Ma’aden operating profit jumps 622% while sales reach over 3 billion riyals

The Saudi Arabian Mining Company (Ma’aden) announced strong financial and operating results for the third quarter of 2014. Ma’aden sales during the quarter reached SR 3152 million, an increase of 96% over the same quarter last year, while operational profit was SR 694 million in Q3 2013, an increase of 622% compared to same quarter in 2013. This significant increase in operating income was largely attributable to higher sales volumes and an increase in prices achieved for all Ma’aden products except gold.

Although net income decreased in Q3 2014 compared to Q3 2013, this is largely due to contractual payments from partners Mosaic and Sabic that were paid to Ma’aden in Q3 2013. When these payments are excluded, Ma’aden achieved an increase in net income this quarter compared to the same quarter last year. The net income for Q3 2014 also increased compared to Q2 2014 by 30.9%.

Ma’aden CEO and President Khalid Al Mudaifer went on to stress that Ma’aden achieved a number of milestones across the organization this quarter as it made real progress towards achieving its vision of becoming a world class minerals enterprise. Beginning with safety, during Q3 the Ma’aden Phosphate Company achieved five million and Ma’aden Aluminium achieved ten million safe man hours without a lost time injury.

In its Aluminium business, Mr. Mudaifer said that Ma’aden had reached a number of milestones in Q3 including first production of caustic soda and customer delivery of the first aluminium coil sheet from the rolling mill. Ma’aden continues to work towards completion of the aluminium refinery anticipated before the end of the year. Upon completion, the Ma'aden Aluminium joint venture will become the first fully integrated aluminium complex in the Middle East.