Ma’aden Chairman to Al Arabiya: We Aim to Increase Profits 10 Fold in 2040
Chairman of the Saudi Arabian Mining Company “Ma’aden“, Bob Wilt, said that the company aims to increase its profits 10-fold in 2040 through 4 strategic pillars.
Wilt added: “The most prominent of these themes are environmental, social and corporate governance.”
“We have partners and exploration operations working in collaboration with the government to attract foreign exploration and mining companies to join this significant effort. Moreover, It is clearly demonstrated every January at the Future Minerals Forum in Riyadh. In the previous session, more than 16,000 participants attended. Moreover, I can confirm that all major and small mining companies, as well as exploration companies, were very interested in what the Kingdom has to offer.”
Ma’aden, Technology
The chairman said the vision for Ma’aden is to be a Saudi company with global relevance, equipped with technological capabilities and a focus on individuals. Ma’aden has job opportunities for young people who interested in global technology. Ma’aden might need to triple its workforce in the next decade to meet its growth needs.”
He also said in an interview with “Al Arabiya Business that about 5 to 7 years ago, the government in Saudi Arabia realized the need for an integrated exploration program to help accelerate the development of downstream industries in the Kingdom.
Ma’aden might currently have around $2 trillion worth of mineral resources in the ground.
Wilt further noted that currently, Ma’aden is one of the largest exporters and producers of phosphate fertilizers in the world. Additionally, it has bauxite, which is converted into aluminum. It serves the entire value chain, catering to manufacturers of food and beverage cans and the automotive industry.
Ma’aden’s profit
Ma’aden’s net profit surged 134% to 981.7 million riyals in Q1 2024, up from 419.42 million riyals in Q1 2023. However, its Q1 2024 revenues decreased by 8.66% to about 7.34 billion riyals, down from 8.04 billion riyals in Q1 2023.
This decline is mainly due to lower selling prices for all products except gold and alumina. However, increased sales volumes of primary aluminum, ammonia, and gold partially offset this decline.
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