Net profit of the year Ma'aden 2009-2020

The net loss of Ma’aden was approximately 847 million Saudi riyal in 2020, compared to a loss of about 1.5 billion Saudi riyal in the previous year. Ma’aden is a Saudi Arabian mining company that was first established in 1997 with a royal decree aiming to grow the country’s mineral sector and diversify the economy from depending on the oil and petrochemical sector.

Ma’aden history and overview

Ma’aden was a state-owned company until 2008, when half of its shares became available on the Saudi Stock Exchange, Tadawul. It started as a gold production company and increased its activities to producing phosphate, aluminum, industrial minerals, and copper. Its production and processing plants grew from just three in 2009 to 20 in 2018. Ma’aden’s highest revenue earning segment was the phosphate fertilizer, ammonia, and industrial minerals segment in 2019. Today, Ma’aden is the largest mining company in the Middle East. It is ranked within the top 10 global mining companies in the world based on its market capitalization of 58 billion Saudi riyal in 2018. Its vision is to have a global presence in the mining industry and use sustainable methods. In 2019, Ma’aden acquired its first international company that operates in the fertilizer industry; Meridian Group.

Saudi mining industry

Saudi Arabia has a mission to transform its mining industry into its economy’s third pillar by 2030. The country’s metal ore mining revenue exceeded one billion U.S. dollars in 2017. Investments in the sector have been encouraged by providing tax incentives, adequate labor force, and facilitated mining licenses. The value added per capita from the mining and quarrying sector in Saudi Arabia was significantly above the average of the Arab world. Saudi Arabia’s mining facilities also generate power that provides electricity to more than half a million homes, and it aims to become the second largest phosphate fertilizer producer and exporter by 2030. Its annual phosphate fertilizer production increased from 1.8 million metric tons in 2012 to more than 2.7 million metric tons in 2016.