Maaden profit soars to SAR 3.47B in H1 2025, SAR 1.92B in Q2

07/08/2025 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 3.47 billion in H1 2025, compared to SAR 2.01 billion a year earlier.

Financials (M)

Item	6m 2024	6m 2025	Change‬
Revenues	14,532.07	17,926.68	23.4 %
Gross Income	4,600.97	6,714.68	45.9 %
Operating Income	3,154.73	4,968.34	57.5 %
Net Income	2,005.71	3,471.80	73.1 %
Average Shares	3,691.77	3,845.77	4.2 %
Earnings Per Share before unusual items (Riyals)	0.42	0.90	117.1 %
EPS (Riyal)	0.54	0.90	66.2 %

Revenues increased by SAR 3.39 billion (23%) year-on-year (YoY), mainly due to higher commodity market prices for phosphate, aluminum and gold business units. Revenue was further increased due to higher sales volume for phosphate and aluminum business units. This increase in revenue was partially offset by lower sales volume for the gold business unit.

The company also cited higher sales prices and volumes. In addition, a higher share in net profit of joint ventures and an associate, reduced finance cost, as well as lower net Zakat, income tax and severance contributed positively to the H1 2025 earnings.

However, the company recorded higher operating expenses, including allowance for expected credit loss, lower finance income and the positive impact that one-off insurance claim of SAR 469 million had in the same period of the prior year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2024	Q2 2025	Change‬
Revenues	7,183.84	9,415.77	31.1 %
Gross Income	2,187.65	3,523.31	61.1 %
Operating Income	1,504.91	2,696.50	79.2 %
Net Income	1,024.02	1,921.84	87.7 %
Average Shares	3,691.77	3,845.77	4.2 %
Earnings Per Share before unusual items (Riyal)	0.20	0.50	145.2 %
EPS (Riyal)	0.28	0.50	80.2 %

Item	Q1 2025	Q2 2025	Change‬
Revenues	8,510.91	9,415.77	10.6 %
Gross Income	3,191.37	3,523.31	10.4 %
Operating Income	2,271.84	2,696.50	18.7 %
Net Income	1,549.96	1,921.84	24.0 %
Average Shares	3,845.77	3,845.77	-
Earnings Per Share before unusual items (Riyal)	0.40	0.50	24.3 %
EPS (Riyal)	0.40	0.50	24.0 %

The second-quarter net profit surged to SAR 1.92 billion, from SAR 1.02 billion in Q2 2024, mainly supported by higher revenues.

The net earnings in Q2 also leapt 24% from SAR 1.54 billion in Q1 2025.

Total shareholders’ equity, after minority interest, rose to SAR 57.37 billion as of June 30, 2025, from SAR 48.29 billion a year earlier.

Attached Documents:

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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 %
Q2 2025	9,415.77	31.1 %	3,523.31	61.1 %	2,696.50	79.2 %

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 %

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 %	0.40	-	1,549.96	0.40
Q2 2025	1,921.84	87.7 %	0.50	(4.00)	1,925.84	0.50

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

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 %
Q2 2025	35.62 %	37.49 %	15.69 %

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 %
Q2 2025	37.42 %	39.97 %	20.45 %

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	3,845.77	0.89	1.16	14.01
Q2 2025	3,845.77	1.13	1.47	15.09

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	Recurring P/E	Price/book
Q1 2016	More than 100	93.43	1.44
Q2 2016	More than 100	More than 100	1.85
Q3 2016	More than 100	More than 100	1.52
Q4 2016	NEG	More than 100	2.00
Q1 2017	NEG	More than 100	2.07
Q2 2017	More than 100	95.40	2.44
Q3 2017	More than 100	84.46	2.59
Q4 2017	NEG	More than 100	2.58
Q1 2018	More than 100	92.10	2.66
Q2 2018	More than 100	79.56	2.72
Q3 2018	More than 100	60.82	2.43
Q4 2018	34.59	35.86	2.29
Q1 2019	65.76	69.97	2.56
Q2 2019	More than 100	More than 100	2.24
Q3 2019	NEG	NEG	2.10
Q4 2019	NEG	NEG	1.88
Q1 2020	NEG	NEG	1.33
Q2 2020	NEG	NEG	1.52
Q3 2020	NEG	NEG	1.83
Q4 2020	NEG	NEG	1.74
Q1 2021	81.63	81.63	2.38
Q2 2021	33.53	32.77	2.55
Q3 2021	29.29	28.45	3.25
Q4 2021	19.47	18.36	2.86
Q1 2022	26.17	24.98	4.58
Q2 2022	13.52	13.16	3.08
Q3 2022	17.37	17.35	4.09
Q4 2022	18.01	18.39	3.72
Q1 2023	21.94	22.52	3.64
Q2 2023	42.19	42.22	3.58
Q3 2023	92.12	82.77	3.43
Q4 2023	More than 100	More than 100	4.07
Q1 2024	89.06	85.85	4.02
Q2 2024	58.76	68.01	3.42
Q3 2024	49.07	56.83	3.86
Q4 2024	68.12	52.85	3.77
Q1 2025	52.34	40.30	3.38
Q2 2025	48.05	36.96	3.63

Period	P/E	Recurring P/E	Price/book
2015	71.07	65.02	1.58
2016	NEG	85.75	2.00
2017	94.15	56.47	2.58
2018	34.59	35.86	2.29
2019	NEG	NEG	1.88
2020	NEG	NEG	1.74
2021	19.47	18.36	2.86
2022	18.01	18.39	3.72
2023	More than 100	More than 100	4.07
2024	68.12	52.85	3.77

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	-	-	-	-
Q2 2025	5,183.12	2,550.26	1,461.07	221.32	-	-	-	-

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	Profit Before Unusual Items	Change
Average	1,678.40	1,921.84		1,925.84

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Profit Before Unusual Items
AlJazira Capital	1,846.30	1,921.84	1,925.84
Sico	2,346.00	1,921.84	1,925.84
Goldman Sachs	1,477.70	1,921.84	1,925.84
Riyad Capital	1,456.00	1,921.84	1,925.84
U-Capital	1,266.00	1,921.84	1,925.84

Financial Ratios

	Current
Market Cap (M Riyal)	211,548.75
Enterprise Value (EV) (M Riyal)	241,233.22
Shares Outstanding ((M))	3,888.76
EPS ( Riyal) (TTM)	1.13
Book Value (BV) ( Riyal)	15.09
Par Value ( Riyal)	10.00
Recurring P/E	37.51
P/E (TTM)	48.77
Price/book	3.69
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	8.2
EV/adj EBITDA	17.90
EV/Revenues	6.71

Saudi Arabian Mining Co. (MAADEN)

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Maaden profit soars to SAR 3.47B in H1 2025, SAR 1.92B in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q2

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 profit soars to SAR 3.47B in H1 2025, SAR 1.92B in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2025

Revenue by Business Segment (Latest) 2025 Q2

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)