Saudi mining and metals company, Maaden, has announced an increase of 156 percent in its net profit attributable to shareholders for 2025, due to higher commodity prices, record production volumes, and a one-off bargain purchase gain.
The state-backed giant reported a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The revenue of the firm grew by 19 percent to SR38.58 billion, as compared to SR32.55 billion in 2024.
This coincides with increased efforts by Saudi Arabia to diversify its economy through its mining industry as one of the instruments of economic diversification, leveraging international participation and private investment to open the Kingdom’s projected $2.5 trillion in untapped mineral resources under Vision 2030.
In a statement on Tadawul, the company said, “Performance was led by record phosphate production, near record aluminum production, and an increase in all three of Maaden’s main output commodity prices.”
Another boost to the performance was a 60 percent growth in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line expansion to “higher commodity market prices for phosphate, aluminum, and gold business units,” and higher sales volumes in its phosphate and aluminum segments. This was partially counterbalanced by a slight decrease in the volume of sales in the gold unit.
Maaden CEO Bob Wilt described 2025 as a transformative year marked by strategic growth and operational excellence.
He said in a statement, “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business.”
Wilt reported, “This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across, and a clear commitment to our role as a cornerstone of the Saudi economy.”
It also increased the portion of net profit in joint ventures and associates, which strengthened profitability. This comprised a one-off gain of a bargain purchase of SR768 million in connection with the investment by Maaden in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.
In the fourth quarter of 2025, Maaden recorded a good performance, with a net profit of SR1.67 billion, which is a reversal of a net loss in the corresponding time frame of the previous year of SR106 million. Quarterly revenues increased by 7 percent to SR10.64 billion.
The company set a new production record of 6.72 million tonnes of di-ammonium phosphate, representing a 9 percent growth. Aluminum production was not far below record levels, and the company reported a net increase of 7.8 million ounces of its reportable gold mineral resources as a result of discovery and resource development.
The phosphate division recorded a sales increase of 17 percent to SR20.77 billion, and the earnings before interest, taxes, depreciation, and amortization improved by 47 percent.
The aluminum business has shown an increase in sales by 9 percent to SR10.99 billion, and EBITDA almost doubled during the fourth quarter.
In the future, Wilt pointed out that the rate of growth will increase as the company will continue to promote its major projects, such as the Phosphate 3 Phase 1 and Ar Rjum projects, which are on track and within the budget. Maaden has also been able to acquire a gas supply for its upcoming Phosphate 4 project.
Wilt stated, “This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline, and unlock value.”
Earnings per share for the year surged strongly to SR1.91, up from SR0.78 in 2024. The total equity shareholders rose by 18.7 percent to SR61.59 billion.
