Saudi Arabian Mining Company Ma’aden posted a stellar financial performance for the nine-month period ending 30 September 2025, with revenue reaching SAR 27.9 billion (US$7.44 billion) — a year-on-year increase of 24 % from SAR 22.6 billion in the same period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 30 % to SAR 11.5 billion (US$3.04 billion), and net profit surged 91 % to SAR 5.7 billion (US$1.51 billion).
Ma’aden attributes this growth to a combination of higher volumes in its phosphate- and aluminium-business units and a stronger pricing environment for its products. The phosphate division produced near-record levels of DAP (diammonium phosphate) and ammonia, while aluminium unit sales, especially FRP (flat-rolled products), benefited from improved global pricing. Further, the company reports that lower financing costs and lower tax/zakat burdens also contributed to the profit jump.
Operationally, Ma’aden indicated the phosphate business had raised realised DAP prices significantly (around +23% y/y in 9M) while growing volumes by roughly 10%. In aluminium, while primary aluminium volumes were steady, sales of FRP rose by about 15% y/y and average realised aluminium prices improved around 11%. The gold and base-metals segment also delivered solid gains driven by higher realised gold prices (up about 41% y/y) despite some volume softness.
From a strategic-execution viewpoint, the company has made moves that reinforce these gains. For example, Ma’aden completed the acquisition of Alcoa’s 25.1% interest in its aluminium business on 1 July 2025, gaining full ownership of key assets. Additionally, its large expansion project “Phosphate 3 Phase 1” is reported to be 50% complete and on schedule for 2027 production.
This performance indicates that Ma’aden is benefitting from a favourable commodity environment: strong global demand for fertilizers, tight supply for ammonia and phosphate raw materials, and improved aluminium pricing are currently driving earnings. Second, the company’s capacity- and ownership-expansion investments are beginning to pay off, giving it increased scale and margin leverage. Third, by improving its cash generation (operating cash flow of SAR 8.0 billion; cash balance at SAR 10.9 billion) and reducing net debt/EBITDA to 1.5x (from 1.8x at end-2024) that suggests stronger financial discipline and flexibility.
In conclusion, Ma’aden’s nine-month results demonstrate robust growth driven by higher volumes, stronger product pricing and effective strategic execution. The company appears well positioned to meet its 2025 targets “at pace,” as CEO Bob Wilt put it. Provided the favourable market backdrop continues and execution remains smooth, Ma’aden could further strengthen its role in Saudi Arabia’s mining-growth story under Vision 2030. For investors and stakeholders, the key indicators to monitor from here will be whether pricing stays strong, project execution remains on-track, and global demand for fertilizers and aluminium sustains its momentum.
