MAADEN
Saudi Arabian Mining Co.
As of: Mar 26, 2026
Company Profile
Saudi Arabian Mining Company (Maaden) is a global tech-enabled mining giant and a sustainable contributor to Saudi Arabia’s Vision 2030. The Group is engaged in all stages of the mining industry, including development and improvement of mineral products and by-products, specifically gold, phosphate rock, bauxite, kaolin, and magnesite. Maaden operates major processing and industrial facilities across Wa’ad Al-Shamal and Ras Al-Khair, supporting an integrated value chain from extraction to downstream manufacturing. The company is 63.78% owned by the Public Investment Fund (PIF) and is committed to achieving carbon neutrality by 2050.
The Story
Maaden is a globally integrated mining giant leveraging Saudi Arabia's mineral wealth to drive industrial diversification with a focus on phosphate, aluminum, and gold.
Source: Annual 2025 (2026-03-12)
Performance & Distributions
Market Pricing Multiples
Growth Story
Revenue has shown a strong upward trajectory, climbing from 29.27 billion SAR in FY 2023 to 38.58 billion SAR in FY 2025. This expansion is fueled by strategic acquisitions, such as increasing its stake in the Aluminum and Phosphate business units, and the development of new assets like the Ar-Rjum mine. Despite this top-line momentum, the Sustainable Growth Rate remains modest at 0.39%, reflecting a long-term average reinvestment rate of 4.13%. The company is heavily investing in future capacity, evidenced by 11.21 billion SAR in TTM Capex and the massive Phosphate-3 project, positioning itself as a tech-enabled mining leader aligned with Vision 2030.
Profitability Dynamics
Maaden is successfully creating value, maintaining a 5-year average ROIC of 9.44% against a WACC of 8.85%, resulting in a positive spread of 0.59%. Profitability has improved significantly, with TTM operating margins reaching 26.8% and net profit margins at 22.1%. While the company generates substantial operating income of 10.35 billion SAR TTM, the heavy capital intensity of the mining sector and ongoing expansion projects require significant cash outflows. The recent consolidation of the aluminum business and the strategic investment in Alba are expected to further integrate the value chain and stabilize long-term returns.
Risk & Capital Structure
Risk Factors
The company operates with a significant debt load of 39.83 billion SAR, though it maintains a disciplined gearing ratio of 32% as of FY 2025. Market risk is inherent through exposure to volatile commodity prices for gold, aluminum, and phosphate, where a 10% price swing in aluminum alone could impact earnings by over 1 billion SAR. Operational risks are highlighted by recent asset write-offs in the Phosphate unit and increased credit loss allowances related to African operations. Furthermore, a relevered beta of 1.17 reflects higher sensitivity to market movements, while international trade dynamics, such as US tariffs, present ongoing monitoring requirements.
Governance Disclosures
We track 14 key governance and oversight matters for this company in our database.
Board Representation in Strategic Investments
The group maintains representation on the board of directors of Ivanhoe Electric Inc. despite holding an 8.1% equity interest, which is below the 20% threshold for presumed significant influence.
Management Incentive Alignment via Treasury Shares
The company maintains an Employee Stock Incentive Program for senior executives, holding 7,866,754 treasury shares valued at SAR 345.6 million.
Research Report
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