Maaden profit surges to SAR 5.68B in 9M 2025, SAR 2.2B in Q3

06/11/2025 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) reported a net profit of SAR 5.68 billion in the first nine months of 2025, compared to SAR 2.98 billion a year earlier.

Financials (M)

Item	9m 2024	9m 2025	Change‬
Revenues	22,576.98	27,938.00	23.7 %
Gross Income	7,004.30	10,672.72	52.4 %
Operating Income	4,672.03	7,900.19	69.1 %
Net Income	2,977.19	5,676.93	90.7 %
Average Shares	3,691.77	3,845.77	4.2 %
Earnings Per Share before unusual items (Riyals)	0.64	1.48	130.9 %
EPS (Riyal)	0.81	1.48	83.0 %

Gross profit rose by SAR 3.67 billion (52%) on improved selling prices and higher sales volumes. Revenues also grew by SAR 5.36 billion (24%) on 9M 2025.

The overall increase in revenue was primarily attributed to higher selling prices for products in the phosphate, aluminum, and gold business units, in addition to increased sales volumes in the phosphate and aluminum business units. Maaden said that the profit was also supported by higher share of profit from joint ventures and associates, lower financing costs (FCs), and a decline in Zakat, income tax, and royalty expenses.

These gains were partially offset by a slight decrease in gold sales volume, higher operating expenses (OpEx), lower finance income, and the absence of a one-off insurance claim of SAR 563 million recorded in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2024	Q3 2025	Change‬
Revenues	8,044.91	10,011.32	24.4 %
Gross Income	2,403.33	3,958.04	64.7 %
Operating Income	1,517.30	2,931.85	93.2 %
Net Income	971.48	2,205.13	127.0 %
Average Shares	3,691.77	3,845.77	4.2 %
Earnings Per Share before unusual items (Riyal)	0.22	0.57	156.4 %
EPS (Riyal)	0.26	0.57	117.9 %

Item	Q2 2025	Q3 2025	Change‬
Revenues	9,415.77	10,011.32	6.3 %
Gross Income	3,523.31	3,958.04	12.3 %
Operating Income	2,696.50	2,931.85	8.7 %
Net Income	1,921.84	2,205.13	14.7 %
Average Shares	3,845.77	3,845.77	-
Earnings Per Share before unusual items (Riyal)	0.50	0.57	14.5 %
EPS (Riyal)	0.50	0.57	14.7 %

The third-quarter net profit surged to SAR 2.2 billion, from SAR 971.5 million in Q3 2024.

The net earnings in Q3 also rose 14.7% from SAR 1.92 billion in Q2 2025.

Total shareholders’ equity, after excluding minority interest, rose to SAR 59.82 billion as of Sept. 30, 2025, from SAR 49.15 billion a year earlier.

Attached document:

View More Financial Results

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 %
Q3 2025	10,011.32	24.4 %	3,958.04	64.7 %	2,931.85	93.2 %

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
Q3 2025	2,205.13	127.0 %	0.57	-	2,205.13	0.57

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 %
Q3 2025	37.87 %	39.15 %	18.52 %

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 %
Q3 2025	39.54 %	40.82 %	22.03 %

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
Q3 2025	3,845.77	1.45	1.83	15.73

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
Q3 2025	44.67	35.45	4.16

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	-	-	-	-
Q3 2025	5,628.04	2,804.58	1,498.77	79.93	-	-	-	-

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	2,204.92	2,205.13

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)
AlJazira Capital	2,305.60	2,205.13
YAQEEN	2,076.00	2,205.13
Riyad Capital	2,025.00	2,205.13
U-Capital	1,923.00	2,205.13
Sico	2,695.00	2,205.13

Financial Ratios

	Current
Market Cap (M Riyal)	282,129.82
Enterprise Value (EV) (M Riyal)	310,977.94
Shares Outstanding ((M))	3,888.76
EPS ( Riyal) (TTM)	1.45
Book Value (BV) ( Riyal)	15.73
Par Value ( Riyal)	10.00
Recurring P/E	40.19
P/E (TTM)	50.64
Price/book	4.72
Return on Average Assets (%) (TTM)	4.8
Return on Average Equity (%) (TTM)	10.2
EV/adj EBITDA	20.96
EV/Revenues	8.20

Saudi Arabian Mining Co. (MAADEN)

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Maaden profit surges to SAR 5.68B in 9M 2025, SAR 2.2B in Q3

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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 Q3

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 surges to SAR 5.68B in 9M 2025, SAR 2.2B in Q3

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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) Q3 2025

Revenue by Business Segment (Latest) 2025 Q3

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)