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Saudi Arabian Mining (Ma’aden) turned to the black in 3Q 2024 with a net income of SAR 971.5 mn, compared to a SAR 83.4 mn loss during the same period last year, the firm said in a disclosure to Tadawul. Meanwhile, revenues grew 29.2% at SAR 8 bn.
The breakdown: The company’s bottom line bounced back up during the third quarter on the back of greater sales prices and volumes, lower depreciation costs, and a one-off SAR 94 mn gain from an ins. claim. Sales were boosted by higher commodity prices, as well as greater volumes of all products except for alumina, primary aluminum, and gold, the disclosure read.
On a 9M basis: Ma’aden saw its net income more than quadruple y-o-y to SAR 2.98 bn during the first nine months of the year, driven by higher sales volumes and prices, falling raw material and depreciation costs, and a positive base effect attributed to one-off industrial utility charges that had impacted the previous reporting period. Top line was up 6.3% at SAR 22.58 bn through 9M.
It’s been a busy quarter for Ma’aden: Ma’aden and Aluminum Bahrain (Alba) signed a non-binding heads of terms agreement in September to explore the possibility of a merger, with Ma’aden signing a share purchase agreement to acquire Sabic’s entire 20.6% stake in Alba. Separately, Ma’aden and PIF’s Manara Minerals submitted an offer in August to acquire a 15% stake in Barrick Gold’s Reko Diq copper and gold mining project in Pakistan. The company is reportedly close to acquiring a USD 1.5-2 bn minority stake in Canadian miner First Quantum Minerals’ copper and nickel assets in Zambia.
