Saudi Arabian Mining Company (Maaden) (1211) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 rose to SAR 19.7 billion, up from SAR 17.9 billion year-over-year, driven by higher commodity prices, especially in gold and aluminum, despite lower phosphate sales volumes.

• Net profit attributable to ordinary shareholders for the six months was SAR 3.8 billion, compared to SAR 3.5 billion in the prior year period.

• Q2 2026 revenue reached $2.9bn, up 16% year-over-year, with EBITDA at $1.0bn, a 3% increase YoY, and net profit attributable to shareholders of $0.6bn.

• Aluminum segment delivered its best quarterly financial performance since inception.

• The group maintained operational resilience amid regional geopolitical uncertainties, leveraging its diversified portfolio and integrated business model.

Financial highlights

• Gross profit for the six months reached SAR 6.5 billion, down from SAR 6.7 billion year-over-year.

• Operating profit for the six months was SAR 4.8 billion, slightly up from SAR 4.7 billion in the prior year.

• Basic and diluted EPS for the six months was SAR 0.98, up from SAR 0.91 year-over-year.

• Net cash generated from operating activities was SAR 2.1 billion, down from SAR 3.6 billion in the prior year.

• Gold and growth minerals revenue rose 34% YoY to $523m, with EBITDA up 46% YoY to $334m and EBITDA margin at 64%.

Outlook and guidance

• Management continues to monitor geopolitical developments and supply chain risks, maintaining operational agility to ensure continuity.

• The group expects continued resilience supported by strong domestic demand, strategic partnerships, and diversified sourcing.

• Phosphate DAP production guidance for the full year revised to 6,000–6,500kt due to sulfur supply and logistics challenges; ammonia production guidance withdrawn.

• Aluminum and gold production are trending towards the upper half of their respective guidance ranges, with no change to outlook.