Riyadh – Mubasher: Saudi Arabian Mining Company (Maaden) recorded 13.19% year-on-year (YoY) higher net profits at SAR 2.18 billion in the second quarter (Q2) of 2026, compared to SAR 1.92 billion.
The mining giant’s revenue for the quarter rose by 16.18% to SAR 10.94 billion from SAR 9.42 billion a year earlier.
The company attributed the growth to higher selling prices across all business units and increased sales volumes in aluminum and gold. This performance helped offset a 3.82% decline in gross profit, which fell to SAR 3.39 billion due to rising raw material costs, particularly sulfur, and higher supply chain expenses affecting the phosphate segment.
For the first half (H1) of 2026, net profit reached SAR 3.81 billion, a 9.77% increase from SAR 3.47 billion in the previous year. Six-month revenues grew by 10.04% to SAR 19.73 billion.
Maaden noted that profitability was further supported by lower finance costs and higher income from equity-accounted investees, including Alba and Maaden Barrick Copper.
Total shareholders' equity stood at SAR 65.23 billion as of 30 June 2026. Earnings per share (EPS) rose to SAR 0.98 from SAR 0.91.
Bob Wilt, CEO of Maaden, said: “We have delivered a solid financial result in Q2. Despite challenges relating to sulfur supply and logistics in Phosphate, the Aluminum business delivered its best ever financial performance with a very strong performance from our gold business.”
He added: “We will continue to focus on our people and the safety and performance of our operations, as we deliver on our customer commitments and deliver value to our shareholders in 2026 and beyond.”
In Q1-26, the net profits attributable to the owners of Maaden climbed by 5.53% YoY to SAR 1.63 billion from SAR 1.54 billion.
