Maaden 2025 profit more than doubles as revenue crosses $10bn

Maaden, the Saudi state-owned mining company, said net profit more than doubled in 2025, driven by increased revenue from higher commodity prices.

Revenue rose 19 percent to SAR39 billion ($10.4 billion), led by record phosphate and aluminium production, an increase in all its main output commodity prices, and the maiden full-year inclusion of Aluminium Bahrain (Alba) in the results.

Bahrain Mumtalakat Holding owns 69.38 percent of Alba, while Maaden owns 20.62 percent.

Net profit attributable to shareholders surged 156 percent to SAR7.3 billion, the mining company said in a statement to the Saudi stock exchange. 

Fourth-quarter revenue increased 7 percent year on year to SAR10.6 billion, while quarterly net profit attributable to shareholders totalled SAR1.7 billion against a net loss of SAR106 million a year earlier.

The average realised price of gold surged 46 percent year-on-year to SAR3,511 per ounce. Average realised alumina prices fell 13 percent, while aluminium prices rose 8 percent. The price of diammonium phosphate (DAP) fertiliser rose 19 percent, while ammonia fell 5 percent.

Further reading:

• Frank Kane: Riyadh becomes the cockpit of the global minerals race
• Maaden profit doubles to $587m as revenue jumps
• Riyadh must get creative to crack critical minerals conundrum

Maaden set capex guidance for 2026 at SAR15.5 billion, including SAR12.6 billion for growth projects. This includes the completion and commissioning of phase 1 of the Phosphate 3 project, as well as further progress at the Ar Rjum gold project in Mecca province.

In January the company’s CEO Bob Wilt announced plans to invest $110 billion over the next decade, which he termed “the largest capital programme in the history of mining”.

Maaden’s shares closed 0.6 percent lower on Thursday at SAR71.40, but are up 17 percent so far this year. The Public Investment Fund owns 63.78 percent of Maaden.