Riyadh: Saudi Arabian Mining Company (MA’ADEN) has released its financial results for the first quarter of 2022 today, reporting a record net profit of SAR 2.9 billion, up by 246 % from the first quarter of 2021, and sales of SAR 8.9 billion, up by 64 % from the same quarter last year.

EBITDA stood at SAR 4.4 billion, up by 101% compared to the same quarter of 2021. MA’ADEN Phosphate business contributed 70% to the group EBITDA for Q1, 2022 followed by Aluminium and Gold segment which contributed 24% and 6% respectively.

MA’ADEN attributed the increase in profit to numerous projects and plans implemented as part of the 2040 Strategy, which aims to diversify its high-quality products and strengthen its customer relationships. This quarter, MA’ADEN also reported sales from one of its new plant, Ammonia Project 3 which started commissioning activities in Q1, 2022.

One of the world's fastest-growing mining companies and the Middle East's largest multi-product mining company, MA’ADEN has been ranked among the world's top ten mining companies by market value.