Saudi Arabian Mining Company (Ma’aden) posted record financial results for the year 2021, with net profits increasing year on year from a loss of SR209 million in 2020 to net profit of SR5.2 billion ($1.4 billion) in 2021.  

 

Ma’aden, the kingdom’s national mining champion and one of the fastest-growing mining companies in the world, made the gains on the back of strong growth in sales, which stand at SR26.77 billion for 2021. EBITDA increased by 114% year on year to SR12.03 billion, and EBITDA margin increased to 45%.

 

Also, Ma’aden announced the Board of Directors' recommendation to increase its capital by 100% by granting bonus shares by capitalising SR12.31 billion from the retained earnings and the statutory reserve. Each shareholder will be granted one bonus share for each share.

 

The results showed that the earnings per share for Ma’aden for the fiscal year 2021 amounted to SR4.25, compared to a loss of (SR0.17) for the fiscal year 2020. In addition, Ma’aden has reduced its Net Debt to EBITDA ratio from 7.6x in 2020 to 3.1x in 2021.

 

Robert Wilt, CEO, Ma’aden, commented on the results: “The year 2021 was a record and successful year for us; favourable macro-economic conditions resulting from high commodity prices and high demand for our products contributed to the increase in Ma’aden’s sales and net profits, These results come as a strong supporter that contributes to enhancing the growth processes that Ma’aden aspires to and a strong tributary to achieving Ma’aden’s ambitious 2040 strategy, which is based on achieving the optimum benefit from the kingdom's mineral wealth.

 

Wilt added: ”Global demand for aluminium, copper and fertiliser continues to increase as industries evolve, creating new opportunities for Ma’aden.

 

“Ma’aden has a pivotal role to play in the global economy, supplying materials to industries ranging from consumer goods to automotive to agriculture. As we look to the future, our vision is to be a sustainable mining champion with a global presence, and we look forward to providing further updates on our progress in due course,” he said.

 

Since its 2008 IPO, Ma’aden has become the leading company for the development of the Saudi mining industry. 

 

Ma'aden is a key driver of Saudi Arabia's position as an essential contributor to global food security and a crucial player in global growth across a range of sectors from electric mobility solutions to renewable energy technology.-TradeArabia News Service