Aluminum's Surge Boosts Maaden Profits

Saudi Arabian Mining Company (Ma’aden), the largest diversified mining company in the Middle East, achieved profits that exceeded analyst expectations in the second quarter of 2026. This was driven by its diversified activities, which enabled the aluminum sector to record its best financial performance since its establishment. Additionally, rising prices and increased sales contributed to higher profits and revenue. The company's revenue rose by 16% year-over-year to 10.9 billion riyals, with aluminum sector revenues increasing by 49% to 3.8 billion riyals—accounting for three-quarters of the total revenue increase—primarily due to aluminum prices rising by more than 50%. Despite a near 1% decline in phosphate sector revenues due to lower production, this was offset by higher prices. Revenues from the gold sector increased by 34%, supported by higher prices and production. A decrease in financing costs resulting from lower interest rates helped boost net profit, which grew by 13% to approximately 2.2 billion riyals, surpassing analyst forecasts. Although costs increased and sulfur prices rose to their highest levels in 20 years, the company expects market improvements in aluminum and gold to continue. It also anticipates changes in production forecasts for some sectors, driven by higher raw material prices.

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