United Mining to expand export channels, demand stable in H2 2024: CEO

Hamad Alsourayia, CEO of United Mining Industries Co.

The demand for United Mining Industries Co.’s products remained stable during the second half of 2024, CEO Hamad Alsourayia told Argaam.

Net profit in 2024 dropped 26% due to a SAR 14.4 million provision, Alsourayia said, adding that the operating profit, however, saw growth during the same period.

Annual revenues declined by 5.7%, with a sharper drop of 16% in H2 2024, primarily due to a shift in the product sales mix.

The company obtained an exploitation license for a high-purity silica sand mine in Tayma governorate. United Mining is currently conducting studies and preparing plans for several projects in the silica sector, with official announcements to be made in due course, the CEO said.

The Nomu-listed firm is exploring export opportunities, with plans to expand export channels, particularly in early Q4 2025, coinciding with the start of commercial operations for the new gypsum board production line.

Alsourayia expressed confidence in the company’s performance in the first half of 2025, driven by ongoing strategic and operational initiatives.

He also noted that the Ministry of Industry and Mineral Resources recently issued two exploration licenses for gypsum and anhydrite ore, aimed at enhancing the company’s strategic reserves.

United Mining also has expansion plans in the cement board industry and other mining segments, with formal announcements to follow.

Alsourayia stated that the board of directors approved United Mining’s transition to the Main Market (TASI) on April 13, 2025, and appointed a financial advisor.

The company is now working to fulfill all regulatory requirements, implement governance frameworks, and prepare for the move, with plans to submit the application upon completion of the statutory period.