Saudi Arabian Mining Company (MA’ADEN) released its financial results for the first quarter of 2022 on Wednesday, reporting a record net profit of SAR 2.9 billion, up by 246 per cent from the first quarter of 2021, and sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year.
EBITDA stood at SAR 4.4 billion, up by 101 percent compared to the same quarter of 2021. MA’ADEN Phosphate business contributed 70 per cent to the group EBITDA for Q1, 2022 followed by Aluminium and Gold segment which contributed 24 per cent and 6 per cent respectively.
MA’ADEN attributed the increase in profit to numerous projects and plans implemented as part of the 2040 Strategy, which aims to diversify its high-quality products and strengthen its customer relationships. This quarter, MA’ADEN also reported sales from one of its new plants Ammonia Project 3 which was commissioned in Q1, 2022.
One of the world’s fastest-growing mining companies and the Middle East’s largest multi-product mining company, MA’ADEN has been ranked among the world’s top ten mining companies by market value.