | -24.134 |
| Operational Profit (Loss) | 2,533,330 | 2,280,260 | 11.098 | 2,576,186 | -1.663 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 1,635,810 | 1,549,962 | 5.538 | 1,670,949 | -2.102 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 1,462,575 | 954,918 | 53.162 | 1,772,957 | -17.506 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 63,070,721 | 53,273,496 | 18.39 |
| Profit (Loss) per Share | 0.42 | 0.41 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue during the current quarter increased by SAR 276 million (3%) compared to the same quarter of the prior year, mainly due to higher commodity market prices across all business units with gold sales volumes remaining largely stable. This growth reflects the strength of the Company’s diversified portfolio and pricing resilience. The strong pricing environment during the quarter was partially offset by lower sales volume in the phosphate and aluminum business units. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit for the current quarter increased by SAR 86 million (6%) compared to the same quarter of the prior year, primarily driven by higher commodity market prices across all business units. Profitability was further supported by higher other operating income in the phosphate business unit, reflecting the recognition of one‑off insurance proceeds of SAR 375 million, as well as lower finance costs during the quarter. |
This increase in net profit was partially offset by a SAR 66 million (2%) reduction in gross profit, mainly reflecting higher cost of sales associated with lower sales volumes in the phosphate and aluminum business units, impacted by current ongoing challenges affecting logistics and market flows. Profitability was also affected by higher net operating expenses, lower finance income, a share of net loss from equity accounted investments, and higher severance fees.
Higher net operating expenses during the current quarter were mainly attributable to exploration expenditure, supporting the Company’s long‑term growth and resource development strategy. The share of loss from the equity‑accounted investment primarily relates to a one‑off impairment recognized by Manara Minerals Investment Company for its investment in Vale Base Metals Limited which was partially offset by share of profit from Maaden Barrick Copper Company and Aluminium Bahrain B.S.C. The increase in severance fees was mainly due to improved profitability in the gold business unit, supported by higher gold prices during the quarter.
The impact on net profit was partially offset by continued cost discipline and several supportive factors, including lower operating expenses, higher other operating income in the phosphate business unit reflecting the recognition of one‑off insurance proceeds of SAR 375 million, lower finance costs, and reduced net zakat, income tax, and severance fees expenses.
Lower operating expenses during the quarter were mainly driven by reduced controllable general and administrative costs, as well as the absence of a one‑off expected credit loss allowance of SAR 381 million, recognized in the previous quarter relating to Maaden’s operations in Africa. In addition, lower selling, marketing and logistics expenses reflected reduced sales volumes. The decrease in severance charges was primarily attributable to the absence of a one‑off deferred severance expense of SAR 624 million related to aluminum business unit in the previous quarter.
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