Maaden Reports 156% Surge in 2025 Net Profit Driven by Record Production and Commodity Prices

Saudi mining and metals giant Maaden posted a 156 percent increase in net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain. The state-backed company reported a net profit of SR7.35 billion ($1.95 billion) for the full year, up from SR2.87 billion in 2024. Revenue climbed 19 percent to SR38.58 billion, compared with SR32.55 billion a year earlier.

Maaden said its performance was led by record phosphate production, near-record aluminum output, and increased prices across its three main commodity units. The company also recorded a 60 percent rise in gross profit, which reached SR14.79 billion. Growth in phosphate and aluminum sales volumes contributed significantly to revenue, while gold sales volumes declined slightly.

The company’s CEO, Bob Wilt, described 2025 as a transformative year for Maaden. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said, noting that growth was driven by increased production, disciplined cost control, and Maaden’s role as a cornerstone of the Saudi economy.

Profitability received an additional boost from a higher share of net profit from joint ventures and associates, including a one-off bargain purchase gain of SR768 million linked to Maaden’s investment in Aluminium Bahrain B.S.C. Lower finance costs also contributed to the strong results.

The company ended the fourth quarter with a net profit of SR1.67 billion, a sharp turnaround from a loss of SR106 million in the same period in 2024. Quarterly revenue increased seven percent to SR10.64 billion.

Maaden achieved record production of di-ammonium phosphate (DAP) at 6.72 million tonnes, up nine percent, while aluminum output remained near record levels. The company also added 7.8 million ounces to its reportable gold mineral resources through exploration and resource development.

The phosphate division saw sales rise 17 percent to SR20.77 billion, with an EBITDA margin of 47 percent. Aluminum sales increased nine percent to SR10.99 billion, and the segment’s EBITDA more than doubled in the fourth quarter.

Looking ahead, Wilt said growth momentum would continue as Maaden advances major projects, including Phosphate 3 Phase 1 and Ar Rjum, both on budget and schedule. The company has also secured gas supplies for its future Phosphate 4 project. “This pace of growth will only accelerate as we expand production, advance projects, and implement technology to modernize operations and unlock further value,” he said.

Earnings per share rose to SR1.91 from SR0.78 in 2024, and total shareholders’ equity increased 18.7 percent to SR61.59 billion. Maaden’s results reflect the Kingdom’s broader push to expand the mining sector and attract investment under Vision 2030, targeting Saudi Arabia’s estimated $2.5 trillion in untapped mineral resources.