Ma’aden’s full-year net profit jumps 82%

Saudi Arabian Mining Company, known as Ma’aden, on Thursday reported 2024 net profit up 82% year on year at 2.87 billion riyals ($765.2 million).

Chief executive Bob Wilt attributed the results to “record production” and the company’s second-highest full-year revenue.

Ma’aden, which operates in gold, aluminum and phosphates, is a key pillar in Saudi Arabia’s plan to diversify its economy away from hydrocarbons and is looking to expand mining capabilities in those commodities.

($1 = 3.7509 riyals)

(By Pesha Magid; Editing by David Goodman)