Maaden's earnings rise 6% to SAR 1.63B in Q1 2026

Saudi Arabian Mining Co. (Maaden) posted net earnings of SAR 1.63 billion in Q1 2026, a growth of 6% compared to SAR 1.55 billion a year earlier.

The annual profit growth was primarily driven by higher commodity 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.

Meanwhile, the net profit growth was partially offset by a 2%, or SAR 66 million decline, in the first-quarter gross profit, mainly reflecting higher cost of sales associated with lower sales volumes in the phosphate and aluminum business units. This came amid the ongoing challenges affecting logistics and market flows.

The Q1 2026 earnings were also affected by higher net operating expenses, lower finance income, a share of net loss from equity accounted investments, and higher service fees.

The higher net operating expenses during the first quarter of this year were mainly attributable to exploration expenditure, which should support the company’s long-term growth and resource development strategy.

Sequentially, however, Maaden’s net profit was down 2.1% compared to SAR 1.67 billion in Q4 2025, reflecting lower gross profit following reduced sales volumes due to the ongoing challenges affecting logistics and market flow.

Total shareholders’ equity, after minority interest, reached SAR 63.07 billion as of March 31, 2026, up from SAR 53.27 billion in the corresponding period of 2025.

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