A Saudi state-owned mining company, Ma’aden, also known as Saudi Arabian Mining Co., has reported a strong operational performance for the first quarter of 2024, with a year-on-year increase in alumina, primary aluminium, and flat-rolled (FRP) production.
Among all the products mentioned above, flat-rolled production recorded the highest increase of 48 per cent, followed by alumina 9 per cent, and primary aluminium 1 per cent.
As per the figures revealed by the company, aluminium flat-rolled production totalled 72,000 tonnes in Q1 2025, compared to 57,000 tonnes in Q1 2024, while alumina and primary aluminium output amounted to 478,000 tonnes and 249,000 tonnes, respectively.
Flat-rolled product sales volumes also surged 26 per cent Y-o-Y, boosting Ma’aden’s financial outcome, with revenue climbing up 29 per cent Y-o-Y and EBITDA soaring 40 per cent. Over a quarter, EBITDA grew by 4 per cent but revenue plunged by 9 per cent, coming in at SAR 815 million (USD 217.3 million) and SAR 2.71 billion (USD 578.5 million), respectively.
Ma’aden expects primary aluminium production to range between 850 thousand tonnes and 1,150 thousand tonnes, and FRP output to hover around 250-310 thousand tonnes for the remaining year.
While publishing the quarterly report, Ma’aden has also underpinned that its medium to long-term market fundamentals for aluminium have remained untouched by tariff and trade uncertainty.
Ma’aden also said that the US tariffs may disrupt its trade flows in the near term, but the impact on financial results is unlikely.
Maaden maintains a competitive cost structure across its portfolio of products, which are critical to the global economy and supplied to a geographically diverse customer base,” the company said in the first quarter 2025 financial statement.
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