Saudi Arabian Mining Company (Ma’aden) on Sunday reported total revenues of SAR6.97 billion ($1.86 billion) for the second quarter of 2023.

 

Ma’aden’s focus on transformation underpinned by higher fertilizer production helped it secure new strategic partnerships and increase its financial flexibility, helping it to deliver transformational growth projects as per the company's 2040 growth strategy, a Saudi Press Agency report said.

 

The company's net profit was SAR351 million, reflecting lower commodity prices compared to a record year in FY22, it said.

 

According to Ma’aden, its long-term borrowings and net debt were down by 11% and 9%, respectively, from December 2022, the latter helped by the early debt repayment of SAR3 billion by Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).

 

Ma’aden CEO Robert Wilt said: “Ma’aden achieved a record quarter of phosphate production as we strengthened our leading position in the global fertilizer market. This is a reflection of our current focus on growth, which is being driven by our transformation program and the 2040 strategic objectives."

 

He said Ma’aden will continue to focus on improving its business to support its next phase of growth. That means the company needs to be more agile and responsive so it "can deliver our next phase of growth", he said.

 

"We are making good progress in scaling the company’s operations, implementing a more efficient operating model and positioning Ma’aden to transform the mining sector into the third pillar of the Saudi economy. The steps we are taking are ensuring we are becoming a company fit to meet the challenges of our industry and realize the value of Saudi Arabia’s mineral endowment,” he said.