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Ma'aden Q2 earnings rise YOY on higher aluminum, fertilizer prices

Saudi Arabian Mining Co., or Ma'aden, on July 26 reported a year-over-year rise in second-quarter earnings attributable to shareholders of the parent company thanks to higher aluminum and phosphate fertilizer prices and higher gold output.

Profit rose to 517.8 million Saudi Arabian riyals, or 44 halalas per share, from 356.5 million riyals, or 30 halalas per share, a year ago. Operating profit jumped to 1.05 billion riyals from 807.6 million riyals as sales rose to 3.41 billion riyals from 2.99 billion riyals on a yearly basis and net cash from operations rose to 921.2 million riyals from 666.6 million riyals.

EBITDA was up 21% from a year ago at 1.82 billion riyals.

President and CEO Darren Davis noted the full ramp-up of production at the Ad Duwayhi gold mine, and said Ma'aden is looking forward to starting development at its largest-ever gold mine, Mansourah-Massarah, where it has completed a bankable feasibility study.

The company recorded a 47% rise in gold output to 103,000 ounces, an 8% rise in primary aluminum production to 236,000 tonnes, an 18% rise in phosphate fertilizer output to 789,000 tonnes and a 30% increase in alumina production to 455,000 tonnes on a yearly basis.

However, earnings were down from the 754 million riyals booked in the first quarter.

As of July 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.