Saudi Arabian Mining Company (Maaden) (1211) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 16% year-over-year to SAR 8.51 billion, with EBITDA up 16% and net profit up 58% to SAR 1.55 billion, driven by higher aluminum and phosphate production, new discoveries, and strategic acquisitions.

• EPS increased 54% year-over-year to SAR 0.41.

• Major investments included SAR 3.6 billion for a 20.62% stake in Alba and increased stakes in Mosaic, with a new JV with Aramco for critical minerals.

• Strategic acquisitions and exploration successes underpin long-term growth.

• Operating cash flow reached nearly SAR 2 billion; cash position exceeded SAR 12 billion.

Financial highlights

• Revenue increased 16% year-on-year to SAR 8.51 billion, EBITDA rose 16% to SAR 3.47 billion, and net profit surged 58% to SAR 1.55 billion.

• Operating cash flow was SAR 1.93 billion, down 17% year-on-year.

• Gross profit reached SAR 3.19 billion, up from SAR 2.41 billion in Q1 2024.

• SAR 3.6 billion invested in Alba acquisition; SAR 1.4 billion in CapEx.

• Ended Q1 with SAR 12.4 billion in cash.

Outlook and guidance

• 2025 CapEx guidance reduced to SAR 7.55–9.6 billion, with 70–75% for growth.

• Gold production guidance raised to 475,000 oz at the lower end.

• Remain on track to achieve 2025 guidance; focus on disciplined capital allocation.

• Near-term priorities: finalize Alcoa transaction, advance Phosphate 3, and progress exploration and Aramco JV.

• Management expects limited direct impact from new US tariffs but continues to monitor global trade policy developments.