Ma'aden profits rise 13% amid lower financing costs

Saudi Arabian Mining Company "Maaden" achieved a 13% increase in its net profits in the second quarter of the current year, reaching 2.17 billion riyals. The rise was attributed to lower financing costs, a higher share of profits from investments at fair value, and increased operating revenues. Despite rising supply chain costs and raw material expenses, the company's diversified activities helped reduce the impact of these challenges on the profits of the phosphate unit, thereby supporting overall profitability. The company plans to add 5,000 employees over the next two years to support its massive mining projects, in line with Vision 2030 goals to increase the mining sector’s contribution to GDP to 240 billion riyals by 2030, with a focus on sustainability and resource management.

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