Ma’aden reports SAR 1 bn bottom line in 2Q 2024

Ma’aden reported a 192% y-o-y increase in net income to SAR 1.0 bn in 2Q 2024, and revenues rose 3.1% to SAR 7.2 bn, it said in a disclosure to Tadawul. The hike in net income was attributed to higher margins, capped expenses and a one-off ins. claim. On a 1H basis, net income increased 160.4% y-o-y to SAR 2.0 bn, while revenues fell 3.2% at SAR 14.5 bn.

Ma’aden had a busy quarter: Manara Minerals — a Ma’aden and PIF JV — acquired a 10% stake in Brazilian miner Vale Base Metals in a USD 2.6 bn transaction in May. Ma’aden also completed another SAR 5.6 bn transaction earlier that same month, upping its stake in Ma’aden Wa’ad Al Shamal Phosphate (MWSPC) to 85%. The state-owned miner also inked a letter of intent with Saudi national shipping carrier Bahri last week to leverage Bahri’s logistics network to ramp up its exports.