Maaden's earnings soar 58% to SAR 1.55B in Q1 2025

06/05/2025 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) posted net earnings of SAR 1.55 billion in Q1 2025, up 58% from SAR 981.7 million in the year before.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	7,348.23	8,510.91	15.8 %
Gross Income	2,413.32	3,191.37	32.2 %
Operating Income	1,649.82	2,271.84	37.7 %
Net Income	981.69	1,549.96	57.9 %
Average Shares	3,691.77	3,802.79	3.0 %
Earnings Per Share before unusual items (Riyal)	0.21	0.41	92.2 %
EPS (Riyal)	0.27	0.41	53.3 %

Item	Q4 2024	Q1 2025	Change‬
Revenues	9,969.18	8,510.91	(14.6 %)
Gross Income	3,684.32	3,191.37	(13.4 %)
Operating Income	2,485.99	2,271.84	(8.6 %)
Net Income	(105.64)	1,549.96	1567.2 %
Average Shares	3,802.79	3,802.79	-
Earnings Per Share before unusual items (Riyal)	0.35	0.41	15.8 %
EPS (Riyal)	(0.03)	0.41	1567.2 %

The annual profit rise was driven by a year-on-year (YoY) revenue increase of SAR 1.16 billion (16%) in Q1 2025. This was mainly due to higher selling prices for all products for the same quarter, paired with elevated sales volumes of all products except for primary aluminium and gold.

Further, the first-quarter gross profit jumped YoY by SAR 778 million (32%). Maaden also realized an increased share of net income from joint ventures and an associate, reduced finance costs, and lower net Zakat expenses, income taxes and franchise fees for the same period.

However, the annual profit hike was capped by higher operating expenses and weaker financing income for the first three months of this year.

Sequentially, Maaden turned to profits from a net loss of SAR 105.64 million in Q4 2024, despite the 15% quarterly drop in the first-quarter revenues.

Total shareholders’ equity, after minority interest, reached SAR 53.27 billion as of March 31, 2025, compared to SAR 47.37 billion in the corresponding period of 2024.

Attached Documents:

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2016	194.30	(25.5 %)	0.06	-	194.30	0.06
Q2 2016	171.22	(36.6 %)	0.05	-	171.22	0.05
Q3 2016	107.45	34.5 %	0.03	-	107.45	0.03
Q4 2016	(674.54)	(226.8 %)	(0.19)	(600.34)	(74.20)	(0.02)
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
Q1 2017	275.61	41.8 %	0.08	-	275.61	0.08
Q2 2017	356.47	108.2 %	0.10	-	356.47	0.10
Q3 2017	242.91	126.1 %	0.07	-	242.91	0.07
Q4 2017	(943.51)	(39.9 %)	(0.27)	(477.00)	(466.51)	(0.13)
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
Q1 2018	638.16	131.5 %	0.18	-	638.16	0.18
Q2 2018	517.76	45.2 %	0.15	-	517.76	0.15
Q3 2018	414.98	70.8 %	0.12	-	414.98	0.12
Q4 2018	277.01	129.4 %	0.08	65.06	211.95	0.06
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51
Q1 2019	(127.21)	(119.9 %)	(0.04)	-	(127.21)	(0.04)
Q2 2019	(243.67)	(147.1 %)	(0.07)	-	(243.67)	(0.07)
Q3 2019	(92.04)	(122.2 %)	(0.03)	-	(92.04)	(0.03)
Q4 2019	(276.55)	(199.8 %)	(0.08)	46.88	(323.42)	(0.09)
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
Q1 2020	(353.25)	(177.7 %)	(0.10)	-	(353.25)	(0.10)
Q2 2020	(434.15)	(78.2 %)	(0.12)	-	(434.15)	(0.12)
Q3 2020	6.47	107.0 %	0.00	-	6.47	0.00
Q4 2020	571.95	306.8 %	0.15	-	571.95	0.15
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
Q1 2021	761.16	315.5 %	0.21	-	761.16	0.21
Q2 2021	1,104.52	354.4 %	0.30	(56.84)	1,161.36	0.31
Q3 2021	1,271.85	19554.6 %	0.34	(52.86)	1,324.71	0.36
Q4 2021	2,090.18	265.5 %	0.57	(206.72)	2,296.90	0.62
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50
Q1 2022	2,171.92	185.3 %	0.59	-	2,171.92	0.59
Q2 2022	4,028.12	264.7 %	1.09	-	4,028.12	1.09
Q3 2022	2,102.53	65.3 %	0.57	195.00	1,907.53	0.52
Q4 2022	1,016.47	(51.4 %)	0.28	-	1,016.47	0.28
2022	9,319.05	78.3 %	2.52	195.00	9,124.05	2.47
Q1 2023	419.42	(80.7 %)	0.11	-	419.42	0.11
Q2 2023	350.94	(91.3 %)	0.10	(192.35)	543.29	0.15
Q3 2023	(83.44)	(104.0 %)	(0.02)	-	(83.44)	(0.02)
Q4 2023	890.40	(12.4 %)	0.24	(86.60)	977.00	0.26
2023	1,577.33	(83.1 %)	0.43	(278.95)	1,856.27	0.50
Q1 2024	981.69	134.1 %	0.27	199.00	782.69	0.21
Q2 2024	1,024.02	191.8 %	0.28	270.00	754.02	0.20
Q3 2024	971.48	1264.3 %	0.26	146.00	825.48	0.22
Q4 2024	(105.64)	(111.9 %)	(0.03)	(1444.47)	1,338.82	0.35
2024	2,871.54	82.1 %	0.76	(829.47)	3,701.01	0.97
Q1 2025	1,549.96	57.9 %	0.41	-	1,549.96	0.41

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	605.17	(55.4 %)	0.17	(56.35)	661.53	0.19
2016	(10.74)	(101.8 %)	0.00	(600.34)	589.60	0.17
2017	714.84	6755.9 %	0.20	(477.00)	1,191.84	0.34
2018	1,847.92	158.5 %	0.53	65.06	1,782.86	0.51
2019	(739.46)	(140.0 %)	(0.21)	46.88	(786.34)	(0.22)
2020	(208.98)	71.7 %	(0.06)	-	(208.98)	(0.06)
2021	5,227.70	2601.5 %	1.42	(316.42)	5,544.12	1.50
2022	9,319.05	78.3 %	2.52	195.00	9,124.05	2.47
2023	1,577.33	(83.1 %)	0.43	(278.95)	1,856.27	0.50
2024	2,871.54	82.1 %	0.76	(829.47)	3,701.01	0.97

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	2,270.43	(17.2 %)	494.86	(19.6 %)	337.39	(12.8 %)
Q2 2016	2,551.70	(15.3 %)	580.95	(24.1 %)	369.76	(22.3 %)
Q3 2016	2,307.79	(9.2 %)	520.06	(0.7 %)	338.61	24.5 %
Q4 2016	2,333.94	(12.2 %)	424.70	(20.4 %)	190.83	(4.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
Q1 2017	2,708.09	19.3 %	925.64	87.1 %	738.02	118.7 %
Q2 2017	2,987.17	17.1 %	1,011.92	74.2 %	808.11	118.6 %
Q3 2017	3,151.29	36.6 %	830.67	59.7 %	629.11	85.8 %
Q4 2017	3,222.24	38.1 %	1,165.28	174.4 %	838.78	339.5 %
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
Q1 2018	3,566.12	31.7 %	1,414.90	52.9 %	1,190.99	61.4 %
Q2 2018	3,416.48	14.4 %	1,240.43	22.6 %	1,045.44	29.4 %
Q3 2018	3,395.99	7.8 %	1,255.46	51.1 %	973.31	54.7 %
Q4 2018	3,824.70	18.7 %	1,046.81	(10.2 %)	767.43	(8.5 %)
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %
Q1 2019	4,241.34	18.9 %	484.39	(65.8 %)	251.83	(78.9 %)
Q2 2019	4,300.51	25.9 %	515.13	(58.5 %)	192.67	(81.6 %)
Q3 2019	4,298.68	26.6 %	721.28	(42.5 %)	269.36	(72.3 %)
Q4 2019	4,895.74	28.0 %	781.55	(25.3 %)	207.03	(73.0 %)
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
Q1 2020	4,355.16	2.7 %	282.76	(41.6 %)	(119.29)	(147.4 %)
Q2 2020	4,016.41	(6.6 %)	292.99	(43.1 %)	(163.37)	(184.8 %)
Q3 2020	4,659.15	8.4 %	668.41	(7.3 %)	249.53	(7.4 %)
Q4 2020	5,549.10	13.3 %	1,322.84	69.3 %	843.72	307.5 %
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
Q1 2021	5,449.77	25.1 %	1,436.40	408.0 %	1,046.98	977.7 %
Q2 2021	6,101.45	51.9 %	2,113.64	621.4 %	1,668.93	1121.6 %
Q3 2021	6,698.52	43.8 %	2,320.13	247.1 %	1,925.85	671.8 %
Q4 2021	8,519.27	53.5 %	3,600.92	172.2 %	3,088.31	266.0 %
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %
Q1 2022	8,914.08	63.6 %	3,884.06	170.4 %	3,262.38	211.6 %
Q2 2022	11,876.16	94.6 %	6,157.99	191.3 %	5,553.77	232.8 %
Q3 2022	10,014.42	49.5 %	3,573.83	54.0 %	2,953.75	53.4 %
Q4 2022	9,472.46	11.2 %	2,633.07	(26.9 %)	1,766.91	(42.8 %)
2022	40,277.12	50.5 %	16,248.95	71.6 %	13,536.81	75.1 %
Q1 2023	8,045.09	(9.7 %)	1,585.63	(59.2 %)	930.21	(71.5 %)
Q2 2023	6,966.27	(41.3 %)	1,615.85	(73.8 %)	843.39	(84.8 %)
Q3 2023	6,226.00	(37.8 %)	928.99	(74.0 %)	211.99	(92.8 %)
Q4 2023	8,034.57	(15.2 %)	2,783.94	5.7 %	1,830.57	3.6 %
2023	29,271.93	(27.3 %)	6,914.41	(57.4 %)	3,816.16	(71.8 %)
Q1 2024	7,348.23	(8.7 %)	2,413.32	52.2 %	1,649.82	77.4 %
Q2 2024	7,183.84	3.1 %	2,187.65	35.4 %	1,504.91	78.4 %
Q3 2024	8,044.91	29.2 %	2,403.33	158.7 %	1,517.30	615.7 %
Q4 2024	9,969.18	24.1 %	3,684.32	32.3 %	2,485.99	35.8 %
2024	32,546.16	11.2 %	10,688.62	54.6 %	7,158.02	87.6 %
Q1 2025	8,510.91	15.8 %	3,191.37	32.2 %	2,271.84	37.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	10,956.13	1.5 %	2,439.04	(21.7 %)	1,335.34	(33.9 %)
2016	9,463.86	(13.6 %)	2,020.56	(17.2 %)	1,236.59	(7.4 %)
2017	12,085.93	27.7 %	3,933.51	94.7 %	2,958.62	139.3 %
2018	14,170.76	17.3 %	4,886.98	24.2 %	3,977.17	34.4 %
2019	17,736.28	25.2 %	2,671.86	(45.3 %)	920.88	(76.8 %)
2020	18,579.82	4.8 %	2,567.00	(3.9 %)	810.60	(12.0 %)
2021	26,769.01	44.1 %	9,471.09	269.0 %	7,730.07	853.6 %
2022	40,277.12	50.5 %	16,248.95	71.6 %	13,536.81	75.1 %
2023	29,271.93	(27.3 %)	6,914.41	(57.4 %)	3,816.16	(71.8 %)
2024	32,546.16	11.2 %	10,688.62	54.6 %	7,158.02	87.6 %

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	22.11 %	33.97 %	3.76 %
Q2 2016	21.28 %	33.79 %	2.92 %
Q3 2016	21.75 %	34.37 %	3.00 %
Q4 2016	21.35 %	35.51 %	4.21 %
2016	21.35 %	35.51 %	6.23 %
Q1 2017	24.76 %	38.59 %	4.85 %
Q2 2017	27.88 %	41.91 %	6.44 %
Q3 2017	28.56 %	42.30 %	7.16 %
Q4 2017	32.59 %	44.39 %	3.38 %
2017	32.55 %	43.87 %	9.86 %
Q1 2018	34.21 %	45.23 %	5.96 %
Q2 2018	34.83 %	48.09 %	6.98 %
Q3 2018	37.32 %	50.84 %	8.12 %
Q4 2018	34.90 %	50.48 %	12.55 %
2018	34.49 %	50.60 %	12.58 %
Q1 2019	27.07 %	43.87 %	6.84 %
Q2 2019	20.95 %	38.62 %	1.62 %
Q3 2019	16.61 %	34.82 %	(1.51 %)
Q4 2019	14.11 %	31.33 %	(4.43 %)
2019	15.06 %	31.33 %	(4.43 %)
Q1 2020	12.89 %	30.67 %	(5.67 %)
Q2 2020	11.83 %	28.58 %	(6.85 %)
Q3 2020	11.30 %	28.15 %	(6.16 %)
Q4 2020	13.82 %	30.31 %	(1.12 %)
2020	13.82 %	30.31 %	(1.12 %)
Q1 2021	18.91 %	34.23 %	4.60 %
Q2 2021	25.47 %	38.93 %	11.49 %
Q3 2021	30.22 %	42.39 %	16.05 %
Q4 2021	35.38 %	46.12 %	20.71 %
2021	35.38 %	46.12 %	20.71 %
Q1 2022	39.42 %	48.15 %	23.00 %
Q2 2022	44.33 %	51.66 %	27.28 %
Q3 2022	43.78 %	50.04 %	26.46 %
Q4 2022	40.34 %	46.06 %	22.65 %
2022	40.34 %	46.06 %	22.65 %
Q1 2023	35.40 %	41.41 %	18.71 %
Q2 2023	27.27 %	33.59 %	11.27 %
Q3 2023	22.02 %	29.16 %	6.17 %
Q4 2023	23.62 %	30.68 %	6.34 %
2023	23.62 %	30.68 %	6.34 %
Q1 2024	27.09 %	33.27 %	7.77 %
Q2 2024	28.88 %	34.64 %	8.44 %
Q3 2024	31.98 %	36.48 %	10.91 %
Q4 2024	32.84 %	35.83 %	11.37 %
2024	32.84 %	35.83 %	11.37 %
Q1 2025	34.02 %	36.48 %	13.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	22.26 %	33.03 %	6.04 %
2016	21.35 %	35.51 %	6.23 %
2017	32.55 %	43.87 %	9.86 %
2018	34.49 %	50.60 %	12.58 %
2019	15.06 %	31.33 %	(4.43 %)
2020	13.82 %	30.31 %	(1.12 %)
2021	35.38 %	46.12 %	20.71 %
2022	40.34 %	46.06 %	22.65 %
2023	23.62 %	30.68 %	6.34 %
2024	32.84 %	35.83 %	11.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	21.80 %	38.21 %	8.56 %
Q2 2016	22.77 %	34.30 %	6.71 %
Q3 2016	22.53 %	36.35 %	4.66 %
Q4 2016	18.20 %	33.37 %	(3.18 %)
Q1 2017	34.18 %	49.03 %	10.18 %
Q2 2017	33.88 %	46.43 %	11.93 %
Q3 2017	26.36 %	39.21 %	7.71 %
Q4 2017	36.16 %	43.68 %	(14.48 %)
Q1 2018	39.68 %	50.95 %	17.90 %
Q2 2018	36.31 %	57.47 %	15.15 %
Q3 2018	36.97 %	50.86 %	12.22 %
Q4 2018	27.37 %	43.47 %	5.54 %
Q1 2019	11.42 %	27.67 %	(3.00 %)
Q2 2019	11.98 %	35.45 %	(5.67 %)
Q3 2019	16.78 %	33.55 %	(2.14 %)
Q4 2019	15.96 %	28.95 %	(6.61 %)
Q1 2020	6.49 %	25.05 %	(8.11 %)
Q2 2020	7.29 %	26.62 %	(10.81 %)
Q3 2020	14.35 %	31.54 %	0.14 %
Q4 2020	23.84 %	36.08 %	10.31 %
Q1 2021	26.36 %	40.24 %	13.97 %
Q2 2021	34.64 %	46.00 %	19.03 %
Q3 2021	34.64 %	46.09 %	19.78 %
Q4 2021	42.27 %	50.01 %	26.96 %
Q1 2022	43.57 %	49.40 %	24.37 %
Q2 2022	51.85 %	57.69 %	33.92 %
Q3 2022	35.69 %	41.54 %	19.05 %
Q4 2022	27.80 %	33.08 %	10.73 %
Q1 2023	19.71 %	27.02 %	5.21 %
Q2 2023	23.20 %	30.42 %	7.80 %
Q3 2023	14.92 %	24.56 %	(1.34 %)
Q4 2023	34.65 %	39.32 %	12.16 %
Q1 2024	32.84 %	36.73 %	10.65 %
Q2 2024	30.45 %	36.01 %	10.50 %
Q3 2024	29.87 %	33.83 %	10.26 %
Q4 2024	36.96 %	36.65 %	13.43 %
Q1 2025	37.50 %	39.19 %	18.21 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2016	3,505.43	0.10	0.11	7.29
Q2 2016	3,505.43	0.07	0.08	7.34
Q3 2016	3,505.43	0.08	0.08	7.37
Q4 2016	3,505.43	(0.06)	0.11	7.23
Q1 2017	3,505.43	(0.03)	0.14	7.31
Q2 2017	3,505.43	0.02	0.19	7.41
Q3 2017	3,505.43	0.06	0.23	7.46
Q4 2017	3,505.43	(0.02)	0.12	7.44
Q1 2018	3,505.43	0.08	0.22	7.63
Q2 2018	3,505.43	0.13	0.27	7.77
Q3 2018	3,505.43	0.18	0.32	7.89
Q4 2018	3,505.43	0.53	0.51	7.96
Q1 2019	3,552.02	0.30	0.29	7.92
Q2 2019	3,552.02	0.09	0.07	8.04
Q3 2019	3,552.02	(0.05)	(0.07)	8.00
Q4 2019	3,552.02	(0.21)	(0.22)	8.30
Q1 2020	3,691.77	(0.26)	(0.27)	8.16
Q2 2020	3,691.77	(0.31)	(0.33)	8.02
Q3 2020	3,691.77	(0.29)	(0.30)	8.03
Q4 2020	3,691.77	(0.06)	(0.06)	8.19
Q1 2021	3,691.77	0.25	0.25	8.41
Q2 2021	3,691.77	0.66	0.68	8.71
Q3 2021	3,691.77	1.00	1.03	9.06
Q4 2021	3,691.77	1.42	1.50	9.66
Q1 2022	3,691.77	1.80	1.88	10.27
Q2 2022	3,691.77	2.59	2.66	11.36
Q3 2022	3,691.77	2.82	2.82	11.94
Q4 2022	3,691.77	2.52	2.47	12.21
Q1 2023	3,691.77	2.05	2.00	12.34
Q2 2023	3,691.77	1.05	1.05	12.43
Q3 2023	3,691.77	0.46	0.51	12.39
Q4 2023	3,691.77	0.43	0.50	12.57
Q1 2024	3,691.77	0.58	0.60	12.83
Q2 2024	3,691.77	0.76	0.66	13.08
Q3 2024	3,691.77	1.05	0.90	13.31
Q4 2024	3,802.79	0.76	0.97	13.64
Q1 2025	3,802.79	0.90	1.18	14.01

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	3,505.43	0.17	0.19	7.79
2016	3,505.43	0.00	0.17	7.23
2017	3,505.43	0.20	0.34	7.44
2018	3,505.43	0.53	0.51	7.96
2019	3,552.02	(0.21)	(0.22)	8.30
2020	3,691.77	(0.06)	(0.06)	8.19
2021	3,691.77	1.42	1.50	9.66
2022	3,691.77	2.52	2.47	12.21
2023	3,691.77	0.43	0.50	12.57
2024	3,802.79	0.76	0.97	13.64

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2016	More than 100	91.36	1.41
Q2 2016	More than 100	More than 100	1.81
Q3 2016	More than 100	More than 100	1.48
Q4 2016	NEG	More than 100	1.95
Q1 2017	NEG	More than 100	2.02
Q2 2017	More than 100	93.29	2.39
Q3 2017	More than 100	82.60	2.53
Q4 2017	NEG	More than 100	2.52
Q1 2018	More than 100	90.06	2.60
Q2 2018	More than 100	77.80	2.66
Q3 2018	More than 100	59.48	2.37
Q4 2018	33.83	35.06	2.24
Q1 2019	64.31	68.42	2.51
Q2 2019	More than 100	More than 100	2.19
Q3 2019	NEG	NEG	2.05
Q4 2019	NEG	NEG	1.84
Q1 2020	NEG	NEG	1.31
Q2 2020	NEG	NEG	1.49
Q3 2020	NEG	NEG	1.79
Q4 2020	NEG	NEG	1.70
Q1 2021	79.83	79.83	2.33
Q2 2021	32.79	32.04	2.49
Q3 2021	28.65	27.82	3.18
Q4 2021	19.04	17.95	2.79
Q1 2022	25.60	24.43	4.48
Q2 2022	13.22	12.87	3.01
Q3 2022	16.98	16.96	4.00
Q4 2022	17.61	17.98	3.64
Q1 2023	21.45	22.02	3.56
Q2 2023	41.26	41.29	3.50
Q3 2023	90.08	80.94	3.35
Q4 2023	More than 100	99.46	3.98
Q1 2024	87.09	83.95	3.93
Q2 2024	57.46	66.50	3.35
Q3 2024	47.98	55.58	3.78
Q4 2024	66.61	51.68	3.69
Q1 2025	51.19	39.40	3.30

Period	P/E	Adjusted P/E	Price/book
2015	69.50	63.58	1.54
2016	NEG	83.85	1.95
2017	92.06	55.22	2.52
2018	33.83	35.06	2.24
2019	NEG	NEG	1.84
2020	NEG	NEG	1.70
2021	19.04	17.95	2.79
2022	17.61	17.98	3.64
2023	More than 100	99.46	3.98
2024	66.61	51.68	3.69

Business Segments (Million)

Compared With The

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
Q1 2016	1,052.72	1,036.49	181.23	-	-	-	-	-
Q2 2016	1,145.68	1,103.85	302.18	-	-	-	-	-
Q3 2016	1,058.82	965.85	283.11	-	-	-	-	-
Q4 2016	907.84	1,143.08	283.01	-	-	-	-	-
Q1 2017	1,250.08	1,131.49	326.51	-	-	-	-	-
Q2 2017	1,487.28	1,170.89	328.99	-	-	-	-	-
Q3 2017	1,401.03	1,352.72	386.22	-	-	-	-	-
Q4 2017	1,322.83	1,376.45	551.44	-	-	-	-	-
Q1 2018	1,544.33	1,426.45	595.34	-	-	-	-	-
Q2 2018	1,486.30	1,434.84	495.34	-	-	-	-	-
Q3 2018	1,605.08	1,317.13	441.24	-	-	-	-	-
Q4 2018	1,890.45	1,489.83	444.42	-	-	-	-	-
Q1 2019	2,075.76	1,785.00	380.58	-	-	-	-	-
Q2 2019	2,098.25	1,782.39	419.87	-	-	-	-	-
Q3 2019	1,937.44	1,785.28	575.97	-	-	-	-	-
Q4 2019	2,138.86	2,047.09	709.79	-	-	-	-	-
Q1 2020	1,907.57	1,762.28	685.30	-	-	-	-	-
Q2 2020	1,626.94	1,636.20	753.28	-	-	-	-	-
Q3 2020	2,284.69	1,703.40	671.06	-	-	-	-	-
Q4 2020	2,843.97	2,079.71	625.42	-	-	-	-	-
Q1 2021	2,696.72	2,112.86	640.19	-	-	-	-	-
Q2 2021	3,135.96	2,408.38	557.11	-	-	-	-	-
Q3 2021	3,645.59	2,545.09	507.84	-	-	-	-	-
Q4 2021	5,104.36	2,823.54	591.37	-	-	-	-	-
Q1 2022	5,535.53	2,796.62	581.93	-	-	-	-	-
Q2 2022	7,912.48	3,391.77	571.91	-	-	-	-	-
Q3 2022	6,723.82	2,778.26	499.67	12.68	-	-	-	-
Q4 2022	6,550.95	2,313.14	598.82	9.56	-	-	-	-
Q1 2023	5,415.20	2,079.79	540.73	9.37	-	-	-	-
Q2 2023	4,041.72	2,177.43	737.66	9.46	-	-	-	-
Q3 2023	3,245.65	2,151.77	811.77	16.82	-	-	-	-
Q4 2023	4,714.86	2,401.25	897.04	21.41	-	-	-	-
Q1 2024	4,251.37	2,102.83	994.03	-	-	-	-	-
Q2 2024	3,697.73	2,484.34	1,001.77	-	-	-	-	-
Q3 2024	4,330.31	2,493.52	1,009.89	211.19	-	-	-	-
Q4 2024	5,486.65	2,976.33	1,451.11	55.09	-	-	-	-
Q1 2025	4,470.19	2,709.56	1,186.99	144.16	-	-	-	-

Period	Phosphate	Aluminum	Base Metals and new minerals	All other sectors	Industrial minerals	Gold	Infrastructure	Adjustments
2015	5,488.12	4,762.79	705.22	-	-	-	-	-
2016	4,165.06	4,249.27	1,049.53	-	-	-	-	-
2017	5,461.22	5,031.55	1,593.16	-	-	-	-	-
2018	6,526.17	5,668.25	1,976.34	-	-	-	-	-
2019	8,250.31	7,399.76	2,086.20	-	-	-	-	-
2020	8,663.18	7,181.58	2,735.06	-	-	-	-	-
2021	14,582.62	9,889.87	2,296.52	-	-	-	-	-
2022	26,722.78	11,279.79	2,252.32	22.24	-	-	-	-
2023	17,417.43	8,810.23	2,987.21	57.06	-	-	-	-
2024	17,766.06	10,057.02	4,456.80	266.28	-	-	-	-

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	1,225.67	1,549.96	26.46 %

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
Sico	1,758.00	1,549.96	(13.4) %
Riyad Capital	1,006.00	1,549.96	35.1 %
AlJazira Capital	913.00	1,549.96	41.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	208,826.62
Enterprise Value (EV) (M)	241,317.35
Shares Outstanding ((M))	3,888.76
EPS ( Riyal) (TTM)	0.90
Book Value (BV) ( Riyal)	14.01
Par Value ( Riyal)	10.00
Recurring P/E	46.74
P/E (TTM)	60.71
Price/book	3.92
Return on Average Assets (%) (TTM)	3.0
Return on Average Equity (%) (TTM)	6.8
EV/adj EBITDA	19.59
EV/Revenues	7.15

Saudi Arabian Mining Co. (MAADEN)

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Maaden's earnings soar 58% to SAR 1.55B in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Maaden's earnings soar 58% to SAR 1.55B in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Mining Co. (MAADEN)

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Business Segments (Million)